BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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THE BOARD OF ACCOUNTANCY IS COMPOSED OF FIFTEEN MEMBERS WITH A CHAIRMAN
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THE FINANCIAL REPORTING STANDARD COUNCIL SHALL HAVE A CHAIRMAN WHO HAD BEEN OR PRESENTLY A SENIOR PRACTITIONER IN PUBLIC ACCOUNTANCY
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A MEMBER OF THE AUDITING AND ASSURANCE STANDARD COUNCIL MUST BE A DULY REGISTERED CERTIFIED PUBLIC ACCOUNTANT WITH AT LEAST TEN YEARS OF WORK EXPERIENCE IN THE PRACTICE OF PUBLIC ACCOUNTANCY
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COMPLIANCE WITH THE PHILIPPINES INTERPRETATION COMMITTEE IMPLEMENTATION GUIDANCE IS REQUIRED FOR THE FAIR PRESENTATION OF FINANCIAL STATEMETN IN ACCORDANCE WITH PFRS
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Detailed explanation-1: -The correct answer to this question is a. It does not permit the recognition of intangible assets in balance sheets.
Detailed explanation-2: -The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
Detailed explanation-3: -The correct option is (C). International Financial Reporting Standard (IFRS) is based on principles. GAAP is a rule-based standard of accounting. It provides the information in more detail about the financial reporting as compared to IFRS.
Detailed explanation-4: -The Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS) are the new set of Generally Accepted Accounting Principles (GAAP) issued by the Accounting Standards Council (ASC) to govern the preparation of financial statements.