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发表于 2010-4-17 20:34 | 只看该作者

Reading 31: Financial Reporting Standards LOS b习题精选

2010, regulatory, standards, reporting, bodies
LOS b: Explain the role of standard-setting bodies, such as the International Accounting Standards Board and the U.S. Financial Accounting Standards Board, and regulatory authorities such as the International Organization of Securities Commissions, the U.K. Financial Services Authority, and the U.S. Securities and Exchange Commission in establishing and enforcing financial reporting standards.
 

Which of the following is least likely to be considered a stated goal of the International Accounting Standards Board (IASB)?

A)
 Develop global accounting standards requiring transparency, comparability, and high quality in financial statements.
B)
 Account for the needs of emerging markets and small firms when implementing global accounting standards.
C)
 Remain neutral in the debate on the use of global accounting standards to avoid appearance of a conflict of interest.


The IASB has four stated goals:
1. Develop global accounting standards requiring transparency, comparability, and high quality in financial statements.
2. Promote the use of global accounting standards.
3. Account for the needs of emerging markets and small firms when implementing global accounting standards.
4. Achieve convergence between various national accounting standards and global accounting standards.

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honeycfa

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发表于 2010-4-17 20:34 | 只看该作者

When a publicly traded U.S. company prepares a proxy statement for its shareholders prior to the annual meeting or other shareholder vote, it also files the statement with the SEC as Form:

A)
 8-K.
B)
 DEF-14A.
C)
 144.



Form DEF-14A: When a company prepares a proxy statement for its shareholders prior to the annual meeting or other shareholder vote, it also files the statement with the SEC as Form DEF-14A.
Form 8-K: Companies must file this form to disclose material events including significant asset acquisitions and disposals, changes in management or corporate governance, or matters related to its accountants, financial statements, or the markets on which its securities trade.
Form 144: A company can issue securities to certain qualified buyers without registering the securities with the SEC, but must notify the SEC that it intends to do so.

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honeycfa

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发表于 2010-4-17 20:35 | 只看该作者

Professional organizations of accountants and auditors that establish financial reporting standards are called:

A)
 Regulatory authorities.
B)
 International organizations of securities commissions.
C)
 Standard setting bodies.


Standard-setting bodies are professional organizations of accountants and auditors that establish financial reporting standards. Regulatory authorities are government agencies that have the legal authority to enforce compliance with financial reporting standards. Regulatory authorities, such as the Securities and Exchange Commission (SEC) in the U.S. and the Financial Services Authority (FSA) in the United Kingdom, are established by national governments. Most national authorities belong to the International Organization of Securities Commissions (IOSCO).

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