Question 1

The International Accounting Standards Committee is the predecessor of the International Accounting Standards Board.

Accepted Answer

A) True 
 B)False  True

Question 2

An EU Directive is a binding agreement by all Member States that they will introduce the contained principles into national legislation.

Accepted Answer

A) True 
 B)False  True

Question 3

When the IASB issues standards and interpretations they immediately become applicable within the EU.

Accepted Answer

A) True 
 B)False  False

Question 4

The role of the European Financial Reporting & Advisory Group (EFRAG)does NOT include:

Accepted Answer

A) Providing proactive advice to the IASB 
B) Advising the European Commission on the acceptability of IFRSs for endorsement in Europe 
C) Advising the European Commission on the economic impact of particular IFRSs 
D) Advising the European Commission on any resulting changes to be made to the Accounting Directives and related topics 
A) Providing proactive advice to the IASB 
B) Advising the European Commission on the acceptability of IFRSs for endorsement in Europe 
C) Advising the European Commission on the economic impact of particular IFRSs 
D) Advising the European Commission on any resulting changes to be made to the Accounting Directives and related topics

Question 5

The period allowed for commentary on an exposure draft is;

Accepted Answer

A) Never less than 120 days but may be longer for big issues 
B) Never more than 120 days but may be less in some circumstances 
C) Normally 120 days but may be more or less 
D) Always 120 days no more,no less 
A) Never less than 120 days but may be longer for big issues 
B) Never more than 120 days but may be less in some circumstances 
C) Normally 120 days but may be more or less 
D) Always 120 days no more,no less

Question 6

'Harmonization' applies the imposition of a rigid and narrow set of rules.

Accepted Answer

A) True 
 B)False

Question 7

The 7th directive extended the 4th Directive to include:

Accepted Answer

A) Smaller companies 
B) Companies limited by guarantee 
C) the preparation of consolidated (group)accounts 
D) Unlimited partnerships 
A) Smaller companies 
B) Companies limited by guarantee 
C) the preparation of consolidated (group)accounts 
D) Unlimited partnerships

Question 8

In which year did it become mandatory for E.U.& Australian listed companies to comply with IFRS?

Accepted Answer

A) 2004 
B) 2005 
C) 2006 
D) 2007 
A) 2004 
B) 2005 
C) 2006 
D) 2007

Question 9

Some Member States (notably France & Belgium)prohibit companies from preparing individual accounts compliant with IAS / IFRS.Why is this so?

Accepted Answer

A) There is a strong correlation between accounting profit and taxable profit in those countries 
B) They do not wish to burden enterprise with additional levels of bureaucracy 
C) They believe compliance should be voluntary 
D) They wish to wait until there is complete harmonization before complying with IFRS 
A) There is a strong correlation between accounting profit and taxable profit in those countries 
B) They do not wish to burden enterprise with additional levels of bureaucracy 
C) They believe compliance should be voluntary 
D) They wish to wait until there is complete harmonization before complying with IFRS

Question 10

For any particular topic,it is not possible to have de jure harmonization without also having de facto harmonization.

Accepted Answer

A) True 
 B)False

Exam 3: The Process of Harmonization

The International Accounting Standards Committee is the predecessor of the International Accounting Standards Board.

An EU Directive is a binding agreement by all Member States that they will introduce the contained principles into national legislation.

When the IASB issues standards and interpretations they immediately become applicable within the EU.

The role of the European Financial Reporting & Advisory Group (EFRAG)does NOT include:

The period allowed for commentary on an exposure draft is;

'Harmonization' applies the imposition of a rigid and narrow set of rules.

The 7th directive extended the 4th Directive to include:

In which year did it become mandatory for E.U.& Australian listed companies to comply with IFRS?

Some Member States (notably France & Belgium)prohibit companies from preparing individual accounts compliant with IAS / IFRS.Why is this so?

For any particular topic,it is not possible to have de jure harmonization without also having de facto harmonization.

Basics of Financial Reporting

International Accounting Differences

Economic Valuation Concepts

Current Entry Value

Current Exit Value and Mixed Values

Current Purchasing Power Accounting

Fair Values

Accounting Theory and Conceptual Frameworks

Structure of Published Financial Statements

Corporate Governance, corporate Social Responsibility and Ethics

Basics of Interpretation of Financial Statements

Fixed Non-Currenttangible Assets

Intangible Assets

Impairment and Disposal of Assets

Leases

Inventories and Construction Contracts

Accounting for Financial Instruments

Revenue

Provisions, contingent Liabilities and Contingent Assets

Income Taxes

Employee Benefits

Changing Prices and Hyperinflationary Economies

Statements of Cash Flows

Disclosure Issues

Business Combinations

Consolidated Financial Statements

Alternative Concepts on Consolidation and Business Combinations

Accounting for Associates, joint Arrangements and Related Party Disclosures

Foreign Currency Translation

Interpretation of Financial Statements

Techniques of Financial Analysis

Filters

The 7^th directive extended the 4^th Directive to include: