ACTIVITY 2

ACCOUNTING STANDARDS SETTING BODY

I IDENTIFICATION

1.) These are the rules, procedures, practices and standards followed in the preparation
and presentation of financial statements.
GAAP
2.) The accounting standard setting body which has the main function of establishing
and improving accounting standards that will be generally accepted in the
Philippines.
FRSC
3.) This is the approved statements of the Financial Reporting Standards Council.
PHILIPPINE FINANCIAL REPORTING STANDARDS
4.) The FRSC is composed of how many members?
15 MEMBERS
5.) This group has the role of preparing interpretations of PFRS for approval by the FRSC
and in the context of the Conceptual Framework, to provide timely guidance on
financial reporting issues not specifically addressed in current PFRS.
PIC
6.) This group replaces the IASC which is an independent private sector body with the
objective of achieving uniformity in the accounting principles which are used by
business and other organizations for financial reporting around the world.
IASB
7.) The series of pronouncements issued by IASB.
IFRS
8.) The chairman and members of FRSC shall have a term of how many years?
3 YRS.
9.) How many members should come from the SEC?
1
10.) How many members come from accredited national professional organization
of CPAs? 8 MEMBERS

II Write the full text of the following acronyms.

1.) GAAP - GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

2.) ASC - ACCOUNTING STANDARDS COUNCIL
3.) FRSC - FINANCIAL REPORTING STANDARDS COUNCIL
4.) IASB - INTERNATIONAL ACCOUNTING STANDARDS
BOARD
5.) IFRIC - INTERNATIONAL FINANCIAL REPORTING
INTERPRETATIONS COMMITTEE
6.) PAS - PHILIPPINE ACCOUNTING STANDARDS
7.) SFAS - STATEMENT OF FINANCIAL ACCOUNTING
STANDARDS
8.) PFRS - PHILIPPINE FINANCIAL REPORTING STANDARDS
9.) IFRS - INTERNATIONAL FINANCIAL REPORTING
STANDARDS
10.) IASC - INTERNATIONAL ACCOUNTING STANDARDS
COMMITTEE
11.) IAS - INTERNATIONAL ACCOUNTING STANDARDS
12.) PIC - PHILIPPINE INTERPRETATIONS COMMITTEE
13.) SIC - STANDING INTERPRETATIONS COMMITTEE
14.) PRC - PROFESSIONAL REGULATION COMMISSION
15.) IC - INTERPRETATIONS COMMITTEE