Question

Which of the following statements about the global standardminus−setting structure is false​? A. The Monitoring Board...

Which of the following statements about the global

standardminus−setting

structure is

false​?

A.

The Monitoring Board was formed to enhance public accountability of the IFRS Foundation.

B.

The IFRS Interpretations Committee is similar to the EITF in the U.S.

C.

The IASB oversees the IFRS Advisory Council which advises the Monitoring Board.

D.

The IFRS Foundation oversees the IASB and finances IASB operations.

2.

Which of the following defines fair​ value?

A.

The amount at which an asset could be bought or sold in a current transaction between willing parties.

B.

The market value of an asset determined by a transaction between related parties.

C.

The amount at which an asset could be sold in a transaction occurring within the last year.

D.

The amount at which an asset could be bought or sold in a current transaction between any two parties.

Homework Answers

Answer #1

Ans: The correct option for the answer is option C i.e. The IASB oversees the IFRS Advisory Council which advises the Monitoring Board

Other three options are true, They are involved in setting structure.

Ans: The correct option for the answer is option D i.e. The amount at which an asset could be bought or sold in a current transaction between any two parties

The following option defines fair value i.e. The amount at which an asset could be brought or sold in a current transaction between any two parties

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which body of the IFRS Foundation provides a link between the Foundation and public authorities and...
Which body of the IFRS Foundation provides a link between the Foundation and public authorities and also approves the appointment of IFRS Foundation Trustees? The IFRS Interpretations Committee The Monitoring Board The International Accounting Standards Board The IFRS Advisory Council
Question 2. Which body of the IFRS Foundation provides a link between the Foundation and public...
Question 2. Which body of the IFRS Foundation provides a link between the Foundation and public authorities and also approves the appointment of IFRS Foundation Trustees? The IFRS Interpretations Committee The Monitoring Board The International Accounting Standards Board The IFRS Advisory Council
Multiple Choice Questions 1. Which of the following main issues are included in the definition of...
Multiple Choice Questions 1. Which of the following main issues are included in the definition of accounting? a) recognizing, recording, classifying, and summarizing business transactions b) measuring, analyzing, processing, and interpreting operating results c) reporting and presenting the financial position d) all of the above 2. The American Accounting Association defines accounting to be: a) the process of measuring, analyzing, processing, interpreting result of operation, reporting and presenting financial Position b) the process of identifying, measuring and communicating economic information...
Financial Reporting and Analysis Assignment #1 Q1. What is IFRS? ? What is the IASB? ?...
Financial Reporting and Analysis Assignment #1 Q1. What is IFRS? ? What is the IASB? ? How widespread is the adoption of IFRS around the world? ? What is the possibility of the Securities and Exchange Commission substituting IFRS for GAAP? ? What are the advantages of converting to IFRS? ? What could be the disadvantages of converting to IFRS? ? What is the difference between convergence and adoption? ? When comparing IFRS and GAAP, what are some overall key...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how the firms resources incompetencies support the given pressures regarding costs and local responsiveness. Describe entry modes have they usually used, and whether they are appropriate for the given strategy. Any key issues in their global strategy? casestudy: Atlanta, June 17, 2014. Sea of Delta employees and their families swarmed between food trucks, amusement park booths, and entertainment venues that were scattered throughout what would...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
Using the model proposed by Lafley and Charan, analyze how Apigee was able to drive innovation....
Using the model proposed by Lafley and Charan, analyze how Apigee was able to drive innovation. case:    W17400 APIGEE: PEOPLE MANAGEMENT PRACTICES AND THE CHALLENGE OF GROWTH Ranjeet Nambudiri, S. Ramnarayan, and Catherine Xavier wrote this case solely to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality. This publication may not be...