1. The role of International Organization of Securities Commissions (IOSCO) is most likely to:

A. assist in attaining the goal of cross-border cooperation in combating violations of securities laws.
B. be responsible for regulating financial markets of member nations.
C. be the oversight body to which the International Accounting Standards Board (IASB) reports.

 

2. The Conceptual Framework (2010) identifies several characteristics that enhance the usefulness of financial information. Which of the following is least likely a characteristic?

A. Transparency.
B. Understandability.
C. Verifiability.

 

3. The areas analysts need to be aware with respect to developments in financial reporting standards least likely include:

A. New products or types of transactions.
B. Company disclosures.
C. Effect of evolving standards in the preparation of financial statements.

 

Answers: SelectShow

1. A 
The IOSCO is not a regulator of financial markets. To ensure consistent application of international financial standards, it is important to have uniform regulation and enforcement across national boundaries. IOSCO assists in attaining this goal of uniform regulation as well as cross-border co-operation in combating violations of securities and derivatives laws.
2. A 
Transparency is not one of the characteristics. The characteristics are relevance, faithful presentation, comparability, timeliness, understandability and verifiability.
3. C
Issues related to the preparation of financial statements will be of greater concern to accountants, as opposed to analysts.

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