What are the general jurisdictional rules? Discuss some of the exceptions to these rules.

Q: In your opinion, should PWI be subject to civil litigation?

A: Here, it is to be determined that whether PWI be subject to civil litigation or not.

Q: Differentiate the common misconceptions and controversies on the prohibition of Riba.

A: Riba means excess, addition, growth or augmentation. It is divided in to two categories…

Q: Which is the primary source of SEC independence rules?

A: The primary source of SEC independence rules is Rule 2-01   Rule 3526 deals with the communication…

Q: What is the relationship between principle-agency theory, separation of ownership, and controversy?

A: Corporation there are shareholders who are the owners of the company but they do not run the company…

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: How do the non-GAAP measures differ from related official GAAP measures?

A: Generally Accepted Accounting Principles  or GAAP  provides an uniform set of rules and formats…

Q: Are there any reasons to question the validity of the CAPM?Explain.

A: In any ‘well-diversified portfolios’ the relationship between the ‘risk’ and the ‘required rate of…

Q: anuty What general internal control v

A: Given case is: All-Around Sound Co. discovered a fraud whereby one of its front office…

Q: What are charters and bylaws?

A: A charter is an authorized record officially establishing a corporate substance. The charters are…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: Explain the principle of “separate legal entity”.

A: Bookkeeping means recording the transactions which have any monetary value. It is the business…

Q: What are the powers of the BIR Commissioner?

A: Powers of BIR commissioner are as follows,  1. He can require additional procedures and documents.…

Q: Discuss the scope and penalties of Sarbanes Oxley Act.

A: The Sarbanes Oxley Act or the SOX was brought to force as a response to the substantial increase in…

Q: Are the differences between IFRS and U.S. GAAP significant? Explain

A: IFRS:-These are the International Financial Reporting Standards which followed by the companies,…

Q: Discuss the rules for related party loss limitations.

A: The IRS has define rule regarding the transactions with the related parties and the treatment of…

Q: What are the key features of the objection and appeal process against the Commissioner’s decision?

A: If a taxpayer does not agree with the decision and wishes to take it further, then they may lodge a…

Q: What are the critearia for determining if a fiduaciary relationship exists?

A: Fiduciary relationship represents the relationship that is between the trustee and beneficiary.

Q: What exactly are the IPSASs' jurisdictional boundaries?

A: Here Is The Answer :

Q: What statutes does the Commerce Commission have oversight of?

A: In the year 1986, a commission known as commerce commission was established with an aim to regulates…

Q: Doctrine of Precedent?

A: Judicial precedent refers to the way in which the law is made and amended through the decisions of…

Q: What are the two primary reasons for using preemptive rights?

A: The right of the shareholders of a company to buy additional shares in any future issue of the…

Q: Why was the Sarbanes-Oxley Act developed and enacted?

A: Introduction:- The Sarbanes–Oxley Act of 2002 is a federal law in the United States that sets…

Q: What forms of protection and regulation do regulators of FI's impose to ensure their safety and…

A: The financial institutions should regulate the economy in an efficient manner. The financial…

Q: What is the difference between the Codification and the Codification Research System?

A: FASB: The FASB is an independent, designated and non-profit organization established by SEC for…

Q: Which are the Limitations on Property Rights?

A: Property rights are the rights given to the owner as per law to hold or own a property. A property…

Q: Is the threshold for recognizing a provision under IFRS different than it is under U.S.GAAP?…

A:

Q: what is State indebtedness

A: Any obligations and liabilities for borrowed money created, issued, or incurred by the Purchased…

Q: What is the primary difference between commissions and referrals?

A: Referral fee refers to referring a service or recommending a service of CPA to other person or…

Q: Briefly describe the NBBO and the order protection rule. Whatregulation implemented them?

A: NBBO is a securities exchange commission regulation that requires brokers to trade at the best…

Q: What two conditions must valid entities meet?

A: Entity:   Entity in the context of database management implies anything regarding which data is…

Q: What is TDS on commission, what is stated under section 194 H?

A: The income statement of the company will be prepared, and maintained by the management which will…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: What are substantive participating non-controlling rights?

A: Noncontrolling rights that allow the noncontrolling shareholder to participate in either corporate…

Q: Distinguish between common law liability and statutory law liability?

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

Q: In what ways does the IASB differ from the IASC?

A:

Q: How might a license for symbolic intellectual property be treated differently under IFRS as compared…

A: International Financial Reporting Standards: They are commonly known as IFRS. These are set of…

Q: What is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: What are some exceptions to UBIT provided by legislation?

A: The question is related to some exceptions to Unrelated Business Income tax .Unrelated business…

Q: What are the scopes of the IPSASs?

A: INTRODUCTION TO IPSASs :  International Public Sector Accounting Standards Board (IPSASB) has…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.