To Be Reported as a Major Component Unit, a Component

question 24

True/False

To be reported as a major component unit, a component unit must meet the same 10 percent and 5 percent size requirements as major funds.

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Definitions:

IASB

International Accounting Standards Board, an independent body that develops and approves International Financial Reporting Standards (IFRS).

IFRS

The International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is intended to become the global standard for the preparation of public company financial statements.

IOSCO

Stands for the International Organization of Securities Commissions, which is a global body that sets standards for regulating securities and futures markets.