1. What is the organization that is responsible for setting International Financ

Question

1. What is the organization that is responsible for setting International Financial Reporting Standards?

2. What is the main company that Professor Levine uses for illustrations in the two Rutgers Digital videos?

3. Open “Hoyle CPA: Earnings Per Share.” Under “Free Questions” select “Financial Accounting & Reporting.”

• Under “Earnings Per Share” complete the multiple choice questions for “Basic Earnings Per Share” and “Diluted Earnings Per Share.” Enter your score here:

• Under “Financial Statements” complete the multiple choice questions for “Discontinued Operations” and “Extraordinary Gains & Losses.” Enter your score here:

5. According to the IASB Framework, what is the financial statement element that is defined as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants?

Explanation / Answer

1. The Internation Accounting Standards Board (IASB) is the organization that is responsible for setting the International Financial Reporting Standards (IFRS) since April 1, 2001.

Before April 1, 2001, International Accounting Standards Committee (IASC) was responsible for setting the IFRS.

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