a). Make a list of FASB accounting standards that have been converged with IFRS and b).identify the FASB topic name and ASC number for example, (Standard topic name: ASC XXX-XX-XX-X).
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a). Make a list of FASB accounting standards that have been converged with IFRS and
b).identify the FASB topic name and ASC number for example, (Standard topic name: ASC XXX-XX-XX-X).
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- GAAP is comprised of: a. FASB standards, interpretations, and concepts statements. b. FASB financial standards. c. FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. d. any accounting guidance included in the FASB Codification.1) Describe the standard setting process for Generally Accepted Accounting Principles, including the standard setting bodies and codification.Briefly outline accounting standards IAS 2 and IFRS 15 with examples
- Which is the first step within the hierarchy of guidance when selecting accounting policies? a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework d. Consider the most recent pronouncements of other standard setting bodiesThe IASB has created accounting standards that are: Select one: a. Rules-based. b. Transactions-based. c. Principles-based. d. Comparability-based.Discuss the financial statements required by IPSAS1 and the basis of their preparation.
- Explain the IASB Conceptual Framework of Accounting.Accounting standard-setters use the following process in establishing accounting standards:a Research, exposure draft, discussion paper, standard.b. Discussion paper, research, exposure draft, standard.c. Research, preliminary views, discussion paper, standard.d. Research, discussion paper, exposure draft, standard.Answer the following multiple-choice questions. Accounting standard-setters use the following process in establishing accounting standards:(a) Research, exposure draft, discussion paper, standard.(b) Discussion paper, research, exposure draft, standard.(c) Research, preliminary views, discussion paper, standard.(d) Research, discussion paper, exposure draft, standard.
