FAR- Environment of FAR

What is the accounting standards-setting body in the Philippines?

Financial and Reporting Standards Council

Financial Reporting Standards Council

Financial Reporting Standard Council

Financial Reporting Standard Committee

What is the auditing standards-setting body in the Philippines?

Auditing and Accounting Standards Council

Accounting and Auditing Standards Council

Auditing and Assurance Standards Council

Auditing Assurance Standards Council

How many members shall the FRSC be composed of?

FRSC membership is represented by the following government agencies, except for

Board of Accountancy

Department of Trade and Industry

Bangko Sentral ng Pilipinas

Commission on Audit

Which of the following agencies is not represented in PIC?

Insurance Commission

Bureau of Internal Revenue

Financial Executives Institute of the Philippines

Securities and Exchange Commission

How many representatives does the Accredited National Professional Organization for CPAs have in FRSC?

AASC membership is represented by the following government agencies, except for

Department of Finance

Commission on Audit

Securities and Exchange Commission

Bangko Sentral ng Pilipinas

Which is represented in FRSC which is not represented in AASC?

Board of Accountancy

Bureau of Internal Revenue

Bangko Sentral ng Pilipinas

Securities and Exchange Commission

Members of FRSC shall have a term of

9 years

6 years

3 years

1 year

Which of the following preceded FRSC?

Financial Reporting Standards Board

Accounting Standards Council

Financial Accounting Standards Council

Financial Accounting Standards Board

How many representatives from accounting firms should PIC have?

Who should approve the increase or decrease in members of PIC?

President of the Philippines

PRC

BOA

FRSC

Which of the following is not represented both in PIC and AASC?

BIR

SEC

COA

BSP

How many representatives does the Accredited National Professional Organization for CPAs have in AASC?

How many members shall the Philippine Interpretation Committee be composed of?

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