International Financial Reporting Standards (IFRS) are:
Q: What would be the advantages of having a single set of financial reporting standards used worldwide?
A: Financial Reporting is the activity of recording transactions in the books of accounts using various…
Q: What is the full form of 'IFRS'? a. Informational financial reporting standard b. International…
A: IFRS sets the common rules so that financial statements can be prepared consistently and in a…
Q: describe general requirements for fi nancial statements under International Financial Reporting…
A: The IFRS is general standards of financial reporting along with US and UK GAAP.
Q: The IASB Conceptual Framework for Financial Reporting has identified certain qualitative…
A: Financial reporting is publishing financial statements for internal as well as external use.
Q: Define International Financial Reporting Standards.
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: The US GAAP provides rules and guidance for what two primary financial reporting purposes?
A: US GAAP which is the acronym and abbreviation of generally accepted accounting principles has given…
Q: What does IFRS stands for? a. International Financial Reporting Standards b. Indian Financial…
A: Accounting standards are the rules that are to be followed while preparing the accounting reports.
Q: What is Financial Industry Regulatory Authority (FINRA)?
A: Answer: FINRA refers to Financial Industry Regulator Authority. It is an independent US securities…
Q: List the types of authoritative pronouncements that constitute International Financial Reporting…
A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…
Q: Who Governs The Financial Reporting Standard?
A: Accounting controls: These are the internal controls which ensure continuous reliability of…
Q: Explain the Consistency principle, which is one of the GAAP content in financial accounting, by…
A: Consistency principle is the principle which is applied in the preparation and presentation of…
Q: Present a historical overview of International Financial Reporting Standards (IFRSs) starting with…
A: IFRS are issued by the IFRS foundation and international accounting standards board. They…
Q: Define Financial Accounting Standards Board (FASB)
A:
Q: Choose the correct. According to the IASB, IFRS comprise interpretations issued by the SIC and…
A:
Q: IFRS is comprised of: a. International Financial Reporting Standards and FASB Financial Reporting…
A: International financial reporting standards issued by the IASB and international accounting…
Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to…
A: GAAP: its also called as US GAAP , is an acronym for Generally accepted accounting principles. These…
Q: Discuss the Generally Accepted Accounting Procedures (GAAP) and International Financial Reporting…
A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…
Q: What can be understood from International Accounting Standards Board (IASB)?
A:
Q: Of what value is a common set of standards in financial accounting and reporting?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: What are International Financial Reporting Standards? Who uses these accounting standards?
A: International Financial Reporting Standards (IFRS) are the accounting standards that are used…
Q: Describe major challenges in the financial reporting environment.
A: Financial reporting environment: Financial reporting is the procedure used to communicate the…
Q: What are the two measurement bases allowed by the conceptual framework for financial reporting (CF)?
A: The Conceptual Framework is a collection of interconnected goals and fundamentals. The aims and…
Q: discuss the challenges faced by the International Accounting Standard Board (IASB) in the…
A: IASB IASB is an independent body that laid the foundation of International financial reposting…
Q: The conceptual framework for financial reporting (CF) allows for two measurement bases. What are…
A: This question explains about the conceptual framework for financial reporting (CF) allows for two…
Q: compare key concepts of fi nancial reporting standards under IFRS and US generally accepted…
A: IFRS:- International Financial Reporting Standards - as the name implies - is an international…
Q: According to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, anda.…
A: Identify the coma answer from the given statement: Option c is the correct answer. International…
Q: Does financial reporting play a different function in the IASB and FASB conceptual frameworks? Exp
A: To design the Generally Accepted Accounting Principles (GAAP), the Financial Accounting Standards…
Q: rules(IFRS and GAAP) on worldwide financial comparability
A: Set of Rules: GAAP- Generally accepted accounting principles, or GAAP, are a set of rules that…
Q: These are used by the FASB, and it is a set of concepts that guide financial reporting.
A: FINANCIAL REPORTING REFERS TO THE COMMUNICATION OF FINANCIAL INFORMATION LIKE FINANCIAL STATEMENTS…
Q: What is the applicable financial reporting framework in the U.S. known as? a. The Internal Revenue…
A: Accounting standards: It refers to the rules and policies for financial reporting.
