The major advantages of following global accounting standards are
(1) An increased comparability between firms, which reduces investor risk and facilitates cross-border financing and investment;
(2) A reduction in the cost of preparing consolidated financial statements for multinational firms.
(3) The improved reliability and credibility of financial reports which can facilitate the external and internal auditors to implement globally accredited auditing techniques and stake holders can easily review and compare
5. Why it is important that national accounting standards converge to a common global standard?
Accounting History and FASB Codification 1. Why accounting students should know something about the history and development of accounting standards? Explain. 2. Is the accounting profession responded in a timely, comprehensive and effective manner to stakeholders and business current challenges? Explain 3. Explain some of the major challenges financial accountants are facing today. Can these challenges have an effect in the accounting professionals' ethical decisions? 4. This fist unit of the course illustrates the dynamics of the standard setting process...
Why were efforts made to converge the GAAP and IFRS standards?
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 ...
Do your own research and critically explain how the Australian Accounting Standards Board take part in the global accounting standard setting process (i.e. in setting IFRS). Why is the IFRS set by the International Accounting Standards Board (IASB) not compulsory for the member countries of IASB?
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,...
Which is NOT a likely advantage of the global harmonisation of accounting standards? A. Greater comparability between different firms B. Greater compatibility with legal systems C. All of the above D. Easier for large international accounting firms E. Greater ease for preparing consolidated financial statements
why data standards are important for HIT?
2. Short answer questions 1) Why is knowledge of culture important to global marketing? 2) Explain the Hofstede's 5 dimensions of national culture. 3) What is the advantage to using the Schwartz Value Survey? 4) How can low- and high-context be distinguished by their relation to time and space?
With regards to standards for health records. What are documentation standards and why are they important in healthcare?
What do you think about the value of harmonizing accounting standards for global equity markets?