Globally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation. Required: Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)

Globally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation. Required: Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 4MCQ

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A primary objective of international financial accounting standards is to equip a company with reporting a consistent, comparable, and fair view of its operations. However, no two companies (as reporting entities) are the same. The unique perspective of a company may pose different challenges for an accountant in applying the accounting standards. Therefore, the accounting regulator’s challenge is to identify and critically analyse those perspectives and incorporate standards for recording and reporting accounting information, primarily for investors and creditors. An accountant’s responsibility is not only limited to recording transactions in accordance with the accounting standards, but also to ensure the accounting statements present a true and fair view of the entity’s financial performance. Critically evaluate the above statement from the context of any one or more of the following accounting standards- IFRS Accounting conceptual framework (ACF) Revenue recognition (IFRS 15)…
What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?
Explain about the adoption of International Financial Reporting Standards and consistency in accounting practices.
Discuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards and the convergence of accounting standards.
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The quality of financial reporting standards issued by the International Accounting Standard Board (IASB) is better than those issued by the U.S. Financial Accounting Standard Board (FASB)’ Discuss this statement.