FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 1.1IP
To determine
Introduction:
International accounting standards refer to a set of guidelines required to be followed for preparation and presentation of the financial statements, in compliance with the standards formulated by the international accounting standard bodies. Its goal is to help the stakeholders to make well informed decisions for the true and fair view of the financial statements, prepared in accordance with the accounting standards.
To explain: The name of the two key international players and their role in the development of accounting standards.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.
How do differences in accounting standards and regulations across countries pose challenges for the accurate and consistent analysis of international transactions, and what strategies can be employed to address these challenges?
Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.
Chapter 1 Solutions
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Accounting is ingrained in our society and is...Ch. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - What are the three main types of business...Ch. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - What are the three main categories of the...Ch. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Which of these items are liabilities of White...Ch. 1 - How are each of the following financial statements...Ch. 1 - What is the purpose of the management discussion...Ch. 1 - Prob. 19QCh. 1 - Prob. 20QCh. 1 - Prob. 21QCh. 1 - Prob. 1.1BECh. 1 - Match each of the following types of evaluation...Ch. 1 - Indicate in which part of the statement of cash...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.6BECh. 1 - Indicate which statement you would examine to find...Ch. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.1DIECh. 1 - Prob. 1.2DIECh. 1 - Prob. 1.3bDIECh. 1 - Here is a list of words or phi uses discussed in...Ch. 1 - Prob. 1.4ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.19ECh. 1 - Prob. 1.21ECh. 1 - Prob. 1.1APCh. 1 - Financial decisions often place heavier emphasis...Ch. 1 - INTERPRETING FINANCIAL STATEMENTS Xerox was not...Ch. 1 - Prob. 1.5EYCTCh. 1 - Prob. 1.9EYCTCh. 1 - Prob. 1.10EYCTCh. 1 - Prob. 1.1IPCh. 1 - Prob. 1.2IPCh. 1 - Prob. 1.3IP
Knowledge Booster
Similar questions
- Discuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards and the convergence of accounting standards.arrow_forwardDiscuss the principles and characteristics of the International Financial Reporting Standards (IFRS) and how they differ from Generally Accepted Accounting Principles (GAAP). What are the advantages and challenges of implementing IFRS globally?arrow_forwardCritically appraise the benefits and drivers of international financial reporting convergence and harmonisation undertaken by the International Accounting Standard Board (IASB). Define the term ‘financial reporting convergence’ as part of your answer.arrow_forward
- 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. Required: Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)arrow_forwardGlobalization demands a single set of high-quality international accounting standards. Some elements: Select one: O a. Single set of high-quality accounting standards established by a single standard-setting body. O b. All the above O. Common disclosures. O d. Consistency in application and interpretation. e. Common high-quality auditing standards and practices.arrow_forwardDefine International Accounting Standards Committee.arrow_forward
- Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)arrow_forwardWhat is the main goal for accounting rules in the UnitedStates and around the world? What characteristics mustfinancial information possess to reach that goal?arrow_forwardInternational accounting can be defined in terms of which the following levels? A)Supranational organizations B)Company C)Country D)All of the abovearrow_forward
- Explain about the adoption of International Financial Reporting Standards and consistency in accounting practices.arrow_forwardWhere are the EU directives effective in generating comparability of financial statements across companies located in number of nations? Why or why not?arrow_forwardIdentify several environmental factors that may explain why accounting principles differ among countries.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning