Homework Answers
Ans. 8 : Global Reporting Initiative :
* Role : It plays an important role in social screening of investments. Like for information about companies, their policies, practices and performance.
* Purpose : To create standards and guidance to advance sustainable development. To lead efficient and effective sustainability reporting.
Ans. 9 : Sustainability Accounting Standards Board :
* Role : It sets financial reporting standards.
* Purpose : To establish industry specific standards for the recognition and disclosure of material environmental, social and government impacts by US based companies.
Ans. 10 : Integrated Reporting Framework :
* Role : To bring better cohesion and efficiency to the reporting process and adopting integrated thinking.
* Purpose : To explain to providers of financial capital how an organisation creates value over time.
Add Answer to:
8. LO 13.3 Explain the role and purpose of the Global Reporting Initiative. 9. LO 13.3...
Question 1 The international financial reporting standards (IFRS) are playing an increasingly important role in global...
Question 1 The international financial reporting standards (IFRS) are playing an increasingly important role in global financial reporting. What are the benefits and challenges of adopting IFRS in Malaysia? Explain. (20 marks)
QUESTION 1 The International Financial Reporting Standards (IFRS) are playing an increasingly important role in global...
QUESTION 1 The International Financial Reporting Standards (IFRS) are playing an increasingly important role in global financial reporting. What are the benefits and challenges of adopting IFRS to your country? Explain. (20 marks)
Explain the role the Global Investment Performance Standards (GIPS) fulfill in investment management around the world....
Explain the role the Global Investment Performance Standards (GIPS) fulfill in investment management around the world. Discuss with specific example how they help investors, what impact they have on firms, and how this impacts the reporting of performance. Provide comprehensive answer.
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...
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan-...
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting. 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of "general-purpose finan- cial statements"? 8. In what way is the...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way is...
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)...
rious 1-35. Match the following definitions (or partial definitions) of the various types of services to...
rious 1-35. Match the following definitions (or partial definitions) of the various types of services to the appropriate term. Each term may be used once or not at all. Definition (or Partial Definition) Service A government agency authorized to regulate companies seeking approval to issue securities for sale to the public. a. American Institute of Certified Public Accountants 1. b. A representation or declaration made by the responsible party typically management of the entity 2. Assertion 3. Financial Accounting 4....
Read each of the following statements carefully and indicate whether each is true or false. 2...
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
8. Explain the purpose of payment selection codes. 9. How do you print a pre-cheque register...
8. Explain the purpose of payment selection codes. 9. How do you print a pre-cheque register for a system-generated payment batch? 10. Explain the purpose of the Control Payments icon. 11. What is the purpose of the Generate button on the bottom of the Create Payment Batch window? 12. Can a system-generated cheque batch be modified? If so,, how? 13. What information is listed on a cheque register?
Question 1 The international financial reporting standards (IFRS) are playing an increasingly important role in global financial reporting. What are the benefits and challenges of adopting IFRS in Malaysia? Explain. (20 marks)
QUESTION 1 The International Financial Reporting Standards (IFRS) are playing an increasingly important role in global financial reporting. What are the benefits and challenges of adopting IFRS to your country? Explain. (20 marks)
1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting. 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of "general-purpose finan- cial statements"? 8. In what way is the...
QUESTIONS 1. Differentiate broadly between financial accounting and managerial accounting. 2. Differentiate between "financial statements" and "finan- cial reporting." 3. How does accounting help the capital allocation process? 4. What is the objective of financial reporting? 5. Briefly explain the meaning of decision-usefulness in the context of financial reporting 6. Of what value is a common set of standards in financial accounting and reporting? 7. What is the likely limitation of general-purpose finan- cial statements"? 8. In what way 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)...
rious 1-35. Match the following definitions (or partial definitions) of the various types of services to the appropriate term. Each term may be used once or not at all. Definition (or Partial Definition) Service A government agency authorized to regulate companies seeking approval to issue securities for sale to the public. a. American Institute of Certified Public Accountants 1. b. A representation or declaration made by the responsible party typically management of the entity 2. Assertion 3. Financial Accounting 4....
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
8. Explain the purpose of payment selection codes. 9. How do you print a pre-cheque register for a system-generated payment batch? 10. Explain the purpose of the Control Payments icon. 11. What is the purpose of the Generate button on the bottom of the Create Payment Batch window? 12. Can a system-generated cheque batch be modified? If so,, how? 13. What information is listed on a cheque register?
Most questions answered within 3 hours.
-
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 22 seconds ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 1 minute ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 6 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 4 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 28 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 31 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 32 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 29 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 32 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 42 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 48 minutes ago -
You begin preparation of the calibration curve to measure
absorbance vs concentration of FeSCN2+. To do...
asked 1 hour ago