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Seminar 1 - Qs

The document discusses corporate reporting and the regulatory framework for financial reporting. It provides multiple choice questions regarding the body responsible for ensuring UK company compliance with IFRS, elements of an annual report, appointment of company auditors, factors determining UK Generally Accepted Accounting Principles, authority of the IASB, accounting standards for smaller UK companies, and required components of a company's strategic report. Discussion questions address defining financial reporting and regulating it, reasons for differences in countries' GAAP historically, and pros and cons of IFRS.

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Maman Abdurrahman
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16 views2 pages

Seminar 1 - Qs

The document discusses corporate reporting and the regulatory framework for financial reporting. It provides multiple choice questions regarding the body responsible for ensuring UK company compliance with IFRS, elements of an annual report, appointment of company auditors, factors determining UK Generally Accepted Accounting Principles, authority of the IASB, accounting standards for smaller UK companies, and required components of a company's strategic report. Discussion questions address defining financial reporting and regulating it, reasons for differences in countries' GAAP historically, and pros and cons of IFRS.

Uploaded by

Maman Abdurrahman
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CORPORATE REPORTING BUSM113

SEMINAR 1- The Development of Corporate Reporting; The Regulatory Framework for


Financial Reporting; Harmonisation of Accounting Standards

Multiple Choice Questions

1. The body responsible for ensuring that U.K. companies comply with International
Financial Reporting Standards is the
a) European Commission
b) International Accounting Standards Board
c) Financial Reporting Council
d) The Serious Fraud Squad
e) International Accounting Standards Board

2. Which of the following is not an element of the Annual Report


a) Strategic Report
b) Corporate Governance Report
c) Employee Relations Report
d) Financial Statements
e) Notes to the Financial Statements

3. The auditors of a UK public limited company are appointed by the


a) Managing Director of the company
b) company shareholders
c) European Commission
d) Financial Reporting Council
e) London Stock Exchange

4. Which of the following determine Generally Accepted Accounting Principles (GAAP) in


the UK
1) Stock exchange regulations
2) The users of financial statements
3) Company legislation
4) Accounting standards
5) The auditors of financial statements

a) 1 and 3
b) 2,3 5
c) 1, 3, 4
d) 2,3, 4
e) 1,2,3

5. Which of the following come within the authority of the IASB?


1. Compelling companies or countries to adopt IFRS
2. Preventing countries amending IFRSs to meet their own needs
3. Controlling the entire contents of a company’s annual report and accounts

1
CORPORATE REPORTING BUSM113

4. Enforce compliance with standards

a) 1 and 2
b) 3 only
c) 1 and 4
d) 1,2 and 4
e) None of these

6. Smaller companies in the UK


a) must follow only the standards set by the IASB
b) must follow the Financial Reporting Standard for Smaller Entities issued by the
Financial Reporting Council
c) can either follow the standards issued by the Financial Reporting Council or those for
smaller entities issued by the IASB
d) need not follow any accounting standards
e) can choose not to prepare any financial statements

7. Which of the following should a company include in its Strategic Report?


1. A description of the company’s strategy and business model
2. Information on social and community issues including human rights issues
3. Information on such issues as the gender split for directors, managers and employees

a) None of these
b) 1,2
c) 1,3
d) 2,3
e) All of these

Discussion questions:

1. Define the term financial reporting and debate the need for the regulation of financial
reporting.
2. Discuss the historical reasons why one country’s GAAP could develop differently
from another.
3. Discuss pros and cons of IFRS.
(These are examples of short essay questions. You should briefly introduce the main
concepts, discuss and focus on what the question requires and draw conclusions from
your analysis).

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