7 Which of the following statements is true about accounting convergence?A.B.C.D.8 Which of the following statements is believed to be true about accounting convergenceby proponents of convergence?A.B.C.Convergence is a synonym for harmonization.Convergence is the opposite of standardization.Convergence, unlike harmonization, takes place over a period of time.Convergence means developing high-quality standards in partnership with national standards.D.Convergence would not affect the feelings of nationalism.Convergence is desirable because there is very little difference among capital marketsin different countries.Convergence would help to raise the quality of accounting practices internationally.None of the above statements is true.

Accounting convergence refers to the process of aligning accounting standards and practices across…

Answered: 7 Which of the following statements is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q36 Name the approach where the nature of the social reports create problems in measurement and quantification. a. Integral welfare theoretical approach b. None of these are correct c. Multi-dimensional approach d. Net contribution approach
The use of fair value accounting for measuring assets and liabilities has been a source of on-going controversy. Critically appraise benefits and challenges of fair value measurements withrespect to the global financial crisis. Explain the issues relating to the Fair Value Hierarchymeasurement (IFRS 13) as part of your answer.
Principle 3 A governance system should be dynamic. This means that each time one or more of the design factors are changed (e.g., a change in strategy or technology), the impact of these changes on the EGIT system must be considered. A dynamic view of EGIT will lead toward a viable and future-proof EGIT system. Current Practice Recommendation Principle 4 A governance system should clearly distinguish between governance and management activities and structures. Current Practice Recommendation Principle 5 A governance system should be tailored to the enterprise's needs, using a set of design factors as parameters to customize and prioritize the governance system components. Current Practice Recommendation Current Practice Principle 6 A governance system should cover the enterprise end to end, focusing not only on the IT function but on all technology and information processing the enterprise puts in place to achieve its goals, regardless where the processing is located in the enterprise.…
3. What are the advantages of rules-based standards? 4. Do you think that future international accounting standards will need to be more principlesbased or more rules-based? Many outside the United States claim that a problem with U.S. GAAP is that there are too many rules. They argue for principles-based accounting standards in which the broad principles of accounting are emphasized and less emphasis is placed on detailed implementation rules. Americans counter that IFRS may lack quality and rigor. Additional rules are necessary to provide adequate guidance to users.
Firms struggling for survival in intensely competitive industries may choose to use which type of standard? Multiple Choice Real standards. Ideal standards. Currently attainable standards. Practical standards.
4. Many organizations implement assurance layering strategies to mitigate the risks they face to acceptable levels. One such strategy is the Three Lines of Defense model. a. Describe the first and second lines of defense included in this model. b. Explain what distinguishes the third line of defense from the first two. c. Discuss how the three lines of defense are coordinated. d. Identify the external sources of assurance that organizations use to augment their internal lines of defense.
33.
Sh11
1. How would you suggest the standard-setter or the regulator mitigate the potensial decrease in the quality of corporate reporting
Has the IASB-FASB convergence process been successful?

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