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    Activity 2 Accounting Standards-Setting Body-Ansk

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    Gennesse Marshelle Villacorte Galvez
    The document identifies the key accounting standards setting bodies and acronyms in the Philippines. It states that the Financial Reporting Standards Council (FRSC) establishes accounting standards that are generally accepted in the Philippines. The FRSC is composed of 15 members and is responsible for approving Philippine Financial Reporting Standards (PFRS). The International Accounting Standards Board (IASB) replaces the International Accounting Standards Committee (IASC) and issues International Financial Reporting Standards (IFRS).

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    Activity 2 Accounting Standards-Setting Body-Ansk

    Uploaded by

    Gennesse Marshelle Villacorte Galvez
    193 views2 pages
    The document identifies the key accounting standards setting bodies and acronyms in the Philippines. It states that the Financial Reporting Standards Council (FRSC) establishes accounting standards that are generally accepted in the Philippines. The FRSC is composed of 15 members and is responsible for approving Philippine Financial Reporting Standards (PFRS). The International Accounting Standards Board (IASB) replaces the International Accounting Standards Committee (IASC) and issues International Financial Reporting Standards (IFRS).

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    ACTIVITY 2 ACCOUNTING STANDARDS-SETTING BODY-ANSK

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    The document identifies the key accounting standards setting bodies and acronyms in the Philippines. It states that the Financial Reporting Standards Council (FRSC) establishes accounting standards that are generally accepted in the Philippines. The FRSC is composed of 15 members and is responsible for approving Philippine Financial Reporting Standards (PFRS). The International Accounting Standards Board (IASB) replaces the International Accounting Standards Committee (IASC) and issues International Financial Reporting Standards (IFRS).

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    193 views2 pages

    Activity 2 Accounting Standards-Setting Body-Ansk

    Uploaded by

    Gennesse Marshelle Villacorte Galvez
    The document identifies the key accounting standards setting bodies and acronyms in the Philippines. It states that the Financial Reporting Standards Council (FRSC) establishes accounting standards that are generally accepted in the Philippines. The FRSC is composed of 15 members and is responsible for approving Philippine Financial Reporting Standards (PFRS). The International Accounting Standards Board (IASB) replaces the International Accounting Standards Committee (IASC) and issues International Financial Reporting Standards (IFRS).

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    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

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