Here are the answers to the 2014 JofA news quiz. For the original quiz, without the answers, click here.
1. How many steps are involved in the revenue recognition process in the new, converged standard released by FASB and the International Accounting Standards Board this year?
Answer: (c) Five.
Full story: “Revenue Recognition: No Time to Wait”
2. Which world leader urged members of the accounting profession to use their talents to serve the community and provide people with dignified work during an address at the World Congress of Accountants in November?
Answer: (b) Pope Francis.
Full story: “Pope Francis on the Role of Accountants in Society”
3. Which membership milestone did the AICPA pass during 2014?
Answer: (b) 400,000.
Full story: “AICPA Membership Eclipses 400,000”
4. Who became the first female president of the International Federation of Accountants this year?
Answer: (a) Olivia Kirtley.
Full story: “Former AICPA Chair Named IFAC President”
5. What possible format for IFRS adoption has SEC Chief Accountant James Schnurr informally asked for comments on?
Answer: (d) A voluntary option to present IFRS material as a supplement to U.S. GAAP financial statements.
6. A new GASB proposal on which topic has the potential to bring significant, unfunded liabilities onto government balance sheets in a similar fashion to those brought by the new standard on pensions?
Answer: (c) Other post-employment benefits.
7. What is the result of the release of Statement on Standards for Accounting and Review Services (SSARS) No. 21?
Answer: (d) a. and c. (A clear separation between accounting and reporting services, and elimination of submission as a trigger for the compilation service).
Full story: “A Bright Line in SSARSs”
8. Which is not one of the four Global Management Accounting Principles released in October by the AICPA and the Chartered Institute of Management Accountants?
Answer: (d) Tax advantages are leveraged.
9. A FASB standard established new responsibilities for which group to evaluate going concern?
Answer: (d) Management.
Full story: “FASB Defines Management’s Going-Concern Responsibilities”
10. The PCAOB issued a final standard on what topic in June?
Answer: (d) Related parties.
Full story: “PCAOB Approves New Related-Party Auditing Requirements”
11. Which organization agreed to pay up to $3 million in 2014 to the IFRS Foundation to assist the International Accounting Standards Board’s work on international convergence projects?
Answer: (a) The Financial Accounting Foundation.
12. The AICPA sought public comment in its shaping of the next version of the Uniform CPA Examination. When is the next version of the exam scheduled to be launched?
Answer: (c) 2017.
Full story: “AICPA Seeks Comment on Next Format of CPA Exam”