What is the main goal for accounting rules in the UnitedStates and around the world? What characteristics mustfinancial information possess to reach that goal?

Q: What is concern of external users of accounting information in GAAP?

A: Accounting information includes all financial statements like Balance Sheet, Income statements and…

Q: Do you think one set of accounting standards is feasible for the entire world, given the fact that…

A: Accounting standard: An accounting standard is a collection of procedures and rules that are used to…

Q: the structure of the International Accounting Standards Committee

A: The lnternational accounting standard committee is an independent organization that work for the…

Q: Please tell which factors lead to national difference in accounting?

A: Introduction- Accounting System is a computerized and manual set of organized accounting methods,…

Q: How does analyzing more and diverse data around us help answer accounting questions? Give a specific…

A: Data Analyzing is most important factor for the process of accounting/ Auditing. More you analyze…

Q: Why is there a need for a change in the structure of the International Accounting Standards…

A: IAS Committee (IASC) was set up in 1973 for bringing harmonization to the accounting process around…

Q: n the role of the accounting system according to the agency theory

A: Agency theory is one of the common problem in the organization form of the system and that exist due…

Q: In what ways/How can making accounting standards compulsory cause problems in financial presentation…

A: Financial Statements under IAS 1 The basic standards for financial statements are outlined in…

Q: Which factor explaining why accounting practices differ across countries do you think is most…

A: Seven factors for difference in accounting practices across countries 1.Legal system (a) Common law…

Q: is the conceptual framework applied to IAS 1, IAS 8, and IAS 21? IAS is "International Accounting

A: Accounting standards are  the set of rules, regulations, and procedures that examines  the policies…

Q: Define generally accepted accounting principles (GAAP) and discuss the historical  development of…

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

Q: What should you tell your friend about the presence of accounting standards in the UnitedStates and…

A: Every countries have their own accounting standards. Example -  US GAAP - US Generally Accepted…

Q: Which of the following reason(s) help explain why accounting practices may differ across countries?…

A: International Financial Reporting Standards:- IFRS are set of standards that are developed by the…

Q: To what extent are financial reports providing relevant and timely information to stakeholders?…

A: Given: The extent at which the financial provide information to stake holders and its improvements…

Q: Briefly describe the organization that is responsible fordeveloping accounting measurement rules…

A: Accounting concepts and principles: Financial statements are prepared in accordance with the…

Q: What can be understood from International Accounting Standards Board (IASB)?

A:

Q: What are International Financial Reporting Standards? Who uses these accounting standards?

A: International Financial Reporting Standards (IFRS) are the accounting standards that are used…

Q: e factors contributing to the internationalization of the subject of accounting exce

A: Internationalization of accounting means application of standard set of accounting policies and…

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: What have been the roles played by professional accounting bodies in the development of accounting…

A: Professional accounting bodies play a major role in safeguarding the integrity of the reporting of…

Q: What has been the major roles played by professional accounting bodies in the development of…

A: Accounting bodies play a great role in the development of accounting in various countries.

Q: Historically, what factors contributed to the diversity of accounting systems worldwide?

A: The following are the five major factors that have contributed to the diversity of accounting system…

Q: Using concrete examples, explain how International Accounting Standard 23 might apply to your…

A: Introduction: Using concrete examples, explain how International Accounting Standard 23 might apply…

Q: Which of the following organizations is responsible for the creation and governance of accounting…

A: The answer is option (b.) [i.e, Financial Accounting standards Board (FASB)] Refer Step 2 for…

Q: what are the Approaches adopted in the development of accounting standards ,indicating and explain…

A: International accounting standards Board (IASB) is an independent body for setting the International…

Q: How is the use of accounting information diverse and varied?

A: Definition: Accounting Information: Accounting Information refers to the data which makes a decision…

Q: What has been the major role(s) played by professional accounting bodies in the development of…

A: A professional accounting body refers to an association of accountants working in a particular…

Q: What is accounting standard and how does Sime Darby Malaysia follows accounting standards ?

A: Answer:-  Accounting standards:- A collection of different different techniques and regulations used…

Q: ccounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…

A: The Financial Accounting Standards Board issues a set of accounting principles, standards, and…

Q: Explain the major factors influencing the international development of accounting systems.

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

Q: GAAP refers to guidelines for accounting information in the United States. The acronym GAAP in this…

A: The financial board has issued common principles of accounting for various organisations.

Q: Which came first? Accounting regulations or the need for accounting regulations? Explain.

A: Accounting regulations are important part of accounting and regulation of accounting make accounting…

Q: What is the impact of some businesses using International Financial Reporting Standards (IFRS)…

A: The main distinction that exists as a result of some organizations using IFRS rather than GAAP is…

Q: What group or organization is/was responsible for the issuance of Accounting Research Bulletins?

A: Accounting Research Bulletins are the documents on Various problems and challenges faced in the…

Q: What should you tell your friend about the presence of accounting standards in theUnited States? Who…

A: Worldwide monetary scene huge change. These advancements have been inferable, to some degree, to…