8. Which of the following bodies has the responsibility to issue international financial reporting standards (IFRS) a. The International Financial Reporting Interpretations Committee b. The International Standards Advisory Council C. The IASC Foundation d. The International Accounting Standards Board Presentation and Disclosure of the IASB's conceptual framework indicates that the is the primary source of information about an entity's financial performance for the reporting period a. Balance sheet b. Income statement c. Statement of owners equity d. Statement of comprehensive income 9 10. What is the name given to the agreement between the FASB and IASC to harmonize accounting standards? a The Norwalk Agreement b The London agreement c. The Washington DC agreement d The Paris Accords What controversy originally highlighted the need for standard setting groups to have more authority 2 a. Accounting for stock options b. Accounting for derivatives C. Accounting for marketable securities d. Accounting for the investment tax credit