If you were given complete authority in the matter, how would you propose that GAAP should be developed and enforced?

Q: Why is the concept of independence such an internal part of AICPA Code?

A: AICPA is American Institute of Certified Public Accountants, which is the leading organisation and…

Q: What are the objectives and scope of all the standards of IFRS and IAS?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: Explain Regulatory Provisions?

A: Regulations: The regulation is processed by which a complex system is managed under a set of rules.

Q: Which of the following statements is true? a. Both the SEC and the PCAOB require the use of the COSO…

A: Committee of Sponsoring Organization (COSO):  Committee of Sponsoring Organizations (COSO) is a…

Q: What are the major differences between the IFRS conceptual framework and the FASB conceptual…

A: ANSWER     The components of the conceptual framework for ­financial reporting include recognition…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: How do  Negotiable Instruments work?

A: A negotiable instrument is a signed document that offers a specific person or the assignee a…

Q: What are some of the differences in elements in the IASB and FASB conceptual frameworks?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What are the IFRS and IAS standards trying to accomplish, and how broad is their scope?

A: In the era of globalization, businesses around the world work together. Investors have more…

Q: What are the goals of the SEC?

A: Securities and Exchange Commission (SEC): SEC is a governmental agency that has the legal power, for…

Q: What is create a more consolidated regulatory structure?

A: The question is based on the concept of financial regulatory structure of the country. Financial…

Q: Do you believe that self- regulation is more or less effective than governmental regulatory…

A: Regulatory forces in the marketing condition that rely upon different government administrative…

Q: What is the main objective of IASB?

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: What is the standard-setting body responsible for determining IFRS? How does it obtain its funding?

A: The International Accounting Standards Board (IASB) is responsible for determining IFRS. The…

Q: How are IFRS and the codification related? Do you feel that IFRS adoption could happen without…

A: The question is related to International Financial Reporting Standards (IFRS) and Codification. The…

Q: What are the similarities and differences (if any) between the IPSASs and the IASs/IFRSs?

A: The international public sector accounting standard board (IPSASB) seems to be an unbiased…

Q: In the United States, GAAP comes under the purview of the

A: In United states, GAAP comes under the purview of the Financial Accounting Standards Board (FASB).

Q: a) What is the IPSASB and reason(s) it was established?  b)What are the objectives of the IPSASB?…

A: Answer to the Part (a) The IPSASB stands for the International Public Sector Accounting Standards…

Q: What forms of protection and regulation do regulators of FI's impose to ensure their safety and…

A: The financial institutions should regulate the economy in an efficient manner. The financial…

Q: What is the difference between the Codification and the Codification Research System?

A: FASB: The FASB is an independent, designated and non-profit organization established by SEC for…

Q: The FHA implements its programs with which of the following procedures?

A: FHA has been successful in stabilizing the national housing market. It was created under the federal…

Q: Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?

A: Non-compliance is an act of commission or ommission by the organisation that is not in accordance…

Q: IPSASB

A: What is IPSAB REASON IT WAS ESTABLISHED WHAT OBJECTIVE OF THE IPSASB WHY THE IPSASB DEVELOPED THE…

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: Explain Institutional Review Boards?

A: Under bureau tips, associate bunch assigned to audit and screen medicine exploration as well as…

Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: What standards govern Review engagements?

A: Audit means independent examination of books of accounts or financial information  so so as to…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: What are the rules for SSARS engagements in terms of standards

A: It tells about the rules for SSARS engagements in terms of standards:

Q: Why is independence the main conduct the most important in the GAAS

A: Generally Accepted Auditing Standards (GAAS) are a set of detailed instructions that auditors follow…

Q: Locate and describe the primary policy-making organizations and their involvement in the development…

A: This question about explains the primary policy-making organizations and their involvement in the…

Q: What criteria must an instrument meet to be negotiable?

A: Following are the formal requirements that an instrument must meet to be negotiable: Must be in…

Q: Which organization is responsible for promulgating U.S.​ GAAP?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What is the purpose of the IPSASB and what are the reasons for its establishment?

A: This question tells about the purpose of the IPSASB and what are the reasons for its establishment .

Q: Why is the FASB Codification Project so important to the U.S. adoption of IFRS? What is the status…

A: IFRS termed as International Financial Reporting Standards which are the accounting standards issued…

Q: In what ways does the IASB differ from the IASC?

A:

Q: What are the overall IFRS and IAS standards' aims and scope?

A: This question tells about the overall IFRS and IAS standards' aims and scope:

Q: Identify the major policy-setting bodies and their role in the standard-setting process

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: Has the IASB-FASB convergence process been successful?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What are the scopes of the IPSASs?

A: INTRODUCTION TO IPSASs :  International Public Sector Accounting Standards Board (IPSASB) has…