What are the major differences between U.S. GAAP and IFRS 8 with respect to the disclosures that are required to be provided for each separately reportable operating segment?

Q: What is the intent of FASB Statement 13 and ASU 2016-02?

A: FASB 32 is a statement establishing the guidelines and procedures for reporting leases by lessors…

Q: Do U.S. GAAP and IFRS (under IAS No. 39) differ in how they account for otherthan- temporary…

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

Q: (Based on Appendix 3) For segment reporting purposes, what amounts are reported by each operating…

A: Segment Reporting: Segment reporting is the reporting of the operating segment of several business…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and…

A: IFRS stands for International Financial Reporting Standards IFRS consists of various accounting…

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 type of events are needed to be disclosed if identified as materials and those are indicative…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Subject- Audit SUMMARIZE THE CORE ISSUES for the following topic:- • ISA 510, Subsequent Events

A: Introduction:- The auditor's responsibilities in relation to opening balances in an initial audit…

Q: which is the primary source of SEC independence rules

A: The primary SEC sources that auditor independence for issuance are

Q: Who are the members of International Integrated Reporting Council (IIRC)??

A: International Integrated Reporting Council (IIRC): The International Integrated Reporting Council,…

Q: How do IAASB audit standards compare to US audit standards?

A: The International Auditing and Assurance Standards Board (IAASB) is an entity which sets standards…

Q: What minimum information must an enterprise provide in an interim report?

A: The following minimum information enterprise must provide in an interim report: A condensed…

Q: When should a company begin gathering information about differences between IFRS and its existing…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Explain The role of the IIRC & The integrated reporting under the CPA.

A: integrated reporting is considered to be an important tool in the understanding the relationship…

Q: In case of doubt about the reliability of Journal, ledger and other documents what are the…

A: ISA 500 AUDIT EVIDENCE - applicable to all the audit evidence obtained during the course of the…

Q: Which basis of measurement is allowed in standard IFRS16?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: What are the three broad types of governmental audits described by the GAGAS issued by the GAO?

A:

Q: How are FASB preliminary views and FASB exposure drafts related to FASB “statements”?

A: Financial accounting standards board (FASB): The FASB is an independent, designated, and non-profit…

Q: Briefly describe how IFRS guidelines for recognizing revenue from multiple-deliverable arrangements…

A: Definition: Revenue recognition principle: Revenue recognition principle emphasizes, that the…

Q: What is a reportable segment in accordance with IFRS 8? What criteria are used in determining what…

A: The question is related to IFRS 8 Operating Segement.

Q: Which organizations are normally exempted from the SEC’s registration requirements?

A: According to the Securities Act 1933, all securities which are issued by companies and their…

Q: To satisfy geographic area disclosure requirements, what are the minimum and maximum numbers of…

A: Segment Reporting It is the reporting of the operating segment of several business of a company that…

Q: The general objectives of international auditing standards a. Defining the responsibilities B. audit…

A: Financial statements are those statements which are prepared at the end of accounting period.…

Q: What are major programs with respect to the Single Audit Act of 1984 and amendment of 1996?…

A: Audit An audit refers to the official inspection or reviewing of the organization’s financial…

Q: Explain how to set the date of the first adoption of IFRS and first reporting date in accordance…

A: The International Financial Reporting Standards (IFRS) were developed to ensure that accounting…

Q: The FHA implements its programs with which of the following procedures?

A: FHA has been successful in stabilizing the national housing market. It was created under the federal…

Q: How does AASB come up with Canadian Auditing Standards?

A: The Auditing and Assurance Standards Board (AASB) is an independent body with the authority and…

Q: Why were several original standards issued by the IASC revised in 1993?

A: Several original standards issued by the International accounting standard committee (IASC) were…

Q: For whom were IAASB International Auditing Standards created?

A: IAASB International Auditing standards (ISA) were introduced for the setting an international…

Q: What disclosures are required For areas determined to be reportable operating segments?

A: Definition: Operating segment: Operating segments are different business verticals of a company that…

Q: How much is the minimum revenue for an operating segment to be classified as a reportable segment…

A: Reportable Segment: According to International Financial Reporting Standards 8, a business must…

Q: Which of the following statements about the FASB Accounting Standards Codification is false? The six…

A: FASB codification: FASB Accounting Standards Codification is the source through which the users can…

Q: Explain how the purposes and principles of internal controls are different between accounting…

A: GAAP-Generally Accepted Accounting Principles:   They are commonly known as GAAP. It is a…

Q: According to PFRS 8, there may be a practical limit to the number of reportable segments that an…

A: Solution Concept According to PFRS 8, there may be a practical limit to the number of reportable…

Q: Why is the FASB Codification Project so important to the U.S. adoption of IFRS? What is the status…

A: IFRS termed as International Financial Reporting Standards which are the accounting standards issued…

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

A:

Q: What are some advantages of international harmonization of audit standards? List and briefly discuss…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: (Based on Appendix 3) Describe any differences in segment disclosure requirements between U.S. GAAP…

A: Definition: International Financial Reporting Standards: IFRS is a set of global accounting…

Q: list and explain differences and similarities between Us GAAP and IFRS in recording process

A: Accounting is a process of recording financial transactions pertaining to a business.