Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Question
Chapter A1, Problem 1MCQ
To determine
Concept introduction:
International financial reporting framework (IFRS):
International
To choose:
The option that correctly describes International financial reporting framework.
Expert Solution & Answer
Answer to Problem 1MCQ
b. IFRS consists only of standards that have been issued since the IASB was formed in 2001.
Explanation of Solution
Explanation for correct answer:
IFRS consists only of standards that have been issued since the IASB was formed in 2001. Hence correction option is b.
Explanation for incorrect answers:
a. IFRS does not describes the generally Accepted Accounting Policies used in U.S. Hence it is not the correct option.
c. IFRS are not considered more concept based than US GAAP. Hence it is not the correct option.
d. IFRS are already being used in United States. Hence it is not the correct option.
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Students have asked these similar questions
Which of the following events caused international accounting standards to become more widely adopted?
A. The creation of the International Accounting Standards Committee in 1973.
B. The announcement by the European Union (EU) that listed companies within EU countries would have to adopt international reporting standards.'
C. The creation of the International Accounting Standards Board in 2001.
D. the U.S. Securities and Exchange Commission acceptance of international reporting standards for companies listed on the U.S. securities exchanges.
Discuss 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?
The existing procedures for setting international Financial Reporting Standards were established in the 1990s. Required: Explain the roles of the following in relation to accounting standards.• International Financial Reporting Standards foundations (IFRSF)• International Financial Reporting Standards Board (IASB)• International Financial Report Interpretations (IFRIC)• IFRS Advisory Council.
Chapter A1 Solutions
Cornerstones of Financial Accounting
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Similar questions
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