Separate accounting standards exist for the U.S. federal government in contrast to state and local governments; discuss why this is necessary Does the FASAB have to submit for review a proposed standard to anyone for approval? Explain.

Separate accounting standards exist for the U.S. federal government in contrast to state and local governments; discuss why this is necessary Does the FASAB have to submit for review a proposed standard to anyone for approval? Explain.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter1: The Demand For And Supply Of Financial Accounting Information

Section: Chapter Questions

Problem 12GI

See similar textbooks

Related questions

Q: Activities of a general purpose government that provide the basis for GASB's financial accounting…

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: What are the bases of accounting? Describe how government accounting systems are structured. How do…

A: Government accounting is a technique used for collecting, processing and evaluating the economic…

Q: Which of the following is not true about the major differences in the scope of audit…

A: In the given choices for the major differences in the scope of audit responsibilities for CPAS, GAO…

Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…

A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…

Q: Is the principles for recognizing revenue the same in government accounting and accounting for…

A: Revenue is the economic inflows of benefit in the form of increasing assets or decreasing…

Q: What impact does the use of the modified approach have on reporting within the government-wide…

A: Financial Statements: It refers to the end reports prepared by a business…

Q: What are the two government-wide financial statements? What does each normally present?

Q: In general terms, identify several factors that prompt differ-ent countries to develop different…

Q: How the hierarchy of U.S. generally accepted accounting principles for state and local government…

A: Financial reporting issues Financial reporting involves communicating the results and information…

Q: Which of the following is not necessary for a special purpose local government to be viewed as a…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: How do differences in accounting controls and enforcement impact accounting reports prepared across…

A: Accounting controls are the procedures which are applied by a company for ensuring validity ,…

Q: Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may…

A: Special purpose framework is a non-GAAP framework which is used for financial purposes and includes…

Q: Define a financial reporting entity. Give an example of a primary government. Define and give an…

Q: In the governmental units all of these true about the budget except .a The budget is legally binding…

Q: What are some ways an audit report for a government differs form an audit report for a for-profit…

A: An evaluator's report is a composed letter from the reviewer containing their assessment on whether…

Q: The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that…

A: FASB- is a financial accounting standards board responsible for establishing and improving generally…

Q: nting standards of a country with that of IASB is a

A: The Accounting Standard Board (ASB) of the Institute of Chartered Accountants of India (ICAI)…

Q: What financial statements are report

A: The consolidated financial statements of the U.S. government were prepared using GAAP. These…

Q: What are some of the problems created by differences in accounting across countries and the reasons…

A: If different countries will adopt different standards of accounting, it will create a panic…

Q: while governments are not required to issue interim financial reports, what role does interim…

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: GASB provides guidance for reporting by special-purpose entities. That guidance depends upon whether…

A: Government activities are those which are financed through the taxes, intergovernmental revenue. The…

Q: Which of the following is necessary for a special purpose local government to be viewed as a primary…

A: Introduction: The GASB is the board that provides the guideline to the governmental units about…

Q: Which of the following is the federal, independent agency that provides oversight of public…

Q: In common law countries accounting focuses on economic substance and the standards and procedures…

A: Common law is defined as the laws that are in unwritten form grounded on the legal precedents that…

Q: Explain the environmental factors that lead to national differences in accounting.

A: Accounting seems to be the concept of documentation and categorizing commercial transactions and…

Q: Which of the following has the least amount of official authority for the financial reporting of…

A: GASB Technical Bulletins has the least amount of official authority for the financial reporting of…

Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…

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

Q: Which of the following is true regarding the government-wide financial statements? a. The…

A: Government-wide Financial statement: It is the statement of consists of a statement of net assets…

Q: Discuss the methods by which the SEC can influence the development of generally accepted accounting…

A: Definition: Securities Exchange Commission (SEC): This is the government agency that governs the…

Q: Which of the following is an expense recognition criterion for recording a government transfer…

A: PS 3410 :— Government Transfers This Section establishes standards on how to account for and report…

Q: Which of the following government-wide accounts reflects amounts owed between governmental…

A: The internal balances account will be reported as an asset in the government wide financial…

Q: . while governments are not required to issue interim financial reports, what role does interim…

A: The importance of interim with regard to government are being assessed.

Q: Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and…

A: Definition: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in…

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: GAAP stands for: a. governmental auditing and accounting practices. b. generally accepted…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Choose the correct. Which of the following statements is correct with respect to the IFRS accounting…

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: Government entities are interested in financial statements to determine compliance of business…

Q: Which of the following groups sets standards for audits of federal financial assistance recipients?…

A: As per GASB, the accounting for funds of a governmental unit is different from that of private…

Q: Identify any differences between U.S. GAAP and International Financial Reporting Standards in…

Question

Separate accounting standards exist for the U.S. federal government in contrast to state and local governments; discuss why this is necessary

Does the FASAB have to submit for review a proposed standard to anyone for approval? Explain.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)
Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Board
Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and accounting practices.(b) generally accepted attest principles.(c) government audit and attest policies.(d) generally accepted accounting principles
Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.
The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and departments. True or False
Does trinidad and tobago adhere to the following government accounting features: transparency, accountability and disclosure? If yes, how are these features applied?
Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?
GAAP stands for: a. governmental auditing and accounting practices. b. generally accepted attest principles. c. government audit and attest policies. d. generally accepted accounting principles.
while governments are not required to issue interim financial reports, what role does interim financial reporting play in local government administration?
Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true? 1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. 2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. 3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. 4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountants
Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.
Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist?a. The IASB Conceptual Framework takes precedence over other IASB standards that deal with related issues.b. The IASB Conceptual Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.c. The most recent specifically relevant pronouncement of any other standard-setting body may be used when neither IASB standards nor the IASB Conceptual Framework provide helpful guidance.d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.