Financial Reporting Standards
Quiz
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Other
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University
•
Hard
Angie Morales
Used 18+ times
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7 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Who is responsible for establishing IFRS?
IFAC
IASB
IASC
IASCF
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the most notable specific difference between GAAP and IFRS?
Related to accounts payable treatment
Related to treatment of accounts receivable
Related to the treatment of inventories
Related to treatment of intangible assets
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A company has its transitional statements to start using IFRS as standard, what do they have to do?
Adjust transitional statements to all IFRS requirements and policies
Adjust transitional statements to all IFRS but not IAS, IFRIC or SIC
Adjust transitional statements to IFRS requirements
Adjust transitional statements to IFRS policies and some requirements
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following countries adapted the requirements of IFRS for SMEs?
Costa Rica
Peru
Brazil
Ecuador
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In which part of the structure’s ISA is the explanation of the purpose and scope of the ISA?
Objectives
Definition
Introduction
Requirements
Application and other explanatory material
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
“Provides confidence on the information to users such as stakeholders, investors, private and public institutions” is a?
ISA´s Objective
ISA´s Definition
ISA´s Introduction
ISA´s Requirements
ISA´s Annexes
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What were the ISAs that were used in case 2 to decide the type of audit opinion to be issued by the auditing firm?
ISA 315 and 330
ISA 700 and 705
ISA 240 and 250
ISA 530 and 580
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