International_Accounting_Case 3-4

Answer the following question, giving detailed examples to justify your answer;- Based on the book in the link below and other accounting materials, please identify and discuss the major challenges and opportunities associated with international accounting standards convergence. Analyse the implications of differences in accounting practices across countries and propose strategies for addressing these challenges. Here is the book, page 246 chapter 13 Global Convergence of Accounting Standards. http://ndl.ethernet.edu.et/bitstream/123456789/22231/1/56.pdf.pdf#page=269

Case Study: Navigating the FASB Accounting Standards Codification (ASC)**   *Introduction:* The FASB Accounting Standards Codification (ASC) serves as the authoritative source for U.S. generally accepted accounting principles (GAAP). It is a comprehensive system designed to organize and present accounting standards in a logical and accessible manner. In this case study, we explore the components included and excluded from the FASB ASC.   *Components of FASB ASC:*   1. **AICPA Statements of Position (SOP):**    - SOPs issued by the American Institute of Certified Public Accountants (AICPA) were included in the FASB ASC during its initial implementation. However, updates to the ASC may have modified this inclusion.   2. **FASB Statements:**    - FASB Statements are a core part of the FASB ASC. These statements represent authoritative guidance on various accounting topics, ensuring consistency in financial reporting.   3. **Accounting Research Bulletins (ARB):**    - ARBs were issued by…

Globally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation. Required: Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)

The ________ is attempting to harmonize accounting standards through issuing International Financial Reporting Standards (IFRS). A) BSC B) IOSCO C) IASB D) FASB E) GAAP

1.Why do different countries have different accounting standards? Explain your answer withsuitable example.2. What are the advantages of a single set of international accounting standards?

11 Which of the following organizations issue standards that focus on both internal and external financial reporting? Multiple Choice Federal Accounting Standards Advisory Board. Governmental Accounting Standards Board. Financial Accounting Standards Board. American Institute of CPAs.

A. 63. Which body appoints the members of International Accounting Standards Board (IASB) that make the present IFRS?A. IFRS Foundation.B. IFRS Advisory Council.C. International Accounting Standards Committee.D. International Financial Reporting Interpretations Committee.

Discuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards  and the convergence of accounting standards.

Question 7 The International Accounting Standards Board (IASB) follows specific steps in developing International Financial Reporting Standards (IFRS). Place the following steps in the correct order: 1. Research and analysis conducted; preliminary views of pros and cons issued. 2. Topics identified and placed on the agenda. 3. Board evaluates responses, final standard issued. 4. Board evaluates research, issues exposure draft. A. 2, 1, 4, 3 B. 1, 2, 4, 3 C. 1, 2, 3, 4 D. 1, 2, 5, 3, 4

The differences and similarities between IFRS( International Financial Reporting Standards) and IS GAAP(Generally Accepted Accounting Practices) 2. The benefits and pitfalls of switching from US GAAP to IFRS 3. Your opinion on where we as a country should go and why. Stay with US GAAP or switch to IFRS

please check answer, thank you

discuss the challenges faced by the International Accounting Standard Board (IASB) in the development of International Financial Reporting Standards (IFRSs), which form the basis of Hong Kong Financial Reporting Standards (HKFRSs).