what is the link between compliance with standards and the value of the firm's accounting and financial disclosure?

Q: What is the role of the Public Company Accounting Oversight Board?

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Q: A summary of the company’s significant accounting policies is a required disclosure. Why is this…

A: Disclosure of accounting policies: Disclosure of accounting policies means disclosing the accounting…

Q: What is the purpose of the Code of Professional Conduct for the accounting profession?

A: A code of ethics must have traditionally been the conventional mechanism whereby a profession…

Q: Define the phrase “earnings management.” Under what conditions, if any, is earnings management…

A: Payments and receivables are managed in connection to purchases in earnings management. It is done…

Q: What is a certification authority, and what are the implications for the accounting profession?

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Q: Explain why the accounting standards are necessary in financial reporting.

A: Accounting Standards are the rules and guidelines that are used for preparation of financial…

Q: What is the rationale behind the Financial Accounting Standards Board's classification of accounting…

A: Introduction

Q: auditor's role in ensuring that rules and regulations

A: 1) Auditor shall obtain understanding of:          (a) Legal and regulatory framework…

Q: The cost of having financial statements audited by an independent accounting firm.

A: Cost refers to the monetary value which includes the expenditure for supplies, services,…

Q: Explain the importance of financial accounting information for external parties—primarilyinvestors…

A: Financial Accounting:-Summarizing of all the transactions that occurred in the business during the…

Q: What is the relationship between accounting theory reporting and?

A: This question illustrates the connection between accounting theory and reporting.

Q: Explain the Consistency principle, which is one of the GAAP content in financial accounting, by…

A: Consistency principle is the principle which is applied in the preparation and presentation of…

Q: What is the definition of a conceptual framework? Why is it vital to have a conceptual framework in…

A: Conceptual Framework: A conceptual framework logically explains connected aims and foundations that…

Q: why Chief Financial Officer must have a background on the following subjects: Financial Accounting…

A: why Chief Financial Officer must have a background on the following subjects:  Financial…

Q: Explain the role of the auditor in the financial reporting process.

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

Q: quality of accounting standards?

A: Accounting standards determine thee accounting information must have relevance, must be reliable and…

Q: fundamentals that will guide the development of financial accounting and reporting standards. The…

A: Conceptual Framework in Accounting Conceptual Framework which was proposed by the International…

Q: WHAT IS FINANCIAL REPORTING STANDARDS AND ENGAGEMENT STANDARDS? AND ITS CONNECTION WITH THE…

A: Financial reporting standards provides principle for preparation of financial reports and…

Q: The body of rules and procedures that guide the measurement and communication of financial…

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

Q: Of what value is a common set of standards in financial accounting and reporting?

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

Q: What is meant by "financial accounting" and "management accounting"? What is the difference between…

A: Financial Accounting:    It is collection of accounting data to create financial statements. It…

Q: What elements should accountants examine while developing a company's PPE accounting policy

A: The assets on a company's balance sheet are the things that will bring it money in the future. The…

Q: What is the role of the Financial Accounting Standards Board (FASB)?

A: Financial Accounting Standards Board (FASB) is an organization responsible for establishing and…

Q: on

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

Q: What is the SEC’s relationship to the Public Company Accounting Oversight Board?

A: The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board to supervise the…

Q: Explain why a regulatory framework is necessary in financial accounting.

A: The term regulatory framework in accounting refers to the set of rules and regulations that are…

Q: What factors create a need for assurance services? Explain how these factors are important to the…

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

Q: Which of the following are elements of a single, widely accepted set of high-quality accounting…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which one of the following concepts is an important issue for the Auditors of financial accounts?…

A:

Q: In general, what is the conceptual framework that underlies accounting principles, and how  does it…

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: what are the accounting standards codification and how companies apply them to their activities?

A: Accounting standard: It is a set of basic rules and principles which is set by the Financial…

Q: eXtensible Business Reporting Language

A: XBRL (extensible Business reportage Language) XBRL (extensible Business reportage Language) may be…

Q: Discuss the factors that accountants should consider when setting up company accounting policy…

A: Accounting Policy- Accounting policies are the specific principles, foundations, conventions, rules,…

Q: What does GAAP mean? Why should businesses adhere to GAAP when reporting to external stakeholders?

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

Q: What is meant by generally accepted accounting principles,and how do these principles add to the…

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