find Out Solutions 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.

Step 1: The IASB is responsible for developing and promoting International Financial Reporting…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

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

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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.
QUESTION 9 Match the appropriate term with each of the following definitions. ✓ Accounting standards issued by FASB in the US ✓ Auditing standards used in the US An examination of financial statements by independent CPAS Directed by the audit committee to evaluate the company's processes, systems, and internal controls ✓ Framework of rules, processes, and practice by which the company is directed and controlled QUESTION 10 Financial statements of public companies are required to be audited by an independent certified public accounting firm the Audit Committee of the Board of Directors the Chief Financial Officer all of the above none of the above A. Generally Accepted Auditing Standards B. Internal Auditors C. Generally Accepted Accounting Principles D. External Audit E. Corporate Governance
One of the major groups that has been involved in the standard-setting process is the American Institute of Certified Public Accountants. Initially, it was the primary organization that established accounting principles in the United States. Subsequently, it relinquished its power to the FASB. Instructions a. Identify the two committees of the AICPA that established accounting principles prior to the establishment of the FASB. b. Speculate as to why these two organizations failed. In your answer, identify steps the FASB has taken to avoid failure. c. What is the present role of the AICPA in the rule-making environment?
**Objective Question:** Which set of standards governs the conduct of audits performed by certified public accountants (CPAs) in the United States? A) IFRS B) GAAP C) GAAS D) ISA
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.
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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?

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