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Board of Accountancy - 1
Commission on Audit - 1
1 | Page
Council
Philippine
Financial
Reporting
Fi n a n c i a l Re p o r t i n g S t a n d a rd s
(d)
(e)
Accounting alternatives
2 | Page
Council
- done -
REVIEW QUESTIONS
1.
2.
Fi n a n c i a l Re p o r t i n g S t a n d a rd s
d.
3.
4.
5.
c.
6.
7.
8.
9.
3 | Page
Council
d.
True, True
False, False
False, True
False
c.
d. True,
15. Which is not part of the accounting standardsetting process in the Philippines?
a. Preparation of a draft of proposed Philippine
Financial Reporting Standards (PFRS) by a
Task Force organized by the Chairman.
b. Exposure of the proposed draft for
comments and suggestion to PICPA
members, FINEX members and other
interested parties.
c. Approval of the final PFRS by the Profession
Regulation Commission.
d. Publication in the Official Gazette or in
newspaper of general circulation of the
proposed draft.
16. Which statement is true about the IASBs
development of IFRSs?
a. The IASB gives precedence to the balance
sheet over Profit or Loss.
b. The IASB gives precedence to fair value
accounting over amortized cost.
c. Both a and b.
d. Neither a nor b.
Fi n a n c i a l Re p o r t i n g S t a n d a rd s
d.
5.
6.
7.
2.
3.
4.
True, True
True, False
False, False
4 | Page
Council
False, True
Statement 1
a. False
b. True
c. False
d. True
Statement 2
True
True
False
False
8.
9.
Fi n a n c i a l Re p o r t i n g S t a n d a rd s
5 | Page
Council
Fi n a n c i a l Re p o r t i n g S t a n d a rd s
6 | Page
Council
Fi n a n c i a l Re p o r t i n g S t a n d a rd s