The correct answers are:

Hans Hoogervorst is now chairman of the International Accounting Standards Board.

This is correct - He took over from David Tweedie in 2011.

The IASB has completed of a set of core standards that the International Organisation of

Securities Commissions (IOSCO) has recommended can be used by Multi-National

Enterprises (MNE) for cross border listings.

This is correct.

There is a requirement by the European Commission that all listed companies in the EU must use International Financial Reporting Standards for their consolidated financial statements.

This is correct.

The EU direction makes IAS/IFRS mandatory for listed companies for accounting periods starting after 1.1.05 (not ending).

The UK Conceptual Framework (Statement of Principles) is based on the IAS

Framework for the Preparation and Presentation of Financial Statements, which is in

turn based on the US Conceptual Framework.

This is correct – however there are some differences between them.

The incorrect answers are:

International Accounting Standards are currently mandatory for all European countries.

This is not correct - see below.

The IASB completed a set of core standards for use in cross border listings.

This is not correct - now the International Accounting Standards Board (IASB) is

currently working towards an new set of International Financial Reporting Standards

(IFRS's)