Chapter 1 - Solutions to Gripping IFRS: Graded Questions...

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Solutions to Gripping IFRS: Graded Questions Financial reporting framework Kolitz & Sowden-Service, 2009 Chapter 1: Page 1 Solution 1.1 a) The objectives of the IASB are: to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in the financial statements to help participants in the various capital markets of the world and other users of the information to make economic decisions to promote the use and rigorous application of those standards to work actively with national standard setters to bring about convergence of national accounting standards and International Financial Reporting Standards to high quality solutions. b) The IASB consists of fourteen individuals and has sole responsibility for setting accounting standards. The foremost qualification for IASB membership is technical expertise. The constitution requires the membership to comprise at least : five practicing auditors three preparers of financial statements three users of financial statements one academic The publication of a Standard or Exposure Draft requires approval by eight of the IASB’s
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Chapter 1 - Solutions to Gripping IFRS: Graded Questions...

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