What is the difference between principles-based and rules-based accounting standards? In which category does IFRS belong?...
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What is the difference between principles-based and rules-based accounting standards? In which category does IFRS belong?...
The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB) known as...
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,...
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)...
Comparing US GAAP with IFRS, US GAAP is regarded as: A. Rules Based standards B. Princi
Comparing US GAAP with IFRS, US GAAP is regarded as: A. Rules Based standards B. Principles Based Standards C. Both are one in the same D. More Harmonization allowed. The study of perspectives of accounting academicians and practitioners, findings were that the majority believe that effective convergence of one accepted standard s was: A. Standard Setters B. Speculators in companies hidden assets c. Government Authorities D. All of the above Sustainability standards issued are the responsibility of the A. SASB B. FASB C. IASB D. IFAC
Standard Setting Evidence shows that in some countries there is a preference for rules-based accounting standards...
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...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group...
Which of the following is a benefit of the convergence between US GAAP and IFRS? Group of answer choices B. All companies now have a choice between different sets of financial reporting standards C. The IASB and FASB use the exact same conceptual framework to generate accounting standards D. All companies will produce financial statements in English A. Increased comparability between financial statements produced in different countries As a result of the convergence efforts since 2007: Group of answer choices...
*Choose one of the main differences between generally accepted accounting principles (GAAP) and international financial reporting...
*Choose one of the main differences between generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). *Fully explain the selected difference. *In addition, discuss how that difference impacts financial reporting. *Lastly, discuss which standard you think is more appropriate to apply to financial accounting and why.
Which statement is NOT correct regarding International Financial Reporting Standards (IFRS)? a. IFRS is an accepted...
Which statement is NOT correct regarding International Financial Reporting Standards (IFRS)? a. IFRS is an accepted standard for public financial reporting in over 130 countries b. IFRS is an accepted standard for foreign companies filing with the U. S. Securities and Exchange Commission c. IFRS is an accepted standard for domestic companies filing with the U.S. Securities and Exchange Commission d. IFRS are principles-based while U.S. GAAP includes more detailed rules
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)...
Both IFRS and ASPE: O A. are principles based OB. are designed to meet the needs...
Both IFRS and ASPE: O A. are principles based OB. are designed to meet the needs of publicly accountable enterprises in Canada OC. provide the detailed accounting treatment for every business transaction O D. are specific guidelines that never require professional interpretation
12. If you had to explain or define "generally accepted accounting principles or standards," what essential...
12. If you had to explain or define "generally accepted accounting principles or standards," what essential char- acteristics would you include in your explanation? 13. In what ways was it felt that the pronouncements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board? 14. How are FASB preliminary views and FASB exposure drafts related to FASB "statements"? 15. Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial...
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)...
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)...
Both IFRS and ASPE: O A. are principles based OB. are designed to meet the needs of publicly accountable enterprises in Canada OC. provide the detailed accounting treatment for every business transaction O D. are specific guidelines that never require professional interpretation
12. If you had to explain or define "generally accepted accounting principles or standards," what essential char- acteristics would you include in your explanation? 13. In what ways was it felt that the pronouncements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board? 14. How are FASB preliminary views and FASB exposure drafts related to FASB "statements"? 15. Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial...
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