PCAOB Assertion Corresponding ASB Assertion Nature of Assertion Existence or Occurrence Rights and Obligations Completeness Valuation and Allocation Presentation and Disclosure

Q: etail the primary goals of FASB codification,its structure and content.

A: For nonprofit organizations, the FASB Accounting Standards Codification® is the excellent feature of…

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Retained Eamings Statement

A: Retained earnings is the part of profits retained with the entity without distribution to…

Q: Describe the purpose of the AICPA. What is the AICPA’s primary function?

A: The American Institute of CPA (AICPA) is a non-profit organization of Certified Public Accountants…

Q: List all the IAS and IFRS Standards and state thier objectives

A: The accounting standards of IAS are as follows:

Q: Explain The role of the IIRC & The integrated reporting under the CPA.

A: integrated reporting is considered to be an important tool in the understanding the relationship…

Q: Define Disclosure notes.

A: Disclosure notes in accounting refers to the footnotes which are included in financial statements.

Q: Explain in detail Full disclosure principle with example.

A: The full disclosure concept or norm is an idea that allows a company to disclose all basic facts…

Q: Review the full disclosure principle and describe how it is implemented

A: While preparing the financial statements of company, some genera rules & guidelines have to be…

Q: understandable. ncial statements that are fa nat they nurnort to renreser

A: Financial Statement: It is the statement that consists of the trial balance, income statement, and…

Q: Define Full-disclosure principle.

A: Accounting:   It refers to the process of recording the transactions of the business in a systematic…

Q: grity of information. policies, plans, procedures, law ssets. efficiency of onerations

A: Segregation of duties is an internal control measure. It refers to the division of duties among more…

Q: Describe the FASB–IASB convergence process and SEC recognition of IFRS.

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

Q: ntribution ced expens IS

A: Given: Sales=$400,000 Variable expenses=$280,000 Contribution margin=$120,000 Fixed expenses=100,000…

Q: Describe the basic assumptions of underlie GAAP.

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

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

A: Accounting standard refers to the common set of rules, regulations, principles, and procedures that…

Q: IPSASB What are the scopes of the IPSASs? What are the similarities and differences (if any) between…

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

Q: Define regulation D

A: The Accounting Standards are specific set of principles and procedures set by the authorized bodies…

Q: Which organization initiated the convergence process between GAAP and IFRS and why?

A: GAAP -: GAAP is a mixture of definitive standards (established by policy boards) and the normally…

Q: Mention and describe some FASB concepts, principles, standards, and rules and how they differ from…

A: Given: The concept of FASB and their differences.

Q: Explain the concept of adequate disclosure.

A: Definition: Adequate Disclosures: In accounting, there is a need for adequate disclosures as these…

Q: Purpose of the Codification project.  Name some pros and cond

A: The answer is stated below:

Q: Which of the following does not accurately summarize auditors’ requirements regarding internal…

A:

Q: termine ACA and TCSA of the entity? Provide example to explain your answer.​

A: ACA and TCSA-: The capital profit (made in the CGT incident L3) is comparable to the difference…

Q: e applicable to the pla

A: A statement showing the item-wise amount of all the money received by an individual from the…

Q: In addition to EPS numbers themselves, what additional disclosures should be provided concerning the…

A: Earning per share (EPS) refers to the measure of earnings that are available to each share in a…

Q: assertions

A: Audit Assertions are claims made by management through financial statements and those are tested by…

Q: (EBITDA

A: EBITDA means earnings before interest, tax, depreciation and amortization.  Adjusted EBITDA, here,…

Q: Describe required fair value disclosures.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: Describe the term certificate of compliance?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: developed the IPSASs? d.What are the scopes of the IP

A: International Public Sector Accounting Standards (IPSAS) are a collection of accounting standards…

Q: key internal and external stakeholders

A: The internal stakeholders of a company are listed as below: Employees, Managers, The board of…

Q: GENERAL PROVISIONS, BASIC STANDARDS AND POLICIES IMPORTANCE AND SUMMARY AS A WHOLE

A: General Provisions General provisions are balance sheet items representing funds set aside by an…

Q: g detailed substantive procedures

A: Option a is wrong because search of evidence about the effectiveness of the internal control system…

Q: COA needs to journalize the appropriation and allotment released by DBM. * true or false?

A: The government uses a different way to report their financial statements than the private sector…

Q: 5. Which of the following statements is corrèct? I. The Conceptual Framework sets out the standards…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: Examining the classifications of obligations either as secured or unsecured, most relate to the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: S or amending for existing IFRS.

A: The International Accounting Standards Board (IASB) is an independent, private-zone frame that…

Q: Define assurance and assurance services.

A: Assurance basically is a type of audit with the main intention of improving the transparency and…