correct solutiuons needed Question:Which of the following is a true statement in regards to the international accounting standards board? Choose the best answer.a. The IASB deals with issues caused by the lack of uniform accounting principles.b. The IASB has the authority to audit financial statements of all US corporations.c. The IASB was created by the American Accounting Association.d. The IASB develops all accounting principles to be used in the United States.

a. The IASB deals with issues caused by the lack of uniform accounting principles.This statement is…

Answered: Question: Which of the following is a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 5MC: The independent, nonprofit organization that sets financial accounting and reporting standards for...

See similar textbooks

Similar questions

find Out Solutions
The CPA Canada Handbook-Accounting is the handbook of Canadian accounting standards. Why do companies in Canada ensure that their financial reporting is consistent with Canadian GAAP? a. Their bank requires them to do so. b. Their auditors require them to do so. c. Reporting under the CPA Canada Handbook-Accounting is required by public compannies boards of directors. d. Compliance with the CPA Canada Handbook-Accounting pronouncements is usually required by many legal statutes.
Which of the following organizations is responsible for the creation and governance of accounting standards in the United States? O A. Securities and Exchange Commission B. Financial Accounting Standards Board C. Institute of Management Accountants D. American Institute of Certified Public Accountants
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.
Which of the following is not a description or a function of the Financial Reporting Standards Council (FRSC)? It establishes generally accepted accounting principles in the It receives financial support principally from the Professional Regulations Commission (PRC). It is the successor of Accounting Standards Council (ASC) and the creator of Philippine Interpretations Committee (PIC). It assists the Professional Regulatory Board of Accountancy (BOA) in carrying out its power and function to promulgate accounting standards in the
a. Discuss in detail about accounting standards. 1. History of Accounting standards (IFRS and GAAP) 2. Boards or organization associated IFRS. Structure of the board. 3. Process of developing IFRS or amending for existing IFRS. 4. Detailed discussion of any Two updated IFRS. b. Discuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries. c. Write a summary of IFRS 7, and 13 and show sample illustrations for measurement and de-recognition of financial assets and financial liabilities.
Discuss the methods by which the SEC can influence the development of generally accepted accounting principles in the United States.
What type of circumstances would drive an organization to comply with US Generally Accepted Accounting Principles (GAAP)? Choose all that apply. Lender reporting requirements International Financial Reporting Standards (IFRS) requirements Equity investor reporting requirements An audit by the internal revenue services (IRS)
What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?
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. Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the international financial reporting standards (IFRS)
What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?
An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements.Critically assess how the use of principles-based standards will aid effective standard-setting by the International Accounting Standard Board (IASB), and aid decisionusefulness for stakeholders. You should develop your arguments in the context of appropriate accounting theory?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Contemporary Auditing

Accounting

ISBN:

9781337650380

Author:

KNAPP

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Contemporary Auditing

Accounting

ISBN:

9781337650380

Author:

KNAPP

Publisher:

Cengage

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

Auditing: A Risk Based-Approach to Conducting a Q…

Accounting

ISBN:

9781305080577

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS