LIT EM AP - Week 1

• International Financial Reporting Standards (IFRSs) are issued by the International Accounting Standards Board (IASB)
• The accounting standards issued by the International Accounting Standards Committee (IASC) are called International Accounting Standards (IAS)
• The underlying theme of the Conceptual Framework is Decision usefulness.
• Asset refers to the present economic resource controlled by the entity as a result of past events.
• The International Accounting Standards Board (IASB) is an independent, private sector body that issues accounting standards called International Financial Reporting Standards (IFRS).
• The accounting standards issued by the former IASB, IASC, are called the International Accounting Standards (IAS).
• The International Accounting Standards (IAS) were adopted by the IASB.
• Financial Sustainability Reporting Standards Council (FSRSC) is formerly named as Financial Reporting Standards Council or FRSC.
• It is the international counterpart of IFRS IC.

   Philippine Interpretation Committee (PIC)
• The interpretative body of the International Accounting Standards Board (IASB)

  International Financial Reporting Standards Interpretations Committee (IFRS IC)
• The main function of the Financial Sustainability Reporting Standards Council (FSRCS)

  To establish the General Accepted Accounting Principles (GAAP) in the Philippines.
• The FRSC issued the accounting standards in the Philippines called the

  Philippines Accounting Standards (PAS)
• Republic Act No. 9298

  Philippine Accountancy Act of 2004
• It is the accounting standard-setting body in the Philippines established by the

  Philippine Regulations Commission (PRC)
• Former setting body of the International Accounting Standards Board (IASB)

  International Accounting Standards Council (IASC)
• The International Financial Reporting Standards Interpretations Committee (IFRS IC) is formerly called the

  International Financial Reporting Interpretations Committee (IFRIC)
• The debit and credit analysis of a transaction normally takes place

  Before an entry is recorded in a journal
• Functions that ledgers serve in the accounting process

  Classifying