Kansas State University ACCTG 642 CHAPTER 5 1)What is the predecessor Board/committee to the IASB? How many standards did the predecessor issue? What are the standards called?   Describe the due process procedures of the IASB in the establishment of a standard

Kansas State University

ACCTG 642

CHAPTER 5

1)What is the predecessor Board/committee to the IASB? How many standards did the predecessor issue? What are the standards called?

2. Describe the due process procedures of the IASB in the establishment of a standard.

3. What is the IASB’c Conceptual Framework? How is it used by the IASB? By a researcher? By a practitioner?

4. What level of authority does the Framework have?

5. Can the IASB enforce the use of its standards? If not, what entities can?

6. What is the Norwalk Agreement?

7. What is the Work Plan?
8. What is the IFRS hierarchy? Explain.

9. If you were a new country setting up an agreement with the IASB to coverage to IFRS, which organization would examine whether you were in compliance with your agreement?

10. If researchers cannot ?nd the answer to the research question in IFRS, where should they look next?

11. What are the main goals/objectives of the IFRS Foundation?

12. How are the IFRS Foundation and IASB Funded?

13. 3 conditions that the US SEC offered for accepting international accounting standards.