Q: Financial accounting and reporting standards in the United States are established primarily by thea.…
A:
Q: IFRS stands for: a. International Federation of Reporting Services. b. Independent Financial…
A: “International Financial Reporting Standards” (IFRS): International Financial Reporting Standard…
Q: Explain the main purposes of the Conceptual Framework for Financial Reporting and Identify the…
A: Conceptual framework: Conceptual framework describes the actual purpose of financial reporting. It…
Q: The accounting standards published by the International Accounting Standard Committee (IASC) have…
A: Lets starts with basic understanding. International Accounting Standard Committee was set up in the…
Q: Separate IASB standards from the Conceptual Framework for Financial Reporting
A: IASB standards and financial reporting conceptsAccountants are given a framework to follow to do…
Q: Explain five purposes of the International Accounting Standards Board (IASB's) conceptual framework…
A: This board consist of expert with the highest knowledge of practical experience and theoretical…
Q: Define International Accounting Standards Committee.
A: The International Accounting Standards Committee or IASC was an independent private-sector…
Q: The US GAAP provides rules and guidance for what two primary financial reporting purposes?
A: The US GAAP which has given and contributed in the field of the accounting a very massive work which…
Q: Discuss the use of liquidity ratios (in accordance to BASEL III) as a valid focus for international…
A: About BASEL:: The Basel Committee on Banking Supervision (BCBS ) is entrusted with the task of…
Q: What are some of the reasons in support of financial reporting regulations?
A: Introduction: Financial reporting: Financial reporting is the process by which information derived…
Q: Identify and explain the difference between the two systems of regulation, stating clearly which…
A: “Since you have posted a question with multiple questions, we will solve the first question. To get…
Q: What body is responsible for setting International Financial Reporting Standards?
A: International Financial Reporting Standards are the internationally recognized accounting standards.…
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- Locate Gap Inc.’s 2020 Annual Report (for fiscal year 2/2/20-1/30/21) There are 10 sections of questions. You will find the information necessary to answer the questions in “Item 8. Financial Statements and Supplementary Data,” of the report. Read through the questions carefully and answer in the space provided. What are the following amounts at 1/30/21: Total Assets : Total Liabilities: Total Owner’s Equity : At 1/30/21: What is the percentage of debt used to finance Gap? What is the percentage of owner’s equity used to finance Gap? What is the significance of these two percentages?Write the definition, recognition, measurement important key points and disclosure if any in the chart above provided for the following: 1. Provision PAS 372. Financial instruments- Presentation PAS 323. Income taxes PAS 124. Employee benefits PAS 195. Earnings per share PAS 336. Interim Financial Reporting PAS 347. Reporting in Hyperinflationary EconomyYou have been hired as a financial analyst of a firm and your team is working on an independent assessment of XYZ Inc. Your assistant has provided you with the following data for XYZ Inc. and their industry. R r e d : Ratio 2020 2019 2018 2020- Industry Average Inventory Turnover 62.65 42.42 32.25 53.25 Receivables in days 94 63 50 115 Debt to Equity 0.75 0.85 0.90 0.88 Quick Ratio 1.028 1.03 1.029 1.031 Current Ratio 1.33 1.21 1.15 1.25 Required: a) In annual report of firm CEO wrote, we had higher liquidity largely due to an increase in highly liquid current assets (cash, account receivable and short-term marketable securities). Is the CEO correct? b) what can you say about the firm's collection period and inventory turnover?
