How did the differences between rules- and principle-based standards influence the debate (and ultimately the final...
How did the differences between rules- and principle-based standards influence the debate (and ultimately the final standard) for revenue convergence issued by both IASB and FASB?
Homework Answers
Revenue is an important component of financial statements for users for company's performance evaluation & decision amking. Treatment of same revenue is different under IFRS and U S GAAP although transaction is economically similar. Where IFRS is said to be lacking sufficient detail, US GAAP were considered to be overly prescriptive and conflicting in certain areas. FASB generally uses rule-based approach whreas IASB uses principles-based one.
Considering conflicts on both parts, and picking quality & consistency aspect from both, boards developed new fully converged requirements. Hence, IASB and FASB adopted a joint standard on revenue recognition, where it takes asset-liabiity approach such as that of IFRS & is more specific on guidance as that of US GAAP standards.
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How did the differences between rules- and principle-based
standards influence the debate (and ultimately the final...
Comparing US GAAP with IFRS, US GAAP is regarded as: A. Rules Based standards B. Princi
Comparing US GAAP with IFRS, US GAAP is regarded as: A. Rules Based standards B. Principles Based Standards C. Both are one in the same D. More Harmonization allowed. The study of perspectives of accounting academicians and practitioners, findings were that the majority believe that effective convergence of one accepted standard s was: A. Standard Setters B. Speculators in companies hidden assets c. Government Authorities D. All of the above Sustainability standards issued are the responsibility of the A. SASB B. FASB C. IASB D. IFAC
The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as...
The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as the generally accepted accounting principles (GAAP). This system relies on rules and regulations and thus is said to be a rules-based system. The rest of the world follows accounting standards developed by the International Accounting Standards Board (IASB) known as the international accounting financial reporting standards (IFRS). This system relies more on principles than rules. There is a movement to have one global standard,...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group of answer choices B. All companies now have a choice between different sets of financial reporting standards C. The IASB and FASB use the exact same conceptual framework to generate accounting standards D. All companies will produce financial statements in English A. Increased comparability between financial statements produced in different countries As a result of the convergence efforts since 2007: Group of answer choices...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
Assignment
Questions:
1.
One of the
differences between Managerial Accounting and Financial Accounting
is reporting flexibility. Financial reporting is restricted by
Generally Accepted Accounting Principles whereas reporting in
Managerial Accounting has fewer rules.
a)
Why is it
permissible to violate Generally Accepted Accounting Principles
when preparing reports used strictly by company
management?
b)
Should external
users always have the same information as internal users?
Explain.
2.
The United States
uses accounting standards developed by the Financial Accounting
Standards Board (FASB)...
. Based on your reading in Chapter 2 and 3 the following differences are common between...
. Based on your reading in Chapter 2 and 3 the following differences are common between financial statements prepared under U.S. GAAP compared to those prepared in other countries: Nature of accounting diversity Format • Terminology Recognition Rules (notes to financial on revenue, how do they recognize revenue) Measurement Rules (how do they recognize inventory) Instructions Identify at least one difference in each of the above areas. .
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...
Questions 1. How do conceptual frameworks of accounting attempt to create a theory of accounting? Describe...
Questions 1. How do conceptual frameworks of accounting attempt to create a theory of accounting? Describe the components of the IASB Framework and how it contributes to a theory of accounting. 2. Some people argue that there is no need for a general theory of accounting as established in a conceptual framework. They say there is no overall theory of physics. biology, botany or psychology, so there is no need for an overall theory of accounting. Furthermore, attempts to develop...
ANSWER 5 OF THE 10 QUESTIONS PLEASE. PRINT--WRITTING PLEASE. NO Handwriting. IF YOU CANNOT answer 5 questions，DO NOT p...
ANSWER 5 OF THE 10 QUESTIONS PLEASE. PRINT--WRITTING PLEASE. NO
Handwriting. IF YOU CANNOT answer 5 questions，DO NOT post your
answers. MUCH APPRECIATED!
ESSAY QUESTIONS: Please answer five (5) of the following ten (10) questions: the section x influence (1)The sales tax treatment of Internet or mail-order purchases is quite controversial, as discussed in the Sert Think about the products you have purchased using the Internet or by mail order in the recent past and roll how much you spent....
1. In what ways can operator liability attach to a parent corporation? How did the Sixth...
1. In what ways can operator liability attach to a parent corporation? How did the Sixth Circuit Court disagree with the district court’s analysis? 2. Is direct liability for a parent company’s operation of the facility distinct from derivative liability for the subsidiary’s operation of the facility? Should the focus be on parent and subsidiary or on parent and facility? 3. What norms of corporate behavior does the court look to in determining whether an officer or a director is...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...
Assignment
Questions:
1.
One of the
differences between Managerial Accounting and Financial Accounting
is reporting flexibility. Financial reporting is restricted by
Generally Accepted Accounting Principles whereas reporting in
Managerial Accounting has fewer rules.
a)
Why is it
permissible to violate Generally Accepted Accounting Principles
when preparing reports used strictly by company
management?
b)
Should external
users always have the same information as internal users?
Explain.
2.
The United States
uses accounting standards developed by the Financial Accounting
Standards Board (FASB)...
. Based on your reading in Chapter 2 and 3 the following differences are common between financial statements prepared under U.S. GAAP compared to those prepared in other countries: Nature of accounting diversity Format • Terminology Recognition Rules (notes to financial on revenue, how do they recognize revenue) Measurement Rules (how do they recognize inventory) Instructions Identify at least one difference in each of the above areas. .
Questions 1. How do conceptual frameworks of accounting attempt to create a theory of accounting? Describe the components of the IASB Framework and how it contributes to a theory of accounting. 2. Some people argue that there is no need for a general theory of accounting as established in a conceptual framework. They say there is no overall theory of physics. biology, botany or psychology, so there is no need for an overall theory of accounting. Furthermore, attempts to develop...
ANSWER 5 OF THE 10 QUESTIONS PLEASE. PRINT--WRITTING PLEASE. NO
Handwriting. IF YOU CANNOT answer 5 questions，DO NOT post your
answers. MUCH APPRECIATED!
ESSAY QUESTIONS: Please answer five (5) of the following ten (10) questions: the section x influence (1)The sales tax treatment of Internet or mail-order purchases is quite controversial, as discussed in the Sert Think about the products you have purchased using the Internet or by mail order in the recent past and roll how much you spent....
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