The role of the IPSASB includes: Select one alternative: O Developing international public sector financial reporting standards. Developing for-profit sector financial reporting standards. O Policing organisations in New Zealand to ensure they have complied with their standards. O Policing the XRB to ensure they have adopted the same standards.
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- 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.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.QUESTION ONE You are a lead researcher with a public interest firm specializing in the financial reporting and audit of publicly funded organizations and have consulted widely across Africa on public sector financial reforms. Particularly, you have earned a reputation as a champion of the International Public Sector Accounting Standards (IPSAS) in Ghana and beyond. Following Ghana’s adoption of IPSAS, some members of the Institute of Chartered Accountants Ghana (ICAG) argued that IPSAS is a duplication of IFRS and that Ghana could have just opted to require IFRS application by publicly funded entities. Given the above, the Institute has engaged your team of experts to critically evaluate all existing IPSAS and IFRS highlighting areas of significant differences between the two reporting frameworks. Your report will be used by the Institute in its next continuous professional development (CPD) for chartered accountants in Ghana. Your critical review and comparison of…
- b) Currently, most governments worldwide require business organization to Comply with automated financial controls that are more advanced that previous manual controls. Using suitable illustration, show how any organization of your choice has complied to this requirementShare your views on how auditing as a function can improve sustainable business practices, including ethical conduct. In your discussion, highlight the state of audit practices in Ghana vis-a-vis sustainable business practices and ethical conduct and suggest a conceptual framework of how the existing legal regime can interact with auditing to achieve the United Nation SDG goals. (2500 words needed).Which decision has CPA Canada made with respect to financial reporting for private enterprises? a. To adopt the IFRS standards for small and medium-sized enterprises. b. To retain the current standards. c. To look to US GAAP for standards. d. To develop and maintain its own standards for private enterprises.
- Which of the following is not a guiding principle of financial regulation? Question 3Answer a. Innovation should be discouraged to ensure that financial products and services offered conform to the set rules and regulations. b. Strict monitoring should be set up to ensure that international standards are met. c. Prudence and effectiveness should be applied when using financial resources of a country. d. Regulatory measures on the senior management of the financial institutions so as to ensure that decisions taken are in the best interest to the financial market.E2 global accounting standards are compelling. High quality standards by companies throughout the world has the potential to improve the comparability and transparency of financial information, List different types of accounting standards In the U.S., Generally Accepted Accounting Practices (GAAP) are the standard. In 2002, the European Union adopted IFRS Standards. Differentiate between GAAP and IFRS According to Ann Tarca (2012) “The Case for Global Accounting Standards: Arguments and Evidence” indicate several benefits in considering IFRS by the organization . Read the attached journal in the moodle and summarize the answers in your own words IFRS and Market Effciency IFRS and Economic development4) The purpose of the International Accounting Standards Board is to: a) regulates stock prices at the international level. b) develops a uniform currency in which the financial transactions occur. c) develops a single set of high-quality financial reporting standards. d) arbitrates accounting disputes between auditors and international companies. 5) The IASB and the FASB are working on a joint project that has an objective of developing a conceptual framework that leads to standards that are: a) rule-based and internally consistent. b) principle-based and internally consistent. c) rule-based and flexible in nature. d) principle-based and rigid in nature. 6) Which of the following is an element of financial statements identified under IFRS? a) Investment by owners b) Losses c)Comprehensive income d) Equity
- 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).“The financial sector provides six major functions that are important at the firm level and at the level of the economy as a whole.” (Todaro & Smith, 2020: 801 – 802) Which of the following represent functions that the financial sector provides? i. Providing payment services. ii. Matching savers and investors. iii. Generating and distributing information. iv. Reducing poverty by providing funds to those in need. (a) (i), (ii), (iii) and (iv) (b) (i), (ii) and (iii) (c) (ii), (iii) and (iv) (d) (i), (iii) and (iv)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 framework