FINANCIAL ACCOUNTING AND REPORTING
HISTORY, DEVELOPMENT AND FUNCTIONS OF THE STANDARD-SETTING BODIES
Multiple Choice Practice Questions
Part 2
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Question 011
International Accounting Standards Board shall comprise how many members?
a. 12
b. 13
c. 14
d. 15
Answer to Question 011
C
The IASB shall normally comprise 14 members (up to three part-timers are allowed).
Question 012
Which of the following is not a criterion to be appointed as an IASB member?
a. Deep knowledge of global market
b. Ability to analyze
c. Objectivity
d. Ability to work in a collegial atmosphere
Answer to Question 012
A
The following are the criteria for IASB members:
• Demonstrated technical competence and knowledge of financial accounting and reporting
• Ability to analyze
• Communication skills
• Judicial decision-making
• Awareness of the financial reporting environment
• Ability to work in a collegial atmosphere
• Integrity, objectivity and discipline
• Commitment to the IFRS Foundation’s mission and public interest
Question 013
How long is the initial term of a member of IASB?
a. One year
b. Two years
c. Three years
d. Five years
Answer to Question 013
D
Question 014
How long is the maximum renewed term of a member of IASB?
a. One year
b. Two years
c. Three years
d. Five years
Answer to Question 014
D
A term may be renewable for a further term of three years, with the possibility of renewal up to a maximum of five years, in line with procedures developed by the Trustees for such renewals.
Question 015
The term of an individual member of IASB may not exceed how many years in total?
a. Two years
b. Five years
c. Ten years
d. Twelve years
Answer to Question 015
C
Members of the IASB shall be appointed initially for a term of five years. A term may be renewable for a further term of three years, with the possibility of renewal up to a maximum of five years, in line with procedures developed by the Trustees for such renewals. The term of an individual member of the IASB may not exceed 10 years in total.
Question 016
If IASB is composed of 13 or fewer members, how many members should approve the publication of an exposure draft?
a. Seven
b. Eight
c. Nine
d. Ten
Answer to Question 016
B
Question 017
If IASB is composed of 13 or fewer members, how many members should approve the issuance of an IFRS Accounting Standard?
a. Seven
b. Eight
c. Nine
d. Ten
Answer to Question 017
B
Question 018
If IASB is composed of 14 members, how many members should approve the publication of an exposure draft?
a. Seven
b. Eight
c. Nine
d. Ten
Answer to Question 018
C
Question 019
If IASB is composed of 14 members, how many members should approve the issuance of an IFRS Accounting Standard?
a. Seven
b. Eight
c. Nine
d. Ten
Answer to Question 019
C
The publication of an Exposure Draft or issuing of an IFRS Accounting Standard shall require approval by eight members of the IASB if it comprises 13 members or fewer, or by nine members if it comprises 14 members.
Question 020
The authoritative text of any Exposure Draft, draft Interpretation or IFRS Accounting Standard shall be that published by the IASB in what language?
a. English
b. French
c. Spanish
d. Chinese
Answer to Question 020
A
The authoritative text of any Exposure Draft, draft Interpretation or IFRS Accounting Standard shall be that published by the IASB in the English language. The IASB may publish authorized translations or give authority to others to publish translations of the authoritative text of Exposure Drafts, draft Interpretations and IFRS Accounting Standards.
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