What is the full form of 'IFRS'? a. Informational financial reporting standard b. International financial reporting statement c. International financial reporting standard d. Institutional financial reporting standard

What is the full form of 'IFRS'? a. Informational financial reporting standard b. International financial reporting statement c. International financial reporting standard d. Institutional financial reporting standard

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 28GI

See similar textbooks

Related questions

Q: What is the full form of 'IFRS'? a. Informational financial reporting standard b. International…

A: IFRS sets the common rules so that financial statements can be prepared consistently and in a…

Q: describe general requirements for fi nancial statements under International Financial Reporting…

A: The IFRS is general standards of financial reporting along with US and UK GAAP.

Q: nterim Financial Reporting PAS 34

A: Financial Reporting -: Financial Reporting pertains to standard methods to provide stakeholders a…

Q: Define International Financial Reporting Standards.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: The US GAAP provides rules and guidance for what two primary financial reporting purposes?

A: US GAAP which is the acronym and abbreviation of generally accepted accounting principles has given…

Q: What measurement attributes are commonly used in financial reporting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: What does IFRS stands for? a. International Financial Reporting Standards b. Indian Financial…

A: Accounting standards are the rules that are to be followed while preparing the accounting reports.

Q: List the types of authoritative pronouncements that constitute International Financial Reporting…

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: Explain the qualitative characteristics of financial reporting information.

A: Conceptual Framework: The FASB's Conceptual Framework for Financial Reporting states the objectives…

Q: Who uses the financial reporting model?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Choose the correct. According to the IASB, IFRS comprise interpretations issued by the SIC and…

Q: IFRS is comprised of: a. International Financial Reporting Standards and FASB Financial Reporting…

A: International financial reporting standards issued by the IASB and international accounting…

Q: What are the objectives, principles and assumptions of the Conceptual Framework for Financial…

A: Answer: Concept: Conceptual framework describes the objective and concept for general purpose…

Q: The international conceptual framework describes the objective of, and concepts for, general purpose…

A: General-purpose financial reporting as described in the conceptual framework is to provide financial…

Q: What does the Relevance in the context of financial reporting means?

A: Introduction Financial Reporting is communicating accurate information along with the financial…

Q: What is the goals, principles and assumptions of the Conceptual Framework. on financial statements…

A: A conceptual framework is a collection of concepts and goals that lead to the development of a…

Q: The main objective of general-purpose financial reports is, a. To describe the characteristics for…

Q: International Financial Reporting Standards (IFRS) are:

A: The correct answer & explanation is as follows-

Q: Explain the role of the International Accounting Standards Board (IASB) in relation to International…

A: Explain the role of International Accounting Standards Board (IASB) in relation to International…

Q: Of what value is a common set of standards in financial accounting and reporting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What are International Financial Reporting Standards? Who uses these accounting standards?

A: International Financial Reporting Standards (IFRS) are the accounting standards that are used…

Q: Explain how to develop financial accounting and reporting standards.

A: The financial accounting and reporting standards are created by IASB

Q: What are elements of financial reporting as per conceptual framework? Explain with example

A: The release of financial statements, which contain the income statement, balance sheet, and…

Q: What are the two measurement bases allowed by the conceptual framework for financial reporting (CF)?

A: The Conceptual Framework is a collection of interconnected goals and fundamentals. The aims and…

Q: Who Uses Financial Reporting and Analysis

A: Financial reporting is a day-to-day practice which helps the organization to keep the business…

Q: Provide a general overview of Integrated Financial Management Information (IFMIS)

A: SOLUTION- Integrated Financial Management Information System (IFMIS) alludes to the computerization…

Q: According to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, anda.…

A: Identify the coma answer from the given statement: Option c is the correct answer. International…

Q: Questions: What is the importance of preparing financial statements? Enumeraté the complete set of…

A: Financial statements are important because of the following reason: 1. Financial statements…

Q: Elaborate on the internal and external uses of financial statement analysis

A: Financial Statement: They are annual reports of an organization summarizing the financial…

Q: A conceptual framework for financial reporting is: A. A set of regulations which govern financial…

A: Introduction: Financial reports: At every financial year ending Income statement , Statement of cash…

Q: Explain about the adoption of International Financial Reporting Standards and consistency in…

A: Financial reporting means the final account of the company which show the financial position of the…

Q: What is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue…

A: Accounting standards: It refers to the rules and policies for financial reporting.

Q: IFRS stands for: a. International Federation of Reporting Services. b. Independent Financial…

A: “International Financial Reporting Standards” (IFRS): International Financial Reporting Standard…

Q: Explain the main purposes of the Conceptual Framework for Financial Reporting and Identify the…

A: Conceptual framework: Conceptual framework describes the actual purpose of financial reporting. It…

Q: The International Accounting Standards Board (Board) issued the revised Conceptual Framework for…

Q: What are the conceptual issues related to financial reporting and financial disclosures?

A: Introduction: Financial reporting is a common accounting technique in which financial statements…

Q: The US GAAP provides rules and guidance for what two primary financial reporting purposes?

A: The US GAAP which has given and contributed in the field of the accounting a very massive work which…

Q: What body is responsible for setting International Financial Reporting Standards?

A: International Financial Reporting Standards are the internationally recognized accounting standards.…

Q: dentify the objective and qualitative qualities of financial reporting information and financial…

A: Answer: Concept Financial reporting information are the information that can be checked from…

Question

What is the full form of 'IFRS'?
a. Informational financial reporting
standard
b. International financial reporting
statement
c. International financial reporting
standard
d. Institutional financial reporting
standard

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.