What is the desired benefit from revising an accounting standard?

Q: What need has the changing definition of accounting fulfilled?

A: Accounting is described as process in which the transactions or events pertaining to the firm are…

Q: Explain the problems associated with inappropriate accounting practices.

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: Can you name some common errors in accounting?

A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…

Q: Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting…

A: Rules-based accounting: Rules-based accounting is based on a set of detailed rules that the…

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: What are some of the accounting information costs? What are some advantages of accounting data?…

A: The answer:

Q: Evaluate the strengths and weaknesses of interpretive accounting theory

A: Interpretive Accounting theory:-Interpretive Accounting theory has evolved and made significant…

Q: In order to report on changes in accounting rules, the FASB needs a certain technique.

A: Changes in accounting rules, the FASB needs a certain technique will b e explained:

Q: What is the best accounting method?

A: Accounting Method: The accounting method is the method used for maintaining the books of accounts of…

Q: What can be understood from the term Accounting diversity?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is fair value accounting?

A: The accounting is a process to identify the transactions, classify and record the transactions and…

Q: Advantages and Disadvantages of Harmonization of Accounting Standards

A: The process of raising the level of agreement among countries in accounting standards and practices…

Q: Why is it necessary to develop a definitional frameworkfor the basic elements of accounting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Why do you think Accounting Standards are mandatory?

A: Definition:   International Financial Reporting Standards (IFRS): IFRS are a set of international…

Q: what is the Judgement Traps in accounting?

A: Judgment trap is also known as judgment triggers which refers to the inherited issue that leads…

Q: ng information?

A: Concept: Information contains in the financial statements is said as free from bias. It reflects a…

Q: What is Fair Value Accounting? What are the factors contributing toward the trend of fair value…

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

Q: What are the primary advantages of having a Codification of generally accepted accounting…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Why do you believe Accounting Standards should be mandatory?

A: A document created by a rule-making body that prescribes how accounting transactions should be…

Q: What is meant by “economic Consequences” in accounting standard-setting

A: Definition: Financial accounting standards board (FASB): This is the organization that creates,…

Q: Which of the following would be accounted for as a change in accounting principle?

A: The correct option is "Changing an estimate for the allowance for doubtfull accounts. As per one the…

Q: What are the common errors in accounting?

A:

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

A:

Q: What is the importance of Responsibility Accounting?

A: Responsibility accounting is an essential thought of accounting execution assessment structures. The…

Q: What is the benefit of a single set of high-quality accounting standards?

A: Definition: Accounting standards: The set of guidelines to follow for the preparation of the…

Q: on

A: Yes, cultural influences are likely to have an impact on accounting measurement or disclosure…

Q: Reccomendation

A: Ans. The major environmental factors that effects accounting system are : i. The economic…

Q: How IT can affect accounting field?

A: Accounting is the recording, classifying, analyzing and interpreting of financial transactions…

Q: May you tell me where I can get reliable IFRS relevant to accounting changes

A: This question explains about reliable IFRS relevant to accounting changes

Q: s that influence the adoption of computarised ac

A: Using computerized accounting systems, you may set up revenue and expenditure accounts for things…

Q: What are some of the possible costs that could result from a revision of an accounting standard?

A: Financial Accounting Standards Board (FASB):   It is a private, non-profit organization which is a…

Q: Role of Judgment in Application of Accounting Standard. Should it reduced or expand the role?

A: Irrespective of the approach that is used by the standard setters to establish accounting standards,…

Q: Why is the evidence provided by source documents important to accounting?

A: Source Document Source document are refer as the original record which contains the detail…

Q: Where can authoritative IFRS related to accounting changes be found?

A: Accounting changes include the change in methods or ways of accounting by the company, which will…

Q: Distinguish between termporary differences and permanent differences in Accounting? Provide an…

A: Generally, the reports and financial statements are to be prepared as per the applicable accounting…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: How does the ethics are important in the accounting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is the difference between accounting and auditing?

A:

Q: What are some of the costs of providing accounting information? What are some of the benefits of…

A: Accounting information: A procedure or system that collects information related to money related…

Q: What can be interpreted from Accounting Standards Codification (ASC), of FASB?

A: