The International Accounting Standards Board O promotes unique accounting applications. O only operates in countries that speak English. O works to increase differences in accounting practices across countries. O works to reduce differences in accounting practices across countries. Save for Later Attempts: 0 of 1 used Submit Answer

The International Accounting Standards Board O promotes unique accounting applications. O only operates in countries that speak English. O works to increase differences in accounting practices across countries. O works to reduce differences in accounting practices across countries. Save for Later Attempts: 0 of 1 used Submit Answer

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 6C

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One of your clients has recently read about the goal of converging to International Accounting Standards and they are concerned about what impact it may have on their company. 1. Discuss some of the costs that a company might incur as part of its converging with International Accounting Standards. 2. Discuss why it might be important to your client to adopt International Accounting Standards even though they are currently only operating domestically throughout the central part of the United States.
Discuss the following:1 Cultural impact on translating IFRS into different languages. Be sure to include some examples. Your discussion also should include the cultural differences per Hofstede's cultural dimensions that affect accounting interpretations/judgments across countries.2 How to cope with cultural impact on: (a) translating IFRS into different languages and (b) interpretation of IFRS across countries.
accounting standards for each country differ due to the unique environments that have developed over time. So then, why is it important to discard these cultural differences (which are very important to the culture's identity) to develop uniform accounting rules and principles (i.e. IFRS)?
2.Explain the environmental factors that lead to national differences in accounting. 3.What are the two main legal systems operating worldwide? How might these affect accounting? Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples. 5.Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems? 6.What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption. 7.Explain the benefits of global adoption of IFRSs. 8. Outline the key challenges of US GAAP and IFRS convergence.
By using Hofstede's cultural dimension index in Exercise 4 of Chapter 2 and Gray's accounting values in Chapter 2 to discuss implications for American internal auditors who have to audit subsidiaries of a U.S. parent in Sweden, Korea and Brazil.Discuss:(1) the impact of Hofstede's cultural dimensions on relevant accounting values (conservatism, secrecy and level of disclosure) of accountants in these three countries, and(2) what American parent company and their internal auditors should do to cope with the impact of these accounting values on financial reporting of these subsidiaries.
Answer required for this question. Question 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.
One of the major groups that has been involved in the standard-setting process is the American Institute of Certified Public Accountants. Initially, it was the primary organization that established accounting principles in the United States. Subsequently, it relinquished its power to the FASB. Instructions a. Identify the two committees of the AICPA that established accounting principles prior to the establishment of the FASB. b. Speculate as to why these two organizations failed. In your answer, identify steps the FASB has taken to avoid failure. c. What is the present role of the AICPA in the rule-making environment?
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.)
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.
Which of the following is not a reason for establishing international accounting standards? Choose the correct.a. Some countries do not have the resources to develop accounting standards on their own.b. Comparability of financial reporting is needed between companies operating in different areas of the world.c. It would simplify the preparation of consolidated financial statements by multinational corporations.d. Demand in the United States is heavy for an alternative to U.S. generally accepted accounting principles.
1.Outline and differentiate the various definitions of international accounting? 2.Explain the environmental factors that lead to national differences in accounting? 3.What are the two main legal systems operating worldwide? How might these affect accounting? 4.Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples.
Refer to Nobes’s judgmental classification of accounting systems in Exhibit 2.5 and consider the following countries: Austria, Brazil, Finland, Ivory Coast, Russia, and South Africa. Required: Identify the family of accounting in which you would expect to find each of these countries. Explain your classification of these countries.