Acct 5140-001 International Accounting Quiz 2

Front 1

Which of the following statements is not typically in most company's financial statements? a) Statement of Stockholders' Equity b) Income Statement/statement of profit and loss c) Statement of interest income d) balance sheet/statement of financial position e) statement of cash flows

Back 1

C

Front 2

There is an inherent tension in how management chooses to record financial information that will be used by stakeholders. This tension is centered on the concepts of _____________ ____________ and _________ ________

Back 2

information asymmetry; differing incentives

Front 3

At the close of 2011, the approach many suggest the U.S. is taking in standard setting might be best characterized as ______________

Back 3

Condorsement

Front 4

Advisors to SEC Commissioners on accounting and auditing matters

Back 4

Chief Accountant

Front 5

Helps prepare technical details of draft legislative proposals for the EC

Back 5

CESR (Committee of European Security Regulators)

Front 6

_________ Securities Commission, helps the EC when preparing draft measures

Back 6

European

Front 7

Regulates auditors that audit publicly traded companies in the U.S

Back 7

PCAOB (Public Company Accounting Oversight Board)

Front 8

Regulates auditors that audit privately traded companies

Back 8

AICPA (American Institute of Certified Public Accountants)

Front 9

Comparable to the standards Advisory Council, but is with the U.S

Back 9

FASAC (Financial Accounting Standards Advisory Committee)

Front 10

Considered by many to be the world's most important International cooperative for for securities regulatory agencies

Back 10

IOSCO (International Organization of Securities Commissions)

Front 11

Primary U.S rgulator

Back 11

SEC (Securities and Exchange Commission)

Front 12

Division of __________ __________ . Reviews firms' public filings

Back 12

Corporate Finance

Front 13

Responsible for making interpretations of international financial reporting standards

Back 13

IFRIC (International financial reporting interpretations/issues committee)

Front 14

Appoints the board members of the current U.S accounting standard setter

Back 14

FAF (Financial Accounting foundation)

Front 15

Current U.S accounting standard setter

Back 15

FASB (Financial Accounting standards board)

Front 16

Has 15 full-time board members

Back 16

IASB (International Accounting Standards Board)

Front 17

Appoints IFRS standard setters' board members

Back 17

IASC (International Accounting Standards Committee Foundation)

Front 18

Individuals expressed concern about lack of participation by organization
1971
1960
1973
2009

Back 18

1960

Front 19

Wheat Committee formed
1971
1960
1973
2009

Back 19

1971

Front 20

FASB and US GAAP was established
1939
1971
1973
1960

Back 20

1973

Front 21

AICPA created CAP
1939
1971
1973
1960

Back 21

1939

Front 22

FASB codification completed
1971
1960
1973
2009

Back 22

2009

Front 23

AICPA created APB, which created a "conceptual foundation"
2009
1959
1939
1900

Back 23

1959

Front 24

Ownership of businesses were through and individual
2009
1959
1939
1900

Back 24

1900

Front 25

The Stock Market Crashed
1929
1939
1959
1900

Back 25

1929

Front 26

Securities Exchange Act was enacted and the SEC was created
1934
1939
1929
1959

Back 26

1934

Front 27

AICPA dissolved CAP
1934
1939
1929
1959

Back 27

1959

Front 28

Standing interpreations committee was established
1997
1973
2001
1966

Back 28

1997

Front 29

IASC was formed
1997
1973
2001
1966

Back 29

1973

Front 30

IASB was formed
1997
1973
2001
1966

Back 30

2001

Front 31

Accountants International study group was formed
1997
1973
2001
1966

Back 31

1966

Front 32

What is the term used to describe when local standards are migrated to being closely aligned with international standards so that when adoption takes place, it would not be a significant change?

Back 32

Convergence

Front 33

PCAOB

Back 33

(Public Company Accounting Oversight Board)
Regulates auditors that audit publicly traded companies in the U.S.

Front 34

IASC

Back 34

(International Accounting Standards Committee Foundation)
Appoints IFRS standard setters' board members.

Front 35

ICAEW

Back 35

(Institute of Chartered Accountants in England and Wales)
It is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the UK and Ireland. The fragmented nature of the accountancy profession in the UK is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes, as the term accountant does not have legal protection. However, a person must belong to the ICAEW, ICAS or ICAI to hold themselves out as a chartered accountant in the UK (although there are other chartered bodies of British qualified accountants

Front 36

IFRS

Back 36

(International Financial Reporting Standards)
are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries

Front 37

FASB

Back 37

(Financial Accounting Standards Board)
Current U.S. accounting standard setter

Front 38

IASB

Back 38

(International Accounting Standards Board)
Has 15 full-time board members, principal responsibilities are to develop and issue IFRSs and EDs and to approve interpretations developed by the IFRS Interpretations Committee

Front 39

IASC

Back 39

(International Accounting standards Committee)
Appoints IFRS standard setters' board members.

Front 40

IAS

Back 40

(International Accounting Standards)
An older set of standards stating how particular types of transactions and other events should be reflected in financial statement

Front 41

EU

Back 41

(European Union)
helps the EC when preparing draft measures.

Front 42

EC

Back 42

(European Commission)
serves as the executive branch of the EU, responsible for proposing legislation and upholding treaties

Front 43

AICPA

Back 43

(American Institute of Certified Public Accountants) Regulates auditors that audit privately traded companies.

Front 44

GAAP

Back 44

(Generally Accepted Accounting Principles)
One of two most commonly used sets of accounting standards in the world

Front 45

IOSCO

Back 45

(International Organization of Securities Commissions)
world's most important international cooperative forum for securities regulatory agencies

Front 46

MoU

Back 46

(Memorandum of Understanding)
designed to facilitate cross-border enforcement and exchange of information among the international community of securities regulators.

Front 47

SFAS

Back 47

(Statement of Financial Accounting Standards)
A formal document issued by the Financial Accounting Standards Board (FASB), which details accounting standards and guidance on selected accounting policies set out by the FASB

Front 48

SME

Back 48

(Small and medium sized entities)
small and medium-sized entities that are privately owned

Front 49

CESR

Back 49

(Committee of European Security Regulators)
Helps prepare technical details of draft legislative proposals for the EC

Front 50

FASAC

Back 50

(Financial Accounting Standards Advisory Committee)
consults with and provides independent advice to the FASB (the primary standard setting body) on major policy and technical issues

Front 51

SEC

Back 51

(Securities and Exchange Commission)
Primary U.S. regulator

Front 52

COSO

Back 52

(Committee of Sponsoring Organizations)
dedicated to providing thought leadership to executive management and governance entities on critical aspects of organizational governance, business ethics, internal control, enterprise risk management, Fraud, and Financial reporting.

Front 53

FAF

Back 53

(Financial Accounting foundation)

Front 54

IFRIC

Back 54

(International financial reporting interpretations/issues committee)

Front 55

Which group does the PCAOB belong to?
Regulator
User
Auditor
Other
Standard Setter

Back 55

Regulator

Front 56

Which group does the FASB belong to?

Standard Setter
Other
Regulator
Auditor
User

Back 56

Standard Setter

Front 57

Which group does the IASB belong to?

Standard Setter
Auditor
User
Regulator
Other

Back 57

Standard Setter

Front 58

Which group does the IOSCO belong to?

User
Standard Setter
Auditor
Other
Regulator

Back 58

Regulator

Front 59

Which group does the EU belong to?

Standard Setter
User
Other
Auditor
Regulator

Back 59

User