Instructions: Answer the following multiple-choice questions. 1. IFRS stands for: a. International Federation of Reporting Services. b. Independent Financial Reporting Standards. c. International Financial Reporting Standards. d. Integrated Financial Reporting Services. 2. Accounting standard-setters use the following process in establishing international standards: a. Research, exposure draft, discussion paper, standard. b. Discussion paper, research, exposure draft, standard. c. Research, preliminary views, discussion paper, standard. d. Research, preliminary views, exposure draft, standard. 3. The major key organizations on the international side are the: a. IASB and IFRS Advisory Council. b. IOSCO and the U.S. SEC. c. London Stock Exchange and International Securities Exchange. d. IASB and IOSCO