"Financial Report":Financial Reporting Standards

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來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2020/10/28 09:13:46　字體：大小

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Questions 1:

Which of the following is least consistent with the goals of accounting standards developed under the joint conceptual framework project of the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB)? Accounting standards should be:

A、 principles based.

B 、developed independently.

C 、internally consistent.

Questions 2:

To evaluate the potential effect of an innovative and unique type of business transaction on financial statements, an analyst’s best approach is to:

A 、monitor the actions of standard setters and regulators.

B 、gain an understanding of the transaction’s economic purpose.

C、 consider the approach taken for “new” transactions that arose in the past.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Under the joint conceptual framework project of the IASB and the FASB, accounting standards should be principles based, internally consistent, and converged. The goal of the joint framework is to move away from the independent development of accounting standards.

A is incorrect. Accounting standards should be principles based.

C is incorrect. Accounting standards should be internally consistent.

【Answer to question 2】B

【analysis】

B is correct. By understanding the economic purpose of a transaction and applying the conceptual framework, an analyst may be able to evaluate the potential effect on financial statements, even in the absence of specific standards.

A is incorrect. Given the lag between new product development and regulatory action, the actions of standard setters and regulators are unlikely to be helpful when the new transactions initially arise.

C is incorrect. New types of transactions have unique elements that distinguish them from the transactions that arose previously. They may or may not affect the financial statements in the same way.

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