The release of a historic new revenue recognition standard in May was the highlight of a year that saw several significant developments in the accounting profession.
Test how closely you followed news in the accounting profession this year with this 12-question quiz. And bookmark the JofA website to remain informed on all the latest news of interest to CPAs in the coming year.
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?
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?
a. Barack Obama.
b. Pope Francis.
c. Ban Ki-moon.
d. David Cameron.
3. Which membership milestone did the AICPA pass during 2014?
d. 5 million.
4. Who became the first female president of the International Federation of Accountants this year?
a. Olivia Kirtley.
b. Tommye Barie.
c. Leslie Seidman.
d. Leslie Murphy.
5. What possible format for IFRS adoption has SEC Chief Accountant James Schnurr informally asked for comments on?
a. Full adoption by all U.S. public companies.
b. No IFRS presentation by any U.S. public companies.
c. A voluntary option to present financial statements in IFRS instead of U.S. GAAP.
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?
a. Revenue recognition.
b. Fiduciary responsibilities.
c. Other post-employment benefits.
d. Fair value.
7. What is the result of the release of Statement on Standards for Accounting and Review Services (SSARS) No. 21?
a. A clear separation between accounting and reporting services.
b. New exceptions to GAAP for private companies.
c. Elimination of submission as a trigger for the compilation service.
d. a. and c.
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?
a. Communication provides insight that is influential.
b. Information is relevant.
c. Impact on value is analyzed.
d. Tax advantages are leveraged.
9. A FASB standard established new responsibilities for which group to evaluate going concern?
a. Boards of directors.
b. Audit committees.
c. Users of financial statements.
10. The PCAOB issued a final standard on what topic in June?
a. Naming the engagement partner.
b. Revising the auditor’s report.
c. Auditing revenue.
d. Related parties.
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?
a. The Financial Accounting Foundation.
b. The SEC.
c. The European Union.
d. The Accounting Standards Advisory Forum.
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?
Click here for the answers.
—Ken Tysiac ( email@example.com ) is a JofA editorial director.