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"Financial Report":Financial Reporting Standards

来源: 正保会计网校 2020-09-30
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Questions 1:

Which of the following descriptions of financial reporting is considered to be of the highest quality?

A 、Within GAAP but with earnings management

B、 Within GAAP but with biased choices

C、 Outside GAAP but with conservative choices

Questions 2:

Which of the following statements is least accurate?

A、 IFRS Foundation trustees appoint members of the IASB.

B、 The IASB is monitored by a board that includes the US SEC.

C 、IFRS Foundation trustees oversee the policy decisions of the FASB.

View answer resolution
【Answer to question 1】B

【analysis】

B is correct. Along the financial reporting quality spectrum, financial reporting that is within GAAP but has biased choices is considered to be better quality than within-GAAP financial reporting that is subject to earnings management. Financial reporting that is non-compliant with GAAP is considered to be even lower quality.

A is incorrect. Along the financial reporting quality spectrum, financial reporting that is within GAAP but subject to earnings management is considered to be inferior to within-GAAP financial reporting that has biased choices. 

C is incorrect. Along the financial reporting quality spectrum, financial reporting that is non-compliant with GAAP is considered to be inferior to GAAP-compliant financial reporting

【Answer to question 2】C

【analysis】

C is correct. The Financial Accounting Foundation, not the IFRS, oversees FASB.

 A is incorrect. IFRS Foundation trustees do appoint the members of the IASB. 

B is incorrect. The Monitoring Board that oversees the IASB includes representatives from the European Commission, IOSCO, the Japan Financial Services Agency, and the US SEC.

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