What are the steps followed by the IASB in developing International Accounting Standards?
1) Deciding agenda
First step is to decide the agenda on which there is need for standard.
2) Project Plan
A plan is developed to understand the agenda in details.
3) Discussion paper
The discussion paper is comprised of the discussion done by committee.
4) Exposure draft
The draft version of standard is issued for public comments and opinion.
5) Publishing
Final step is to convert the draft standard into final and publish.
6) Post issue of standard
The standard is reviewed and any issue are resolved.
What are the steps followed by the IASB in developing International Accounting Standards?
Which of the following is true about the International Accounting Standards Board (IASB)? The IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP. The goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles. The SEC has delegated full authority to the IASB to be the accounting standards setting body in...
Which of the following is true about the International Accounting Standards Board (IASB)? The IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP. The goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles. The SEC has delegated full authority to the IASB to be the accounting standards setting body in...
Some individuals have argued that the AcSB and the International Accounting Standards Board (IASB) need to be aware of the economic consequences of their pronouncements. What is meant by “economic consequences”? What are some of the dangers if politics play too much of a role in the development of financial reporting standards?
1. International financial reporting interpretations (issued by the International Accounting Standards Board) Select one: a. Are considered authoritative and must be followed b, Cover issues where unsatisfactory or conflicting interpretations have developed c. Cover newly identified financial reporting issues not specifically addressed by the IASB d. All of the choices are correct regarding International financial reporting interpretations 2. The international financial reporting environment includes challenges in financial reporting including all of the following except: Select one: a. Political environment b....
4) [True or False] The two major standard-setting organizations in the world are the International Accounting Standards Board (IASB) and International Organization of Securities Commission (IOSCO) 5) [True or False] IFRS is considered more comprehensive than U.S. GAAP and the standards contain more implementation guidance than U.S. GAAP. 6) [True or False] The International Accounting Standards Board (IASB) follows specific steps in developing International Financial Reporting Standards (IFRS); the first step in the process is holding a public hearing. 7)...
What impact, if any, do international accounting standards (i.e., the International Financial Reporting Standards developed by the International Accounting Standards Board) have on U.S.-owned businesses? On international businesses? Is the impact greater on U.S. businesses in any particular industry, and if so, why?
1) IFRS standards: A. Are established by the Financial Accounting Standard Board (FASB) B. Are established by the International Accounting Standard Board (IASB) D. Are established by the Securities and Exchange Commission (SEC) C. Are enforced by the International Accounting Standard Board (IASB) 2) What are the main reasons why US GAAP and IFRS differ? D. Cultural differences have no effect on developing multiple different standards in the world including IFRS and US GAAP ...
How does the International Accounting Standard Board (IASB) influences financial reporting in Australia?
What is the main purpose of international accounting standards?
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,...