IFRS History and Facts
What is not-for-profit organization?
Rules-based accounting
What is GAAP?
This organization set the accounting standards before IASB
What is the International Accounting Standards Committee?
True/False: The IFRS allows companies to use LIFO
What is false?
One of the main responsibilities of this U.S. governmental agency is to protect investors.
What is the SEC?
The original International Accounting Standards Committee was formed in 1973. This is the year it was restructured to the International Accounting Standards Board
What is 2000?
This standard-setting board allows fair value measurements to be appreciated after recording an impairment loss in excess of the recorded loss
What is IFRS?
This is the year the IASB was established
What is 2001?
This is the number of presentation periods that IFRS requires
What is 2 periods only?
This type of U.S. company is allowed to use IFRS for their financial statements (due to a lack of regulation)
What are U.S. private companies?
This board helps develop global accounting standards alongside the International Accounting Standards Board
What is the International Sustainability Standards Board (ISSB)?
The end of this major world event is recognized as the beginning of the need for international accounting standards
This section of the IFRS Standards Navigator is not mandatory to follow
What are the practice statements?
This is the order that assets should be presented on the balance sheet under IFRS
What is the reverse order of liquidity?
This is the year the SEC adopted the rule that allowed foreign companies to file their U.S. financial statements according to IFRS
What is 2007?