1. The responsibility of issuing guidance on the application of IFRSs and reviewing new financial reporting issues, is the responsibility of which of the following bodies?
2. The International Accounting Standards Board adopts a due process for the preparation of a new International Financial Reporting Standard (IFRS). What is the next step following the revised Exposure Draft?
3. Which TWO of the following statements regarding systems of regulation of accounting are true?
1. A principles-based system requires the exercise of more judgment in application than a rules-based system.
2. A rules-based system will tend to give rise to a larger number of accounting standards than a principles-based system.
3. A principles-based system will require more detailed regulations than a rules-based system.
4. A principles-based system seeks to cover every eventuality.