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Site Title: International Financial Reporting: A Practical Guide

Book's Title: International Financial Reporting: A Practical Guide, 5th Edition
Book's Author: Melville
Location on Site: Multiple choice questions > Chapter 1: The regulatory framework
Date/Time Submitted: August 19, 2021 at 1:00 PM (UTC/GMT)

Overall Score: 67% of 12 questions

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1. The sources of regulation which comprise the regulatory framework for financial reporting include:
 Your Answer: All of the above

2. "Accounting standards set out the broad rules which govern financial reporting but do not lay down the
detailed accounting treatments of transactions and other items". True or False?

Your Answer: False

3. The abbreviation "GAAP" stands for:

Your Answer: Generally accepted accounting principles

Correct Answer: Generally accepted accounting practice

4. Standards issued by the International Accounting Standards Board (IASB) are known as:

Your Answer: International Accounting Standards (IASs)

Correct Answer: International Financial Reporting Standards (IFRSs)

5. The body to which the International Accounting Standards Board is responsible is:

Your Answer: The IFRS Foundation

6. One of the main advantages of standardisation in financial reporting is:

 Your Answer: Comparability between accounting periods and between entities

7. IFRS1 First-time Adoption of International Financial Reporting Standards defines the date of transition to
IFRS as:

Your Answer: The date at the start of the earliest period for which comparatives are provided in the first
IFRS financial statements

8. "An entity which adopts international financial reporting standards must always adhere to the
requirements of every standard, no matter what the circumstances". True or False?

Your Answer: True

Correct Answer: False

9. The role of the IFRS Advisory Council is to:

Your Answer: Interpret the application of international standards

Correct Answer: Inform the IASB of the Council's views on standard-setting projects

10. The word "entity" as used by the IASB refers to:

Your Answer: Profit-oriented organisations only

11. An entity prepares its first IFRS financial statements for the year to 30 September 2016. These financial
statements provide comparative figures for the previous year. The date of transition to IFRS is:

Your Answer: 1 October 2014

12. An entity prepares its first IFRS financial statements for the year to 30 September 2016. These financial
statements provide comparative figures for the previous year. The accounting policies used when
preparing the comparative information for the year to 30 September 2015 must comply with IFRS as at:

Your Answer: 30 September 2016

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