The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that Group of answer choices the number of disclosures required for revenue recognition should be held to a minimum.   the term revenue means different things to different companies in different countries . revenues are recognized and measured based on changes in assets and liabilities.   revenue should be recognized when it is earned.

Q: Which of the following accounting rules apply to all not-for-profit organizations? (Select all that…

A: Not-for-Profit organizations are formed for the purpose of social cause, environmental cause,…

Q: In virtually all circumstances, a fair presentation is achieved by compliance with applicable IFRSS.…

A: The question is related to Presentation of Financial Statements. IAS 1.

Q: The Question is: True or False & Why?: Comparability across companies will be enhanced since ASC…

A: ASC606 is the new guideline set up by IASB and FASB together to overcome the disparity in revenue…

Q: The revenue recognition model promises to provide a coherent and consistent revenue recognition…

A: Given statement is: The revenue recognition model promises to provide a coherent and consistent…

Q: A forprofit business has a focus on profit and loss and follows GAAP regulations A government entity…

A: GAAP - Generally accepted accounting principles (GAAP), They refer to a common set of accounting…

Q: I only С. Both I and II а. II only d. Neither I nor II

A: Answer is 'A'

Q: Which of the following statements is correct? Please select the right answer.   US Standards are…

A: US Standards are considered to be more principles-based than IFRS Accounting StandardsThe IFRS is a…

Q: Please tell which factors lead to national difference in accounting?

A: Introduction- Accounting System is a computerized and manual set of organized accounting methods,…

Q: Generally accepted accounting principles (GA P) has been developed to:   Select one: A. interprets…

A: GAAP means those principles which has been followed globally and accepted every where. GAAP stands…

Q: Q5. A. Explain the need for high-quality standards in the accounting and reporting. B. Explain the…

A: Standard- Standard are the rules and regulations in accounting which are made by the accounting body…

Q: Which of the following is true regarding GAAP and IFRS? None of the answers are correct. GAAP and…

A: GAAP stands for General Accepted Accounting Principles and refers to rules and regulations of…

Q: Changes to accounting policy may have both direct and indirect effects. List the methods used to…

A: A alteration in an organisation's present or prospective cash flows as a result of historically…

Q: Which factor explaining why accounting practices differ across countries do you think is most…

A: Seven factors for difference in accounting practices across countries 1.Legal system (a) Common law…

Q: Which of the following does not constitute fair presentation and compliance with IFRS? A) an entity…

A: When financial statements are devoid of substantial misstatements and adequately portray an entity's…

Q: Revenue Recognition: Explain the concept of revenue recognition in accounting. Provide examples of…

A: Revenue Recognition in Accounting:Revenue recognition is a fundamental accounting principle that…

Q: True or False & Why? : Comparability between businesses will be improved since ASC 606 establishes…

A: The Answer

Q: Which of the following reason(s) help explain why accounting practices may differ across countries?…

A: International Financial Reporting Standards:- IFRS are set of standards that are developed by the…

Q: The international conceptual framework describes the objective of, and concepts for, general purpose…

A: General-purpose financial reporting as described in the conceptual framework is to provide financial…

Q: The measurement principle requires that Oa. accounting principles meet the objectives of the…

A: Accounting principle are the basis on which the whole accounting all over the world is based on.…

Q: in the uniteUnited states the issuance of a new accounting standard by the FASB is preceedepreceded…

A: The FASB is a private non-profit organization charged with developing and refining financial…

Q: nting standards of a country with that of IASB is a

A: The Accounting Standard Board (ASB) of the Institute of Chartered Accountants of India (ICAI)…

Q: The following statements relate to analysis of expenses in the income statement based on either the…

A: PAS are Philippine Accounting Standards PAS 1 -  Presentation of Financial Statements.

Q: Chowderhead Industries has asked how other comprehensive income issues should be presented in their…

A: The company prepares this financial statement for the investors or readers of the financial…

Q: What are some of the problems created by differences in accounting across countries and the reasons…

A: If different countries will adopt different standards of accounting, it will create a panic…

Q: The purpose of the Conceptual Framework is: A. To assist the International Accounting Standards…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following is not about harmonization?

A: Answer - . Harmonization is a process of preparing financial statement - Not About Harmonization…

Q: " Accounting is shaped by , reflects , and reinforces particular characteristics unique to its…

A: The accounting system is considered to be the backbone of the nation's development as it will…

Q: Critically discuss SIX causes of diffe in accounting practices used in differ countries. Taxation •…

A: Accounting practices are those practices that aids in recording day to day operation of the…

Q: In common law countries accounting focuses on economic substance and the standards and procedures…

A: Common law is defined as the laws that are in unwritten form grounded on the legal precedents that…

Q: IFRS are determined by the O a. International Accounting Studies Board. b. International Auditors'…

A: IFRS (International financial reporting standards) refers to a set of rules and guidelines which…

Q: ccounting standards for each country differ due to the unique environments that have developed over…

A: It is true that each country has its own set of requirements (including cultural factors) which…

Q: ​________ is the process of bringing different national Generally Accepted Accounting Principles…

A: Harmonization will help multinational companies to compare their financial statement globally.…

Q: Explain the environmental factors that lead to national differences in accounting.

A: Accounting seems to be the concept of documentation and categorizing commercial transactions and…

Q: In the process of applying the entity's accounting policies, management makes various judgments,'…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: "Our auditors identified the following critical audit matter:  Significant judgment may be required…

A: ANSWER:- c) 10-k Explanation For correct option:-  The 10-K is an annual report that is required to…

Q: Discuss the differences in the evaluation methods for PP&E permitted under IFRS and under US GAAP.…

A: US GAAP and IFRS are accounting standards used for preparation and presentation of financial…

Q: Is there an indirect consequence to a change in accounting policy? Introduce the methodology for…

A: This question tells about consequence to a change in accounting policy

Q: Choose the correct.Which of the following statements concerning U.S. GAAP is true?a. Does not…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…