The Objective of the International Financial Reporting Interpretations Committee (IFRIC)is

question 3

Multiple Choice

The objective of the International Financial Reporting Interpretations Committee (IFRIC) is to:

• A) achieve consistent interpretations of IFRS by IFRS-adopters internationally.
• B) address accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus on the appropriate accounting treatment.
• C) address issues of reasonably widespread importance, and not issues of concern only to a small set of enterprises.
• D) All the given answers are correct.

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Definitions:

Personal Property Security Act

Legislation that governs the creation and registration of security interests in personal property to secure payment or performance of an obligation.

Repossessed

The act of taking back goods or property by a seller or lender from the buyer or borrower due to non-compliance with the terms of the sale or loan.

Resold

The act of selling an item or property again, especially after purchasing it from the original seller.

Registration

A legislated requirement for incorporating a company in some jurisdictions in Canada.