Which of the following is a phase of the joint FASB and IASB conceptual framework project?
A. elements and recognition
B. period of time assumption
C. going - concern assumption
D. mixed attribute measurement
Correct answer---A. Elements and recognition
.
There are eight phases in Joint FASB and IASB conceptual framework project.
Phase B is elements and recognition.
Other options are not a phase for FASB and IASB conceptual framework.
Which of the following is a phase of the joint FASB and IASB conceptual framework project?...
What three phases were active under the Joint FASB and IASB convergence project but were put on hold to focus on other convergence topics? A. Reporting entity, measurement, and presentation and disclosure B. Framework for a GAAP hierarchy, elements and recognition, and objective and qualitative characteristics C. Elements and recognition, measurement, presentation, and disclosure D. Measurement, reporting entity, and elements and recognition
that is the whole question, It is not incompletr 4. The IASB/FASB joint conceptual framework for financial reporting articulates the following as the objective of financial reporting: a. Providing management with useful information necessary to make decisions about future firm-wide courses of action, including international investment. b. Providing information that is useful to investors and creditors in decisions about providing resources to a firm. C. Providing management, investors, and creditors with information regarding long-term investment opportunities. d. Providing information that...
The Case The FASB has been working on a conceptual framework for financial accounting and reporting and has issued several statements of financial accounting concepts. These SFACs are intended to set forth objectives and fundamentals that will be the basis for developing financial accounting and reporting standards. The objectives identify the goals and purpose of financial reporting. The fundamentals are the underlying concepts of financial accounting – concepts guide the selection of transactions, events, and circumstances to be accounted for;...
Question 8 (2 points) According to the FASB Conceptual Framework, the financial statement element revenues, expenses, gains, and losses describe amounts of resources and claims resources at/during a Moment in Time Period of Time Yes No b. Yes Yes No Yes No No a C. d a) b Obla O | c) d O d) c Previous Page Next Page Page 8 of 53
Which of the following statements is true? A. The FASB reports to the IASB B. IFRS is objectively superior to US GAAP C. The IASB derives its authority from the United Nations D. The IASB is comprised of members representing various countries around the world
How many phases of the FASB / IASB convergence project are there? a. 6 b. 8 c. 3 d. over 10
Question 1 The Conceptual Framework is A) No longer used since the adoption of FASB in 1973 B) Now required through section 404 of the Sarbanes-Oxley Act C) The underlying foundation for accounting standards D) Very detailed and specific rules that must be followed for financial reporting
Which board(s) has (have) worked to implement fair value measurement for financial instruments? A. FASB, but not IASB. B. IASB, but not FASB. C. both FASB and IASB. D. neither FASB nor IASB
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
[25] According to the FASB’s conceptual framework, which of the following is an essential characteristic of a liability? A. Liabilities must require the obligated entity to pay cash to a recipient entity. B. Liabilities must be legally enforceable. C. The identity of the recipient entity must be known to the obligated entity before the time of settlement. D. Liabilities are obligations resulting from previous transactions or events. [26] Consolidated financial statements are prepared when a parent-subsidiary relationship exists in recognition...