Question

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.

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