Which of the following are included in the conceptual framework for CPAs in business

In June 2005, the IESBA (formerly the Ethics Committee) issued a revised Code of Ethics for Professional Accountants. The revised Code establishes a conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of ethics:

Integrity.

A professional accountant should be straightforward and honest in all professional and business relationships

Objectivity.

A professional accountant should not allow bias, conflict of interest or undue influence of others.

Professional Competence and Due Care.

A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services.

Confidentiality.

A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the professional accountant or third parties.

Professional Behavior.

A professional accountant should comply with the relevant laws and regulations and should avoid any action that discredits the profession.

The Conceptual Framework deals with all of the following, except

a. The objective of financial reporting

b. The qualitative characteristics of useful financial information

c. The definition, recognition and measurement of the elements of financial

statements

d. Supplementary information

d.

Which of the following statements is true concerning the Conceptual Framework for

Financial Reporting?

a. It is not a reporting standard and does not define standard for any particular

measurement or disclosure issue.

b. It is concerned with general purpose fin statements including consolidated fin

statements.

c. Nothing in the framework overrides any specific PFRS.

d. All are true.

d.

Which is not a purpose of the Conceptual Framework?

a. to assist FRSC in developing accounting standards that will represent Philippine

GAAP

b. to assist FRSC in the review and adoption of existing international accounting

standards

c. to assist auditors in forming an opinion as to whether fin statements conform with

Phil. GAAP

d. to assist BOA in promulgating rules and regulations affecting the practice of public

accountancy

d.

Which is a basic purpose of the Conceptual Framework?

a. to assist users of fin statements in interpreting the information contained in the

financial statements

b. to provide information to those interested in the work of FRSC in the formulation of

PFRS

c. to assist preparers of fin statements in applyng accounting standards

d. All of these

d.

This is a complete, comprehensive and single document promulgated by IASB

establishing the concepts that underlie financial reporting.

a. Conceptual Framework for Financial Reporting

b. Conceptual Framework for Financial Statements

c. Conceptual Framework for Business Entities

d. Conceptual Framework

a.

What is the authoritative status of the Conceptual Framework?

a. The Conceptual Framework has the highest level of authority.

b. In the absence of a standard or an interpretation that specifically applies to a

transaction, the Conceptual Framework shall prevail.

c. In the absence of a standard or an interpretation that specifically applies to a

transaction, management shall consider the applicability of the Conceptual

Framework in developing and applying an accounting policy that results in information

that is relevant and reliable.

d. The Conceptual Framework applies only when the IASB develops new or revised

standards.

c.

As regards the relationship between IFRS and the Conceptual Framework, which of

the following is true?

I. The Conceptual Framework is a reporting standard.

II. In case of conflict, the requirements of the Conceptual Framework prevail over

those of the relevant IFRS.

a. I only

b. II only

c. Both

d. Neither

d.

The Conceptual Framework is intended to establish

a. GAAP

b. The meaning of "present fairly in accordance with GAAP"

c. The objectives and concepts for use in developing standards of financial

accounting and reporting

d. The hierarchy of sources of GAAP

c.

The Conceptual Framework should

a. Lead to uniformity of financial statements among entities within the same industry

b. Eliminate alternative accounting principles

c. Guide MNCs in developing generally accepted auditing standards

d. Define the basic objective, terms and concepts of accounting

d.

Which is not a purpose of the Conceptual Framework?

a. Provide definitions of key terms and concepts

b. Provide specific guidelines for resolving situations not covered by existing

accounting standards

c. Assist accountants in selecting among alternative accounting and reporting

methods

d. Assist IASB in the standard-setting process

b. (this is a purpose of the Philippine Interpretations)

In the Conceptual Framework for Financial reporting, what provides the "why" of

accounting?

a. Measurement and recognition concept

b. Qualitative characteristic of accounting information

c. Element of financial statement

d. Objective of financial reporting

d.

The underlying theme of the Conceptual Framework is

Which of the following are components of the KPMG professional judgment framework?

What is conceptual framework in auditing?

Which of the following statements best reflects ethical obligation of CPAs with respect to working with outdoor advertising agencies?

What is at the center of the KPMG professional judgment framework?