Please answer the multiple choice questions with detailed explanation
1.11 Which of the following statements is/are true? (1) The IFRS Interpretations Committee is a forum for the International Accounting Standards Board (the Board) to consult with the outside world. (2) The IFRS Foundation produces IFRS Standards. The IFRS Foundation is overseen by the Board. (3) One of the objectives of the IFRS Foundation is to bring about convergence of national accounting standards and IFRS Standards. 1 and 3 only 2 only 2 and 3 only 3 only (2 marks) 1.12 What is the role of the International Accounting Standards Board (the Board)? Oversee the standard setting and regulatory process Formulate IFRS Standards Review defective accounts Control the accountancy profession (2 marks) 1.13 Which of the following is NOT an objective of the IFRS Foundation? Through the International Accounting Standards Board (the Board), develop a single set of globally accepted IFRS Standards Promote the use and rigorous application of IFRS Standards Ensure IFRS Standards focus primarily on the needs of global, multi-national organisations Bring about the convergence of national accounting standards and IFRS Standards (2 marks)
.
Kodo Millet PPT made by Ghanshyam bairwa college of Agriculture kumher bhara...
Please answer the multiple choice questions with detailed explanation.docx
1. Please answer the multiple choice questions with detailed explanation
1.11 Which of the following statements is/are true? (1) The IFRS Interpretations Committee is a
forum for the International Accounting Standards Board (the Board) to consult with the outside
world. (2) The IFRS Foundation produces IFRS Standards. The IFRS Foundation is overseen by
the Board. (3) One of the objectives of the IFRS Foundation is to bring about convergence of
national accounting standards and IFRS Standards. 1 and 3 only 2 only 2 and 3 only 3 only (2
marks) 1.12 What is the role of the International Accounting Standards Board (the Board)?
Oversee the standard setting and regulatory process Formulate IFRS Standards Review defective
accounts Control the accountancy profession (2 marks) 1.13 Which of the following is NOT an
objective of the IFRS Foundation? Through the International Accounting Standards Board (the
Board), develop a single set of globally accepted IFRS Standards Promote the use and rigorous
application of IFRS Standards Ensure IFRS Standards focus primarily on the needs of global,
multi-national organisations Bring about the convergence of national accounting standards and
IFRS Standards (2 marks)