- Choose the correct letter of answer: Company F Statement of Financial Positions at December 31, 2020 shows the following: Cash P4,000.00, Marketable Securities P8,000.00, Accounts Receivable P100,000.00, Inventories P120,000.00, Prepaid Expenses P1,000.00, Notes Payable (short term) P5,000.00, Accounts Payable P150,000.00, Accrued Expenses P20,000.00, Income taxes payable P1,000.00, and long-term liabilities P340,000.00. Determine the following: current ratio and quick ratio. a. 1.32 and 0.64b. 1.52 and 0.82c. 1.82 and 0.86d. 1.98 and 1.54e. 2.2 and 2.1Which of the following statements is correct in relation to the contents of the IASB Conceptual Framework (2018): (i) Comparability is a fundamental qualitative characteristic of useful financial information (ii) An entity shall apply the "going concern" assumption if it is entering bankruptcy in the current quarter. (iii) The concept of physical capital maintenance requires applying the current purchasing power measurement basis (iv) The concept of prudence implies that in preparing financial statements management should seek to overstate assets and income and to understate liabilities and expenses a. (iv) b. (iii) c. (i) d. None of the statements is correct e. (ii)Harry Kane Chartered Accountants (Harry Kane) and O’Giroud Manufacturing plc (O’Giroud) just signed theirfirst audit engagement letter. You are the Audit Manager responsible for audit of O’Giroud’s Financial Statementsfor the year ended December 31, 2020. In addition to the extract of the Financial Statements below, O’Giroud has Profit before Tax of $30,000,000 (2019 - $31,000,000).O’Giroud Manufacturing plcFinancial Statements (Extract)Year Ended December 31, 2020Balance 2020 ($) 2019 ($)Cash 1,500,000 2,000,000Inventory 1,900,000 900,000Payables 1,000,000 990,000Receivables 800,000 810,000Property, Plant & Equipment 150,000,000 100,000,000Loans 12,000,000 10,000,000Payroll Expenses 4,900,000 6,500,000 Which balances would you consider to be significant to this year’s audit, based on the following,I. Materiality for Planning Purposes II. Analytical Procedures used at the Planning Stage
- QUESTION # 1 a) In an accounting conference, discussion turned to the possibility of preparing financial statements from a few key accounts together with financial or cost ratios. The assistant controller of a participating firm provided the following data: Pretax income $ 2100000/-. Pre tax Income rate on sales 20%, Gross Profit rate 45%, Rate of marketing expense to sales 25%, 5% Bond Payable represent 37.5 % of the total liabilities of $ 1000000/-. Required: - An Income statement for the year based on the above information. b) If amongst the cost of goods sold in the above question 40% is Direct material and remaining is FOH and Direct Material. FOH is 75% of Direct labour. In the coming year it is expected that material would increase by 20% and amongst total FOH 40% is fixed. If margin rate is 40% and the ratio between Variable FOH and Direct Labour remains same find out the new selling price.Using Republic Financial Holdings 2022 annual report, Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerateThe comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also. ARDUOUS COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in millions) 2021 2020 Assets Cash $ 142 $ 100 Accounts receivable 209 232 Investment revenue receivable 25 23 Inventory 226 219 Prepaid insurance 23 32 Long-term investment 213 144 Land 235 169 Buildings and equipment 437 438 Less: Accumulated depreciation (117 ) (158 ) Patent 53 56 $ 1,446 $ 1,255 Liabilities Accounts payable $ 69 $ 103 Salaries payable 25 37 Interest payable (bonds) 27 23 Income tax payable 31 38 Deferred tax liability 49 27 Notes payable 33 0…
- Select 2019 Year From The Given Data In Image And Find The Following thing:1) Total Fixed Liabilities / LTD.2) Current Liabilities / STD.3) Total Liabilities.4) Contractual Liabilities or Total Bank Debt.5) Shareholders Equity (SHE) / Net worth.6) Financial Exp as a % of Sales.7) Balance Sheet Growth - (TOTAL ASSETS CURRENT YEAR- TOTAL ASSETS CURRENT YEAR) / TOTAL ASSETS PREVIOUS YEAR.8) Sales.9) PAT / NI.10) Annual Depreciation.11) Fixed Assets at Book Value.12) Total Assets.13) EBIT.14) Financial Cost / Interest Expense.https://www.republictt.com/pdfs/annual-reports/RFHL-Annual-Report-2022.pdf Financial Reporting Analysis: Use Republic Bank Limited Annual Report 2022 to answer the Questions. a) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.10..new Comparative balance sheet accounts of Sheridan Inc. are presented below. SHERIDAN INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $41,600 $33,700 Accounts Receivable 70,500 60,600 Inventory 29,700 23,700 Equity investments 22,300 38,900 Machinery 29,900 18,800 Buildings 67,600 56,300 Land 7,600 7,600 $269,200 $239,600 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,600 2,300 Accumulated Depreciation—Buildings 13,500 9,000 Accounts Payable 34,700 24,800 Accrued Payables 3,300 2,600 Long-Term Notes Payable 20,900 31,300 Common Stock, no-par 150,000 125,000 Retained Earnings 39,000 43,100 $269,200 $239,600 Additional data (ignoring taxes): 1.…