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level: Regulatory Framework, IASs and IFRSs

Questions and Answers List

level questions: Regulatory Framework, IASs and IFRSs

QuestionAnswer
IAS 37 covers what topics?- Provisions - Contingent liabilities - contingent assets
What topic is covered by IAS 1?Presentation of Financial Statements
What topic is covered by IAS 2?Inventories
What topic is covered by IAS 7?The Statement of Cash Flows
What topic is covered by IAS 10?Events after the reporting period
What topic is covered by IAS 16?Property, Plant and Equipment
What topic is covered by IAS 27?Separate Financial Statements
What topic is covered by IAS 28?Investments in Associates and Joint Ventures.
What topic is covered by IAS 38?Intangible Assets
What topic is covered by IFRS 3?Business Combinations
What topic is covered by IFRS 10?Consolidated Financial Statements
What topic is covered by IFRS 15?Revenue from contracts with customers
What is the role of the IASB?To issue/produce/create/formulate the IFRS.
What is the role of the IFRS?To enable a convergence of national accounting standards and IFRS standards while giving examples of best practice in financial reporting for national bodies who produce requirements.
What is the role of the IFRS Advisory Council?The IFRS forum for consulting with the outside world.
Who is "the Board"?The IASB
What is a contingent liability?"A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the entity's control."