Financial Accounting: Tools for Business Decision Making, 8e WileyPLUS (next generation) + Loose-leaf
Financial Accounting: Tools for Business Decision Making, 8e WileyPLUS (next generation) + Loose-leaf
8th Edition
ISBN: 9781119491057
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
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Chapter 2, Problem 2.7EYCT

(a)

To determine

International accounting standards

International accounting standards are the common accounting standards followed by the countries across the world for ease of business, and to eradicate the shortcomings of the accounting standards followed locally to be adopted for international business transactions. But the IFRS (International Financial Recording Standards) differs in some aspects with GAAP (Generally Accepted Accounting Principles).

To discuss: The reasons behind favoring the switch to IFRS by the larger companies, big accounting firms, and rule makers.

(b)

To determine

To discuss: The reasons which are given by many smaller companies that oppose the switch.

(c) 

To determine

To discuss: The criticism of IFRS which is raised with regard to the regulated companies.

(d)

To determine

To explain: The concept of condorsement.

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Financial Accounting: Tools for Business Decision Making, 8e WileyPLUS (next generation) + Loose-leaf

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