Hello, can u give correct answer Discuss the potential impact of the new standard on the company'sfinancial statements and the steps the company should take toimplement the standard. What are the disclosure requirements underthe new standard? How can the company ensure compliance with thestandard?

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Business/Professional Ethics Directors/Executives/Acct

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Chapter5: Corporate Ethical Governance & Accountabililty

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A company is considering whether to adopt a new accounting standard that would require it to recognize certain assets and liabilities that were previously off-balance sheet. Discuss the potential impact of the new standard on the company's financial statements and the steps the company should take to implement the standard. What are the disclosure requirements under the new standard?
Discuss criticlly Should the disclosure of social and environmental accounting information be regulated?
What possible actions would an auditor might take if a client’s financial statements depart from GAAP. Would the demand for assurance services increase or decrease in the future?
Compare the information disclosed by Microsoft to comply with the fair value disclosure requirements found in Section 820-10-50 of the Codification with that provided by Goldman Sachs. What is your opinion of the overall value of the information disclosed by each firm? To answer this question, focus on the understandability and usefulness of the disclosures to the users of the financial statements. Finally, compare the extent of Microsoft’s disclosures to those made by Goldman Sachs. Why do you think that there is a difference in the level of disclosure detail for the two companies?
How can the accounting concept of materiality be applied to the recognition and disclosure of contingent liabilities? Explore the factors that accountants should consider when determining the appropriate level of detail to include in financial statements regarding potential future obligations.
Which is the first step within the hierarchy of guidance when selecting accounting policies? a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework d. Consider the most recent pronouncements of other standard setting bodies
What additional constraints and obligations do auditors face when offering nonaudit services to public companies?
Which statement best describes how audit firms should apply the general standard in the SEC independence rule? a. Firm should ensure that all services and relationships comply with specific proscriptions in the rule only. b. Firms should apply the general standard only when the specific rules do not address a service or relationship. c. Firms should examine all services and relationships in light of the rule's general standard. d. Firms should consider the general standard as an optional provision in the SEC independence rule.
Based on the reading, (The Auditor’s Consideration of an Entity's Ability to Continue as a Going Concern) analyze the auditor’s responsibility to determine whether a company can continue as a going concern. From your analysis, propose at least two key factors auditors need to consider when determining an entity’s ability to continue as a going concern. Provide your rationale.
Which section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations?
Which non-audit service is permitted for an SEC audit client? Preparing a point-in-time gap analysis on its technology controls compared to industry standards. Providing a technology service that records accounting entries for the client. Loaning staff to prepare the client’s tax return. Loaning staff to assist with the client’s internal audit function.

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Discuss the potential impact of the new standard on the company's financial statements and the steps the company should take to implement the standard. What are the disclosure requirements under the new standard? How can the company ensure compliance with the standard?