Which of the Following Does NOT Describe a Step in the IASB's

question 330

Multiple Choice

Which of the following does NOT describe a step in the IASB's standard setting process?

• A)appointing trustees to the IFRS Foundation
• B)development of an Exposure Draft
• C)provision of strategic advice by the IFRS Advisory Council
• D)public consultation

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Definitions:

Partial Goodwill Method

A method of accounting for a business combination where goodwill is only recorded in relation to the parent's share of ownership in the subsidiary.

NCI

Non-controlling interest (NCI) refers to the portion of equity interest in a subsidiary not owned directly or indirectly by the parent company.

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

Goodwill

An asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised.