Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
1st Edition
ISBN: 9780134047430
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 3, Problem 3.6BE
To determine
To identify: The level of the literature hierarchy for U.S. GAAP to which the given items belongs.
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Accounting Question
Which is the first step within the hierarchy of guidance when selecting accounting policies?
a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction
b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue
c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework
d. Consider the most recent pronouncements of other standard setting bodies
describe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of fi nancial statements, required reporting elements, and constraints and assumptions in preparing fi nancial statement
Chapter 3 Solutions
Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Does U.S. GAAP require that companies disclose...Ch. 3 - Does IFRS require that companies disclose...Ch. 3 - Prob. 3.5QCh. 3 - Does IFRS require that companies disclose their...Ch. 3 - Prob. 3.7QCh. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Prob. 3.10Q
Ch. 3 - Prob. 3.11QCh. 3 - What is the Basis for Conclusions and where can...Ch. 3 - Prob. 3.13QCh. 3 - Prob. 3.14QCh. 3 - Prob. 3.1BECh. 3 - Judgment in Accounting for Plant and Equipment....Ch. 3 - Match Each Cognitive Bias Below with its...Ch. 3 - Prob. 3.4BECh. 3 - Prob. 3.5BECh. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Codification Research. Referencing Appendix A,...Ch. 3 - Prob. 3.9BECh. 3 - Prob. 3.10BECh. 3 - Exercises E3-1. Accounting Policy Disclosures. To...Ch. 3 - Cognitive Bias. A team of accounting students is...Ch. 3 - Cognitive Bias. A team of accounting students is...Ch. 3 - Authoritative Literature. Provide the reference to...Ch. 3 - Authoritative Literature. Provide the reference to...Ch. 3 - Authoritative Literature. To what entity types...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 1JCCh. 3 - Prob. 2JCCh. 3 - Prob. 1SSCCh. 3 - Prob. 2SSCCh. 3 - Basis for Conclusions Case 1: Judgment and...Ch. 3 - Basis for Conclusions Case 2: Income Statement or...
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- C. Select an organization. Prepare a list of measures (Any five )that could be benchmarked for any organization. Comment on why these items is important for benchmarking purposes. The example can be an organization reportor it can be taken from a published source such as a journal article.arrow_forwardWrite a report about The US and the IFRS Taking into consideration the following Title page content list a summary, Coordination and give a some studies and cases about this with the sources The most important thing is that the information be up to date, reliable, relevant, and sufficient, with reference to one or more studies. ineed the sources put the link pleasearrow_forwardSh11arrow_forward
- Which of the following is the first step within hierarchy of guidance to which management refers, and whose applicability at considers, when selecting accounting policies? A. Apply the requirements in PFRS dealing with similar and related issues B. Apply a standard from PFRS if it specifically relates to the transaction, event, or condition C. Consider the applicability of the definitions, recognition criteria, and measurement concepts in the Conceptual Framework D. Consider the most recent pronouncements of other standard-setting bodies to the extent they do not conflict with PFRS or the Conceptual Framework?arrow_forwardWhich of these processes leads to the preparation of Journal? O a. Classifying O b. Recording O c. Communication O d. Summarizingarrow_forwardAccess the FASB Accounting Standards Codification at the FASB website(www.fasb.org). Determine the specific citation for each of the following items:Required:1. The topic number for business combinations.2. The topic number for related party disclosures.3. The specific seven-digit Codification citation (XXX-XX-XX) for the initialmeasurement of internal-use software.4. The specific seven-digit Codification citation (XXX-XX-XX) for the subsequentmeasurement of asset retirement obligations.5. The specific seven-digit Codification citation (XXX-XX-XX) for the recognition ofstock compensationarrow_forward
- Explain the role and purpose of the Global Reporting Initiativearrow_forwardWhat does the conceptual framework intend to establish? a. the objectives and cocepts foruse in developing IFRSs b. the hierarchy of sources of accounting standards and principles c. the true concept of "present fairly in accordance with IFRSs' d. IFRSarrow_forwardWhy does Emerging Issues Task Force (EITF) was formed?arrow_forward
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