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Informs International Accounting Standards Board (IASB) of implications of proposed standards

Appoints International Accounting Standards Board (IASB) members

Approves principles-based standards but does not issue detailed application guidelines

Has the sole responsibility for setting standards

Full disclosure

Expense recognition

Going concern

Constraints

To show sources of funds and the manner in which those funds are employed

To account for changes in cash during the accounting period

To show details of the nature of a company’s operating activities

To reconcile the beginning and ending balances of stockholders’ equity

Before the end of the fiscal year

Within a year

Within a fiscal year

Within two years

The historical cost of an asset

The fair value of an asset

The ease of converting a noncash asset to cash

Liabilities, minus equity

Noncurrent expenses

Current liabilities

Non operating expenses

Operating expenses

The employee value proposition

A long term benefit

A noncurrent expense

A liability

When a company recognizes the expected cost of profit-sharing and bonus payments

When a company has no realistic alternative but to make payments

When a change in the company’s informal practices would cause unacceptable damage to its relationship with employees

The required accounting entry for liabilities or accrued expenses or cash paid

Cost and materiality

Predictive value and confirmatory value

Relevance and faithful representation

Timeliness and understandability

Net income

Total liabilities

Net working capital

Noncurrent liabilities