What did the FASB and IASB agree to do in the Norwalk Agreement?

Q: Describe any debates to overturn the ACA

A: The Affordable Care Act (ACA), also known as Obamacare, has been a subject of debate and attempts to…

Q: Which of the following countries uses IFRS?a. Canada.b. Mexico.c. Brazil.d. All of these answer…

A: To follow uniform accounting standards international accounting standards board (IASB) issued IFRS.…

Q: Do U.S. GAAP and IFRS (under IAS No. 39) differ in how they account for otherthan- temporary…

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: Why there is a need for exporters to understand “International Commercial Documents” which directly…

A: In international trade, a number of documents are created to protect both parties from  counter…

Q: On the level of exchange allocate the following types of a transfer: А External B Internal C…

A: The question is related to on the level of exchange the types of transfer allocation.

Q: U.S. GAAP accounting different from

A: International Financial reporting standards: IFRS can be defined as set of accounting standards used…

Q: which MACRS convention is generally applicable to PP&E (equipment), and what other two MACRS…

A: MACRS stands for modified accelerated cost recovery system. It is the current system allowed in the…

Q: What follows is a very explicit discussion of like-kind exchanges under IRC provisions?

A: Section 1031 of IRS  refer to the exchange of one financial property for another that allows…

Q: In what circumstance must entities register for GST in Australia?

A: GST is goods and services tax which is a form of indirect taxes. This is charged on goods and…

Q: Discus basic methods used to settle international transactions.

A: When the goods and services are traded outside the national boundaries it is known as international…

Q: Define Permanently Restricted Contributions based on the U.S. GAAP SFAS. Define Restricted Support…

A: Generally accepted accounting principles (GAAP) are a set of accounting principles, standards, and…

Q: Define Temporarily Restricted Contributions based on the U.S. GAAP SFAS.

A: Statements of Financial Reporting Standards were created to address particular accounting concerns…

Q: Explain the requisites of the negotiability of a  bill of exchange.

A: Bill of exchange is a negotiable instrument written by the drawer on a drawee where drawer gives an…

Q: In the Insuring Agreement, what word is used to ensure all conditions are met to meet a condition?…

A: The word used to ensure all conditions are met to meet a condition is and. Option D is correct.

Q: what does it mean by " How secure are documentary payment terms" in international trade?

A: International trade refers to exchange of the services and the goods between nations. Consumers and…

Q: Briefly describe how IFRS guidelines for recognizing revenue from multiple-deliverable arrangements…

A: Definition: Revenue recognition principle: Revenue recognition principle emphasizes, that the…

Q: What are the powers of the BIR Commissioner?

A: Powers of BIR commissioner are as follows,  1. He can require additional procedures and documents.…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and…

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

Q: What is the importance of non-verbal communication when negotiating with other countries?

A: Non-verbal communication indicates communication through expression through face, eyes, gestures and…

Q: What is interstate public offering?

A: Companies want money to expand the business and there are limited resources as a private company, so…

Q: What is the relation of harmonization in international accounting

A: In accounting each country follows different types of accounting practices and standards.…

Q: What are the different ways a country might use IFRS?

A: International Financial Reporting Standards refers to the accounting standards which is issued by…

Q: How do you think a compromise between the major stakeholders could be reached?

A: Stakeholders is a wider term. Stakeholders means those parties who have interest in a company's…

Q: What are the requirements that are needed in England and France for an enforceable contract to…

A: An enforceable contract is a legally binding agreement between two or more parties that contains all…

Q: How are non controlling intrerests (NCI) affected by intragroup transactions?

A: Non-controlling interests are the ownership is defined where the shareholder holds less than 50% of…

Q: The FHA implements its programs with which of the following procedures?

A: FHA has been successful in stabilizing the national housing market. It was created under the federal…

Q: Explain the mode of delivery in foreign contracts.

A: It is defined as the delivery as a part of the contract of trade between the seller and the buyer.…

Q: Give a detailed answer to the theoretical question Display graphically and explain the mechanism of…

A: Bills of exchange indicate a written agreement stating the obligation of one party to pay the due…

Q: What two methods are identified in the Codification as appropriate in accounting for long-term…

A: Long term Construction Contract Construction contract are in different type in accordance with need…

Q: What two conditions can lead to conflicts between the NPV and the IRR when evaluatingmutually…

A: NPV : NPV or net present value is defined as the difference between present value of cash inflows…

Q: Select the true statement about the Convention on Contracts for the International Sale of Goods…

A: CIGS is internationally accepted by 94 countries for sale of goods and services international  While…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to revenue recognition.

A: IFRS revenue recognition is directed by two primary standards and four general interpretations. On…

Q: What is the difference between a connecting affiliation and a mutual ownership?

A:

Q: Describe the support for, and the use of:  IFRS accross countries  GAAP accross countries

A: International Financial Reporting Standards (IFRS) are a set of accounting standards that govern by…

Q: What criteria must an instrument meet to be negotiable?

A: Following are the formal requirements that an instrument must meet to be negotiable: Must be in…

Q: Which organization is responsible for promulgating U.S.​ GAAP?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…