I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

 

 

1 

Which of the following is not an objective of the IFRS Foundation?   

 

A 

To enforce IFRSs in most countries 

 

B 

To develop IFRSs through the IASB 

 

C 

To bring about convergence of accounting standards and IFRSs 

 

D 

To take account of the financial reporting needs of SMEs 

2 

Fill in the blanks. 

 

The IFRS …………… ………………. issues …………. ……………… which aid users' interpretation of 

 IFRSs. 

3 

How many IASs and IFRSs are currently in issue? 

4 

What change was introduced in 2005 for listed companies in the UK? 

 

A 

IFRSs to be used for all financial statements 

 

B 

IFRSs to be used for consolidated financial statements  

5 

The IASB is responsible for the standard-setting process. True or false?