Intermediate Accounting: Reporting and Analysis
2nd Edition
ISBN: 9781285453828
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 1, Problem 1E
To determine
Identify the statement with the respective terms.
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Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been superseded by SFASs.c. Are subject to approval of the SEC.d. Identify the conceptual framework within which accounting standards are developed.
The International Accounting Standards Board (IASB) devises and publishes International Financial Reporting Standards (IFRS Standards) while it revised versions of International Accounting Standards (IAS Standards) originally published by the International Accounting Standards Committee (IASC). The IASB has also published the Conceptual Framework for Financial Reporting reflecting some of the attributes that make financial information useful to the various users of financial statements.
You are required to:(a) explain the main purposes of the IASB’s Conceptual Framework
document. (b) discuss the assumption that (according to the IASB’s Conceptual
Framework) underlies the preparation of financial statements.
Difference between Financial Accounting Standards Board and International Accounting Standards Board. Explain
Chapter 1 Solutions
Intermediate Accounting: Reporting and Analysis
Ch. 1 - Prob. 1GICh. 1 - Prob. 2GICh. 1 - Prob. 3GICh. 1 - Prob. 4GICh. 1 - Prob. 5GICh. 1 - Prob. 6GICh. 1 - Prob. 7GICh. 1 - What are the two primary forces determining the...Ch. 1 - Prob. 9GICh. 1 - Prob. 10GI
Ch. 1 - Prob. 11GICh. 1 - Prob. 12GICh. 1 - Prob. 13GICh. 1 - Prob. 14GICh. 1 - Prob. 15GICh. 1 - Prob. 16GICh. 1 - Prob. 17GICh. 1 - Prob. 18GICh. 1 - Prob. 19GICh. 1 - Prob. 20GICh. 1 - Prob. 21GICh. 1 - Prob. 22GICh. 1 - Prob. 23GICh. 1 - Why do accountants have to be ethical in their...Ch. 1 - Prob. 25GICh. 1 - Prob. 1ECh. 1 - Prob. 1CCh. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - One of your friends remarks, I understand that...Ch. 1 - Prob. 6CCh. 1 - Prob. 7CCh. 1 - Prob. 8CCh. 1 - Prob. 9CCh. 1 - Prob. 12CCh. 1 - Prob. 13CCh. 1 - Codification Situation You are conducting an...
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- These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardThe standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forward
- Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or monthsarrow_forwardPresent a historical overview of International Financial Reporting Standards (IFRSs) starting with the Statements of Standard Accounting Practice (SSAP)arrow_forwardFinancial accounting and reporting standards in the United States are established primarily by thea. Securities and Exchange Commission (SEC).b. Financial Accounting Standards Board (FASB).c. International Accounting Standards Board (IASB).d. The U.S. Congress.arrow_forward
- The reporting standard for external financial reports isa. industry-specific.b. company-specific.c. generally accepted accounting principles.d. department-specific.arrow_forwardGenerally accepted guidelines formulated by FASB for the preparation of financial statements are called what? Group of answer choices general economic guidelines (GEG) general financial statement principles (GFSP) generally accepted economic guidelines (GAEG) generally accepted accounting principles (GAAP)arrow_forwardListed below are several types of pronouncements that the FASB issues. Following the lis is a series of descriptive statements. a. Statements of Financial Accounting Standards b. Interpretations c. Technical Bulletins d. Statements of Financial Accounting Concepts e. Guide for Imprementation _____ Establishes a theoretical foundation upon which to base fanancial accounting and reporting standards. _____ Provides clarification of conflicting or unclear issues relating to previously issued pronouncements. _____ FASB Q's and A's. _____ Establishes generally accepted accounting principles. _____ Provides guidance on accounting and reporting problems related to an underlying standard.arrow_forward
- Define Financial Accounting Standards Board (FASB)arrow_forwardA. 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.arrow_forwardAccounting practices in the United States are governed by a set of accounting rules referred to as: The International Financial Reporting Standards (IFRS) The Financial Accounting Standards The Accounting Principles Generally Accepted Accounting Principles (GAAP)arrow_forward
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