1.

INTERNATIONAL ACCOUNTING STANDARDS BOARD IASB

2. FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)

3. ACCOUNTING

4. PHILIPPINE INTERPRETATIONS COMMITTEE

5. NORMAL OPERATING CYCLE

6. STATEMENT OF FINANCIAL POSITION

7. STATEMENT OF CHANGES IN EQUITY

8. HISTORICAL COST

9. LIQUIDITY

10. REPORTING ENTITY

11. IAS 7

12. FINANCIAL STATEMENTS

13. GAIN

14. ASSET

15. PHYSICAL CAPITAL MAINTENANCE CONCEPT

16. GENERAL PURPOSE FINANCIAL STATEMENTS

17. ENTITY PERSPECTIVE

18. DERECOGNITION, DISCLOSURE

19. ACCOUNTING STANDARDS COUNCIL

20. FINANCIAL REPORTING STANDARDS COUNCIL

21. CONCEPTUAL FRAMEWORK

22. INTERNATIONAL FINANCIAL REPORTING STANDARDS

23. ASSETS

24. EXPENSE

25. GOING CONCERN

26. PUBLIC PRACTICE, PRIVATE PRACTICE, GOVERNMENT, EDUCATION

27. BENEFIT

28. CURRENT COSTS

29. CAPITAL RECOVERY

30. COMPARABILITY
31. I. MATERIALITY

32. E. FEEDBACK VALUE

33. J. COMPARABILITY

34. M. CONSISTENCY

35. O. VERIFIABILITY

36. F. FREQUENCY OF REPORTING

37. C. TIMELINESS

38. B. RELEVANCE

39. G. FAITHFUL REPRESENTATION --- this means that financial information must be complete, neutral and free from
error.

40. N. COST EFFECTIVENESS

41. L. RECOGNITION

42. K. OFFSETTING

43. A. PREDICTIVE VALUE

44. D. ACCRUAL BASIS OF ACCOUNTING

45. H. UNDERSTANDABILITY

46. IASB DUE PROCESS

3. Topics are identified and placed on iasb’s agenda.

2. All comments received on discussion document and exposure draft are considered.
1. An exposure draft, which is iasb’s main vehicle for consulting the public, is published for
public comment.
5. After comments on the first exposure draft have been effected, the iasb considers whether to
publish its revised proposals for another round of comments.
4. After the due process is completed, all outstanding issues are resolved, and the iasb
members have balloted in favor of publication, the ifrs is issued.

47. FRSC DUE PROCESS

2. Consideration of pronouncement of iasb;

4. An exposure draft approved by a majority of the frsc members for comments (comment
period 60 – 30 days)
3. Consideration of all comments received within the comment period and, when appropriate,
preparing a comment letter to the iasb;
1. Approval of a standard or an interpretation by a majority of the frsc members.
48. A.
49. A
50. B
51. A
52. A
53. B
54. A
55. A
56. B
57. A

58. C
59. B
60. C
61. C
62. C
63. A
64. D
65. C.
66. D
67. A

68. A
69. B
70. C.
71. B
72. C
73. D
74. A
75. B
76. D
77. C
78. A
79. D
80. B

81. A
82. C
83. A
84. A
85. C
86. A
87. D
88. B
89. B
90. B

91. D
92. D
93. A
94. C
95. B
96. A
97. B
98. D
99. C
100. B

101. D
102. B
93.
94.
95.
96.
97.
98.
99.
100.

101.
102.
103.
104.
105.

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