S or amending for existing IFRS.

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: Conceptual framework was 1st adopted by IASB, on what particular date?

A: The Conceptual Framework sets out the fundamental concepts for financial reporting that helps to…

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: Which type of plan is used to manage an event that has reoccurrence? a. Rules b. Single Use Plan c.…

A: There are various types of plans which are prepared by business organization so that decisions can…

Q: Detailed explanation and steps

A: The amount incurred upon manufacturing or production of goods is known as cost. The total cost…

Q: and is objecting to an assessment received from SARS

A: In Republic of South Africa   South African Revenue Services is the tax…

Q: What functions does the FASB perform?

A: FASB :                          FASB is defined as "The Financial Accounting Standards Board" is a…

Q: What guidance does the Codification provide concerning the disclosure of research and development…

A: Research and development (R&D) incorporate activities that are taken up by an organization to…

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

A: The accounting standards of IAS are as follows:

Q: Define Effective interest method.

A: Effective interest method: It refers to the method of accounting that is usually used for the…

Q: Identify the items from the following list that are likely to serve as source documents.

A: As it is difficult to check the boxes, i am providing the answer manually: The list that can be…

Q: analytical procedures

A: First option is correct because analytical procedures assist to identify the risk by comparing the…

Q: How are FASB preliminary views and FASB exposure drafts related to FASB “statements”?

A: Financial accounting standards board (FASB): The FASB is an independent, designated, and non-profit…

Q: ividend declaration

A: Property dividends are paid out of retained earnings. So, the journal entry is passed where retained…

Q: Complete the following chart indicating the corresponding Auditing Standards Board assertions and…

A: The financial statements contain all the assertions of the management about the recorded information…

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: Substantive procedures consist of substantive analytical procedures and test of details. *

A: There are two types of substantive procedures -

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: Explain how to set the date of the first adoption of IFRS and first reporting date in accordance…

A: The International Financial Reporting Standards (IFRS) were developed to ensure that accounting…

Q: FASB rules for research and development

A: solution FASB                 FASB stands for financial accounting standards board…

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: IPSASB

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

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

A: The answer is stated below:

Q: FASB process of coding and issuing pronouncements.

A:

Q: Discuss regulatory disclosure requirements

A: Rules that must be abided by in disclosure statements provided to clients or customers. These…

Q: Make a list and indicate the titles and descriptions of the current IASs and IFRSs .

A: List of International Financial Reporting Standards (IFRS) IAS 1 Presentation of Financial…

Q: difference between IFRS standardization and harmonization

A: Financial Reporting (IFRS) are a set of accounting principles for financial reporting published by…

Q: Subsequent events – meaning, types, and auditors responsibility on treating each type?

A: An independent auditor's report is generally issued which is connected to historical financial…

Q: pose of analysis

A: Interim reports : A accounting statement spanning a term of shorter than 1 year is known as an…

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: g detailed substantive procedures

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

Q: Methods and rules to be followed in case of reconstitution?

A: Solution- It is often noticed that a partnership firm undergoes restructuring. These changes are…

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: How is the date of transition and the date of reporting determined in first-time adoption of IFRS?

A: Date of transition is the beginning of the earliest period for which an entity presents full…

Q: Differentiate between IFRS vs. U.S. GAAP.

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: Which of the following is a phase of the joint FASB and IASB conceptual framework project?   mixed…

A: Joint FASB and IASB has eight phases. They are:  Objectives and qualitative characteristics…

Q: Identify and analyze the challenges you may face in reconciling the concept Bill of Lading and…

A: SOLUTION- Document of title:   Document of title refers to an instrument in writing that acts as…

Q: Describe attestation and attestation engagement.

A: Attestation is the process of getting financial statements or accounting information attested or…

Q: audit pl

A: Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to…

Q: list and explain differences and similarities between Us GAAP and IFRS in recording process

A: Accounting is a process of recording financial transactions pertaining to a business.

Q: What is interim reporting?

A: Financial Reporting:   It refers to the disclosure of the financial results of the organization to…