IFRS are determined by the O a. a. International Auditors' Standards Body. O b. International Accounting Studies Board. O c. Internal Accounting Standards Body. O d. International Accounting Standards
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- 8 As the Generally Accepted Accounting Principle (GAAP) is a guideline for accounting preparation; what is the stated guideline for auditing preparation in Canada? _______________________________ Question 8 options: a) Generally Accepted Auditing Principle b) Generally Accounting and Auditing Standards c) Generally Accepted Accounting Standards d) Generally Accepted Auditing StandardsQuestion 1: MULTIPLE CHOICE QUESTIONS: (A1&D3) General-purpose financial statements are the product of financial accounting. managerial accounting. both financial and managerial accounting. neither financial nor managerial accounting. Users of financial reports include all of the following except creditors. government agencies. unions. All of these are users. The purpose of the International Accounting Standards Board is to issue enforceable standards which regulate the financial accounting and reporting of multinational corporations. develop a uniform currency in which the financial transactions of companies through-out the world would be measured. promote uniform accounting standards among countries of the world. arbitrate accounting disputes between auditors and international companies. 4.Decision makers vary widely in the types of decisions they make, the methods of decision making they employ, the information they already possess or can obtain from other…A65. The “due process” system in developing financial reporting standards A. is an efficient system for collecting dues from members.B. identifies the accounting issues that are the most important.C. enables interested parties to express their views on issues under consideration.D. requires that all accountants must receive a copy of financial accounting standards.
- Question 4 The main objective of XBRL is to: A. Produce a comprehensive body of accounting standards B. Assist the Securities and Exchange Commission in enforcement of FASB standards C. Facilitate the publication, exchange, and processing of financial and business information D. Define all the elements financial statementsA. 63. Which body appoints the members of International Accounting Standards Board (IASB) that make the present IFRS?A. IFRS Foundation.B. IFRS Advisory Council.C. International Accounting Standards Committee.D. International Financial Reporting Interpretations Committee.QUESTION 3 B 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)
- Question 2 Critically discuss SIX causes of differences in accounting practices used in different countries. You must discuss, with relevant examples, how a particular factor contributes to or leads to a particular difference in accounting practices.5 A conceptual framework for financial reporting is a statement of generally accepted theoretical principles, which provide the basis for __________________. i)Development of new accounting standards ii)Development of accounting staff through training programs iii)Evaluation of accounting standards which already in existence. iv)Developing quality control methods to enhance the quality of products and services. a. iii) & iv) b. ii) & iv) c. i) & iii) d. i) & ii)MULTIPLE CHOICE QUESTIONS: (A1&D3) General-purpose financial statements are the product of financial accounting. managerial accounting. both financial and managerial accounting. neither financial nor managerial accounting. Users of financial reports include all of the following except creditors. government agencies. unions. All of these are users. The purpose of the International Accounting Standards Board is to issue enforceable standards which regulate the financial accounting and reporting of multinational corporations. develop a uniform currency in which the financial transactions of companies through-out the world would be measured. promote uniform accounting standards among countries of the world. arbitrate accounting disputes between auditors and international companies
- What group or organization is/was responsible for the issuance of Accounting Research Bulletins? Question 15 options: a) Securities and Exchange Commission b) Accounting Principles Board c) Finanical Accounting Standards Board d) Committee on Accounting ProceduresProblem 4: Explain the purpose of the Code of Professional Conduct for the accounting profession. What are the six principles, described in detail, with an example of how it applies to the auditor?Examine Note 4.1.1 of AF’s annual report. What accounting principles were used toprepare AF’s financial statements? Under those accounting principles, could AF’sfinancial information differ from that of a company that exactly followed IFRS aspublished by the IASB? Explain.