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Question 4

Which statement beaow most accurateay describes a primary purpose of the Internatonaa Accountnn Standards Commitee (IASC) Foundaton?

1. Approves principaes-based standards and informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards

2. Oversees standards set for the pubaic sector

3. Monitors Internatonaa Accountnn Standards Board (IASB)’s efectvenesss raise fundss approve budnets responsibae for consttuton

4. Provides advice to Internatonaa Accountnn Standards Board (IASB) on priorites

Aoswern C

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Question 3

Who appoints Internatonaa Accountnn Standards Board (IASB) members?

1. Standards Advisory Councia (SAC)

2. Internatonaa Accountnn Standards Commitee (IASC) Foundaton

3. Internatonaa Financiaa Reportnn Interpretatons Commitee (IFRIC)

4. Internatonaa Accountnn Standards Board (IASB) staf

Aoswern B

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Question 9

What is one of the purposes of Internatonaa Accountnn Standards Board (IASB)’s conceptuaa frameworks which estabaishes the concepts that underaie fnanciaa reportnn?

1. Provides informaton about economic enttes that is usefua in makinn economic decisions

2. Provides nuidance where confictnn interpretatons have deveaoped

3. Provides benchmark for judnments

4. Informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards

Aoswern C

Question 9

What is one of the purposes of Internatonaa Accountnn Standards Board (IASB)’s conceptuaa frameworks which estabaishes the concepts that underaie fnanciaa reportnn?

1. Provides informaton about economic enttes that is usefua in makinn economic decisions

2. Provides nuidance where confictnn interpretatons have deveaoped

3. Provides benchmark for judnments

4. Informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards

Aoswern C