Professional Documents
Culture Documents
Development of Financial Reporting Framework and Standard-Setting Bodies
Development of Financial Reporting Framework and Standard-Setting Bodies
Are the following statements about the Norwalk Agreement true or false?
Statement 1: The Norwalk Agreement requires the consolidated financial
statements of all listed United States companies, starting after 1 January 2005, to
be prepared in accordance with International Accounting Standards.
Statement 2: The Norwalk Agreement was an agreement for short-term financial
reporting convergence between the European Commission and the United States
government
False, False
False, True
True, False
True, True
Ans.
False, False
IFRS
Borderless accounting
World trade
Information technology
Ans.
IFRS
Tax preparations
Management Advisory service
The attest functions
The preparations of financial statement
Ans.
The attest functions
Develop a uniform currency in which the financial transactions of entities through out the word
would be measured
Is a democratic process in that a majority of practicing accountants must agree with a standard
before it becomes implemented
Is base solely on economic analysis of the effect each standard will have if it is implemented
Is a social process which incorporate political actions of various interested user group as well as
profession research and logic
Ans.
Is a social process which incorporate political actions of various interested user group as well as
profession research and logic
Which ONE of the following bodies is responsible for reviewing accounting issues that
are likely to receive divergent or unacceptable treatment in the absence of authoritative
guidance, with a view to reaching consensus as to the appropriate accounting treatment?
False, False
False, True
True, False
True, True
Ans.
True, False