$1-$Who issues International Financial Reporting Standards?

A $-$The IFRS Advisory Committee

$B-$The stock exchange

C$.$ The International Accounting Standards Board

D $-$The government

$2-$ Which of the following statements is$/$are true?

$1-$The IFRS Interpretations Committee is a forum for the IASB to consult with the outside world.

$2-$ The IFRS Foundation produces IFRSs. The IFRS Foundation is overseen by the IASB.

$3-$ One of the objectives of the IFRS Foundation is to bring about convergence of national accounting standards and IFRSs.

A $-1$ and $3$ only

B $-2$ only

C $-2$ and $3$ only

D $-3$ only

$3-$ What is the role of the IASB?

A Oversee the standard setting and regulatory process

B Formulate international financial reporting standards

C Review defective accounts

D Control the accountancy profession

$4-$The process for developing an International Financial Reporting Standard involves a number of stages. Following receipt and review of comments on a Discussion Paper, what will be the next step undertaken by the IASB?

A $-$ Publication of an Exposure Draft

B $-$ Establishment of an Advisory Committee

C $-$ Consultation with the Advisory Committee

D $-$ Issue of a final IFRS

$5-$Which one of the following would not be an advantage of adopting IFRS?

A $-$ It would be easier for investors to compare the financial statements of companies with those of foreign competitors.

B $-$ Cross$-$border listing would be facilitated.

C $-$ Accountants and auditors would have more defence in case of litigation.

D $-$ Multinational companies could more easily transfer accounting staff across national borders.