Since 2005, the main influence on Australian accounting standards is: a. U.S. accounting standards. b. British accounting standards. c. International accounting standards. d. All of the above
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Option C is the answer From 2005 with the direction of Australian Financial Reporting Council, Australian Accounting Standards Board wanted to use International Accounting Standards of IASB. Comment if you face any issues |
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Since 2005, the main influence on Australian accounting standards is: a. U.S. accounting standards. b. British...
In February 2012, the Australian Accounting Standards Boards decided at its meeting to propose the withdrawal of AASB 1031 Materiality. There were several reasons for this proposal which includes: there is no International Reporting Standard equivalent and it does not look like there will be, since 2005 there has been the gradual withdrawal of additional Australian guidance from a number of Australian Accounting Standards, and there is now an updated guidance on materiality in the IASB Conceptual Framework. The major...
What is the main purpose of international accounting standards?
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?
Standard Setting Evidence shows that in some countries there is a preference for rules-based accounting standards whereas in other countries there is a preference for principle-based accounting standards. For example, U.S Generally Accepted Accounting Principles are said to be rulesbased, and German accounting principles form part of the German legal authoritative body in terms of which companies are required to conform with the German legal authoritative body. Contrasting with the US and Germany, Australian accounting standards conforming with International Financial...
A change in the Australian dollar value of the British pound from $2.60 to $2.50 means: Select one: a. there has been an increase in the pound price of British goods b. an increase in the dollar price of British goods c. the pound has appreciated relative to the Australian dollar d. the Australian dollar has appreciated relative to the pound
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 ...
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...
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....
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