Acca paper F1 fia diploma in Accounting and Business Accountant in Business (AB/fab) exam kit

Required: 
Write down which four of the above statements would make Y’s financial 
statements no longer true and fair by selecting FOUR of the letters from A-G. 
 
 
(0.5 marks each, total = 2 marks) 
(b) 
Y’s junior accountant has been asked to produce a briefing note to his employers that 
covers the roles of the main accountancy standard-setting organisations, including:
A 
International Accounting Standards Board (IASB) 
B 
IFRS Interpretations Committee (IFRS IC) 
C 
IFRS Advisory Councils (IFRS AC) 
D IFRS 
Foundation 
However, the junior accountant is unsure of which roles are undertaken by each of 
these bodies. 
 
Download Free Acca,ca study materials from WWW.ACCOUNTANCYWALLS.COM

---

P AP E R F 1 ( F A B ) :
AC COU N TAN T IN B US INES S
 
94
KA P LA N P UBL I SH IN G 
Required: 
Identify which of the following statements relate to the either A (the IASB), B (the 
IFRS IC), C (the IFRS AC) or D (the IFRS Foundation). 
(i) 
Reviews widespread accounting issues and provides guidance. 
(ii) 
Comprised of a wide range of members affected by the work of the other 
two bodies.
(iii) Development 
and 
publication 
of IFRSs and interpretations. 
(iv) Acts as supervisory body for the other three bodies and ensures each is 
properly funded. 
(0.5 marks each, total = 2 marks) 
(Total: 4 marks) 
20
 
(a) 
K Co has recently split its accounting function into two parts – one that deals with 
management accounting and the other with financial accounting.
A Management 
accounting 
B Financial 
accounting