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IFRS 1-2 (Essay) What is the benefit of a single set of high-quality accounting standards? LINK TO TEXT ere to search 46 2 3 4
Problem 1-1A (Essay) Presented below are five independent situations. (a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange transactions, Each has contrit an equal amount of cash and knowledge to the venture. Although their approach looks promising, they are concermed about the legal liabilities that their confront. (tb) Bob Colt, a college student looking for summer employment, opened a bait shop in a small shed at a local marina. (c) Alma Ortiz and Jaime Falco each owned separate shoe manufacturing businesses. They have decided to combine their businesses. They expect that within the coming year they will need significant funds to expand their operations. have decided to sat aconsutin businsused on narians across the country. Don has no savings or personal assets. He wants to maintain control over the business. lice, Donna, and Sam recently graduated with marketing degrees. They have been friends since childhood. They have decided to start a marketing sporting goods over the Internet. e) Don Rolls has developed a low-cost GPS device that can be implanted into pets so that they can be easily located when lost. He In each case, explain what form of organization the business is likely to take-sole proprietorship, partnership, or corporation. Give LIK TO TExT SAir OR LATER Question Attempts: 0 of 〕 used 25 N10O 5 6 8
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Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Benefit of Single Set of Global Accounting Standards Comparable When there is single set of accounting standard, comparability will be the biggest advantage When analysing or evaluating creditworthyness of any two companies, difference in accounting standard can lead to different shape of otherwise similar compar Reduced Bariers to Global Expansion A single set of Accounting Standard would meaningfully decrease cost for business by eliminating the need to duplicate accounting functions Single set of accounting standard will put comparison on equal footing It will be easier for small business to understand big MNCs and route their invenstments. One Central Authoratitive Body:Single set of Accounting Standards will also allow rule and policy making authority to be vested in the hands of once central body Confusion regarding accounting rules and best practices would have a clear avenue for resolution with the authority Problem 1-1A Since they have concern about lega liability, best form of business for them is corporation which has limited liability Should go with Sole Proprietorship considering single perosn involved and little capital requirement Corporation since it is easier to raise funds for the business Partnership. Since it is consulting business over internet they will not be needing much of funds. Corporation. Since he has no savings and will be needing to raise funds for establishing manufacturing set up C. ed. e.

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