Question Details

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 Standards Board is to
a.	issue enforceable standards which regulate the financial accounting and reporting of multinational corporations.
b.	develop a uniform currency in which the financial transactions of companies through-out the world would be measured.
c.	develop a single set of high-quality IFRS.
d.	arbitrate accounting disputes between auditors and international companies.

	3.	In the past, many countries have relied on their own standard-setting organizations. The standards issued by these various standard-setting organizations around the world include
a.	Tax-oriented standards.
b.	Business-based standards.
c.	Principles-based standards.
d.	All of the choices are correct.

 
	4.	The two major standard-setting organizations in the world are
a.	Financial Accounting Standards Board (FASB) and the International Organization of Securities Commission (IOSCO).
b.	Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
c.	The International Accounting Standards Board (IASB) and International Organization of Securities Commission (IOSCO).
d.	The International Accounting Standards Board (IASB) and the Standards Advisory Council (SAC).

	5.	When comparing U.S. GAAP and International Financial Reporting Standards (IFRS)
a.	IFRS are considered more comprehensive than U.S. GAAP.
b.	IFRS contain more implementation guidance than U.S. GAAP.
c.	IFRS are considered more principles-based than U.S. GAAP.
d.	All of the choices are correct regarding U.S. GAAP and IFRS.




Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help