one objective of the iasb is to promote the preparation of financial statements usin 1552921

Accounting concepts and principles One objective of the IASB is to promote the preparation of financial statements using the Euro. Is this statement true or false? True False What happened in 2005 for listed companies in the EU? IFRS to be used for all financial statements IFRS to be used for consolidated financial statements Financial statements to be presented in Euros Financial statements to be presented in US dollars What are the objectives of the IASB? To enforce IFRS B to issue IFRS To issue IFRS Which committee of the IASB aims to improve users’ interpretation of IFRS? IFRS Advisory Council IFRS Foundation IFRS Interpretations Committee International Accounting Standards Committee What is the correct definition of GAAP? national accounting standards and company law national accounting standards, stock exchange rules and company law international accounting standards, company law and stock exchange rules national accounting standards, international accounting standards, stock exchange rules and company law Which of the following is an advantage of regulation of company financial statements? less disclosure of a company’s activities in financial statements lower costs of producing financial information higher quality financial information is produced more financial information available for competitors What is the name of the accounting standards issued by the IASB? International Accounting Standards Financial Reporting Standards International Financial Reporting Standards International Reporting Standards With which body is the IASB currently undertaking a project for the harmonization of IFRS? European Commission United Nations International Federation of Accountants Financial Accounting Standards Board