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

Q: What is the IFRS adoption in the U.S. ? Please explain?

A: Step 1: Understanding IFRSInternational Financial Reporting Standards (IFRS) are a set of accounting…

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: Should the United States also adopt IFRS?

A: International financial reporting framework (IFRS): International financial reporting framework is…

Q: What are some of the differences in elements in the IASB and FASB conceptual frameworks?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, 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 factors lead to differences between countries? What are the implications for the IAS? Are the…

A: INTERNATIONAL ACCOUNTING STANDARDS HAVE NOT BEEN ADOPTED BY ALL THE COUNTRIES. MANY OF THESE…

Q: Is Basel III enough?

A: IntroductionBasel III is a comprehensive set of reform measures designed to improve the regulation,…

Q: What is the Dormant Commerce Clause ?   a. An affirmative constitutional grant to states to…

A: The Dormant Commerce Clause means the congress has given the power over interstate commerce.

Q: Describe the FASB–IASB convergence process and SEC recognition of IFRS.

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: In the United States, GAAP comes under the purview of the

A: In United states, GAAP comes under the purview of the Financial Accounting Standards Board (FASB).

Q: What statutes does the Commerce Commission have oversight of?

A: In the year 1986, a commission known as commerce commission was established with an aim to regulates…

Q: Some say that IFRS are now GAAP in the European Union. How is this statement true, and how is it…

A: IFRS is the organization which set up the accounting standards to be followed by all the companies…

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: n the United States, the __________, a government agency, has the legal authority to set GAAP.

A: Financial Accounting Standard board (FASB) is a government body established for the purpose of…

Q: Explain the ‘qualifying asset’ and how do we treat exchange rate differences relating to the…

A: A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for…

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: Under IFRS, the role of the conceptual framework: Multiple Choice Primarily involves guiding…

A: Under IFRS, the role of the conceptual framework:Primarily involves guiding standard setters to make…