The quality of financial reporting standards issued by the International Accounting Standard Board (IASB) is better than those issued by the U.S. Financial Accounting Standard Board (FASB)’ Discuss this statement.
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The quality of financial reporting standards issued by the International Accounting Standard Board (IASB) is better than those issued by the U.S. Financial Accounting Standard Board (FASB)’ Discuss this statement.
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- The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkThese are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkThe standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
- Explain about the adoption of International Financial Reporting Standards and consistency in accounting practices.Do the conceptual frameworks of the International Accounting Standards Board and the Financial Accounting Standards Board vary in terms of the function of financial reporting?An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements.Critically assess how the use of principles-based standards will aid effective standard-setting by the International Accounting Standard Board (IASB), and aid decisionusefulness for stakeholders. You should develop your arguments in the context of appropriate accounting theory?
- The International Accounting Standards Board (IASB) devises and publishes International Financial Reporting Standards (IFRS Standards) while it revised versions of International Accounting Standards (IAS Standards) originally published by the International Accounting Standards Committee (IASC). The IASB has also published the Conceptual Framework for Financial Reporting reflecting some of the attributes that make financial information useful to the various users of financial statements. You are required to:(a) explain the main purposes of the IASB’s Conceptual Framework document. (b) discuss the assumption that (according to the IASB’s Conceptual Framework) underlies the preparation of financial statements.Discuss the principles and characteristics of the International Financial Reporting Standards (IFRS) and how they differ from Generally Accepted Accounting Principles (GAAP). What are the advantages and challenges of implementing IFRS globally?discuss the challenges faced by the International Accounting Standard Board (IASB) in the development of International Financial Reporting Standards (IFRSs), which form the basis of Hong Kong Financial Reporting Standards (HKFRSs).
- Choose the correct. According to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, and a. International financial reporting standards issued by the IASB only.b. International accounting standards issued by the IASC only.c. International financial reporting standards issued by the IASB and international accounting standards issued by the IASC.d. International financial reporting standards issued by the IASB and statements of financialaccounting standards issued by the FASB.An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements. International companies follow the International Financial Reporting Standards, which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements. Examine the role of accounting concepts and conventions in the preparation of financial statement?Financial accounting and reporting standards in the United States are established primarily by thea. Securities and Exchange Commission (SEC).b. Financial Accounting Standards Board (FASB).c. International Accounting Standards Board (IASB).d. The U.S. Congress.