QUESTION: 105

CORRECT TEXT
An entity has a working capital cycle of 120 days which has been calculated in part from the following data:

What is the stock holding period on the basis of 365 days in a year? Give your answer to the nearest whole day.

101 days

Answer(s): A

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QUESTION: 106

Which THREE of the following are part of the International Accounting Standards Committee (IASC) Foundation structure?

International Accounting Standards Board
Standards Advisory Council
International Financial Reporting Interpretations Committee
International Organisation of Securities Commission
Standards Application Council
International Financial Reporting Evaluations Committee

Answer(s): A,B,C

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QUESTION: 107

Which one of the following is NOT a step in the development of an International Financial Reporting Standard (IFRS)?

Publication of discussion documents.
Publication of exposure drafts.
Establishment of an advisory committee to advise on issues arising in the development of the IFRS.
Production of draft interpretations of the IFRS which are open to public comment.

Answer(s): D

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QUESTION: 108

When developing local Generally Accepted Accounting Principles (known as local GAAP) some countries start with International Financial Reporting Standards (IFRSs) which are then amended to reflect local needs and conditions.
This type of approach is classified as:

Adoption of IFRSs as local GAAP.
Using IFRSs as a model for local GAAP.
IFRSs having a persuasive influence in formulating local GAAP.
IFRSs having little or no impact in formulating local GAAP.

Answer(s): B

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