Recent Question

IFRS is considered more comprehensive than U.S. GAAP and the standards contain more implementation True or false: 1. The standards issued by various standard-setting organizations around the world include standards that are profit-oriented and investor-focused. 2. The two major standard-setting organizations in the world are the International Accounting Standards Board (IASB) and International Organization of Securities Commission (IOS ...

Other / Other 28 May 2016

General-purpose financial statements are the product of 1. Which of the following statements is true? a. Over 115 countries require or permit use of International Financial Reporting Standards (IFRS). b. Canada is the most significant holdout from use of International Financial Reporting Standards (IFRS). c. Nearly 50% of investors in the United States own foreign securities, either directly or through funds. d. To facilitate efficient ...

Other / Other 28 May 2016

What is the purpose of Emerging Issues Task Force 1. What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States? a. The SEC requires all companies listed on an exchange to submit their financial statements to the SEC. b. The SEC coordinates with the AICPA in establishing accounting standards. c. The SEC has a mandate to establish accounting standards for enterprises under ...

Other / Other 28 May 2016

What is the objective of general-purpose financial reporting by business enterprises Ex. 1—Objectives of financial reporting. What is the objective of general-purpose financial reporting by business enterprises? Ex. 2—Due process In establishing financial accounting standards, the IASB has a thorough, open transparent due process. List the elements that comprise the IASB due process. Business Management Assignment H ...

Other / Other 28 May 2016

The major financial statements include all of the following except 1. The financial statements most frequently provided include all of the following except the a. statement of financial position. b. income statement. c. statement of cash flows. d. statement of retained earnings. 2. All the following are differences between financial and managerial accounting in how accounting information is used except to a. plan and control compa ...

Other / Other 28 May 2016

When comparing U.S. GAAP and International Financial Reporting Standards 1. The following published documents are part of the "due process" system used by the IASB in the evolution of a typical IASB Standard 1. Exposure Draft 2. IASB Standard 3. Discussion Paper The chronological order in which these items are released is as follows: a. 1, 2, 3. b. 1, 3, 2. c. 2, 3, 1. d. 3, 1, 2. 2. The purpose of the International Accounting ...

Other / Other 28 May 2016

International Financial Reporting Standards preceded International Accounting Standards True or false: 1. International Financial Reporting Standards preceded International Accounting Standards. 2. The standard-setting structure used by the International Accounting Standards Board is very similar to that used by the Financial Accounting Standards Board. 3. The rules-based standards of IASB are more detailed than the simpler, princ ...

Other / Other 28 May 2016

Which of the following is an ethical concern of accountants 1. What is "expectation gap"? a. The difference between what the public thinks the accountant is not doing and what the accountant knows they don't do. b. The difference between what the public thinks the accountant is doing and what Congress says the accountant is doing. c. The difference between what the public thinks the accountant is doing and what the accountant thinks th ...

Other / Other 28 May 2016

Financial accounting standard-setting in the United States *1. Members of the Financial Accounting Standards Board are a. employed by the American Institute of Certified Public Accountants (AICPA). b. part-time employees. c. required to hold a CPA certificate. d. independent of any other organization. *2. The most significant current source of generally accepted accounting principles is the a. AICPA. b. SEC. c. APB. d. FASB. ...

Other / Other 28 May 2016

Politics and political pressure in establishing IFRS is a negative force True or false: 1. Politics and political pressure in establishing IFRS is a negative force. 2. Significant financial reporting issues facing global financial reporting and efficient capital allocation include how to provide backward-looking information. 3. The Norwalk Agreement formalized the FASB’s and IASB’s commitment to convergence of U.S. G ...

Other / Other 28 May 2016