What is the primary function of the Accounting Standards Board (ASB)?

To formulate accounting standards.

To enforce compliance with local regulations.

To determine corporate tax rates.

What is the purpose of issuing guidance notes on Accounting Standards?

To enforce compliance with Accounting Standards.

To clarify phrases commonly used in financial statements.

To provide exemptions from following Accounting Standards.

To replace existing International Accounting Standards.

What is the scope of Accounting Standards?

To override local regulations and laws.

To replace the management's responsibility for financial statements.

To apply only to immaterial items.

To conform to applicable laws and business environment.

What is the responsibility of auditors in relation to financial statements?

To prepare financial statements for the enterprise.

To determine the extent of disclosure in financial statements.

To form opinions and report on financial statements.

To enforce compliance with Accounting Standards.

How will the Accounting Standards be applied to items?

Uniformly to all items in financial statements.

To items explicitly mentioned by the International Accounting Standards Committee.

To all items, regardless of their significance.

What is the process for issuing Accounting Standards?

ASB issues standards directly to the public.

ASB drafts are reviewed by the International Accounting Standards Committee.

ASB issues standards after approval by the Council of the Institute.

ASB formulates standards based on suggestions from the public.

What is the initial character of the Standards with regards to compliance?

They are exempted from compliance in the initial years.

They are enforced retroactively.

What is the intended effect of adopting Accounting Standards in the country?

To increase taxation on businesses.

To create more complexity in financial reporting.

To ensure uniformity and improved quality in financial statements.

To replace the role of auditors in financial reporting.

What is the role of auditors in relation to deviations from Accounting Standards?

Auditors must ensure compliance regardless of deviations.

Auditors must disclose deviations in their reports.

Auditors must modify Accounting Standards to accommodate deviations.

Auditors must report deviations to the International Accounting Standards Committee.

How will the Accounting Standards evolve in the future?

They will be limited to essentials and basic matters.

They will be replaced by International Accounting Standards.

They will focus exclusively on local regulations.

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