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QUESTION: 21

What is one of the main purposes of the International Financial Reporting Interpretations Committee (IFRIC)?

Provide guidance on reporting issues not specifically addressed in International Accounting Standards Board (IASB)’s standards
Provide advice to International Accounting Standards Board (IASB) on priorities
Monitor International Accounting Standards Board (IASB)’s effectiveness, raise funds, and approve budget
Discuss the roles and responsibilities of the International Accounting Standards Board (IASB) and its advisory groups

Answer(s): A

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QUESTION: 22

What is the main objective of IAS 19?

To prescribe the accounting and disclosure for employee benefits
To prescribe the timing of payments
To draw a distinction between long and short term benefits
To draw a distinction between a defined contribution and defined benefit plan

Answer(s): A

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QUESTION: 23

Defined contribution plans are an example of which kind of employee benefits?

Short-term benefits
Post-employment benefits
Termination benefits
Long-term benefits

Answer(s): B

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QUESTION: 24

Issuance of interim reports is an example of what enhancing characteristic?

Comparability
Verifiability
Relevance
Timeliness

Answer(s): D

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