What is USALI? Is it required under GAAP? Why would you use it?

Q: Are there circumstances in which the cost method is required under U.S. GAAP but not under IFRS?…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: What are the threats to independence?

A: Given below are the seven threats to auditor’s independence:   Self-review threat: It occurs when…

Q: What are the advantages and disadvantages of  FIFO?

A: First-in-First-Out:  In First-in-First-Out method, the costs of the initially purchased items are…

Q: What is imputed interest?

A: Interest: Interest is a charge against the amount due, Interest is paid on the amount borrowed as a…

Q: What is preemptive rights offering?

A: Preemptive rights:  A contractual clause that provides the shareholders with a right to purchase the…

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: What is a standby commitment? When and why is it used?

A: A formal contract between a borrower and bank, that the bank will lend a certain amount to him/her…

Q: What is the difference between the Cumberland Gap and GAAP?

A: Answer:-  Difference meaning:- Difference is an important notion in philosophy, referring to the…

Q: How do  Negotiable Instruments work?

A: A negotiable instrument is a signed document that offers a specific person or the assignee a…

Q: What is Eurobond?

A: Eurobond It is a debt instrument that is designated in money other than the nation's home cash or…

Q: What is meant by “right of return”? “Bill and hold”?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What are threats and safeguards to independence?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What are GAAP principles

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Which are the disadvantage of a C corp?

A: C corporation is the corporation that is taxed separately from its owners or shareholders.  In other…

Q: How are IFRS and the codification related? Do you feel that IFRS adoption could happen without…

A: The question is related to International Financial Reporting Standards (IFRS) and Codification. The…

Q: What is the important differences that exist between U.S. GAAP and IFRS?

A: U.S. GAAP is the accounting standards laid forth by the Financial Accounting Standards Board (FASB).…

Q: What are the Safeguards to independence?

A:

Q: When is independence required?

A:

Q: Should VAS be completely replaced by IFRS? Why/ Why not?

A: IFRS stands for International Financial Standards where as VAS stands for Vietnamese Accounting…

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: What is imputed interest, and how does it work

A: The Answer:

Q: What does disclosure mean?

A: Meaning of Disclosure - Disclosure is generally making the information and facts available to the…

Q: what is the advantages and disadvantage of disclosure? and why is disclosure important?

A: The full disclosure means that company's financial statements should tell about all the important…

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: what does the voting rights of the Exchange mean?

A: Shareholder voting indicates the privilege given to shareholders to take part in the decision making…

Q: Determine the theoretical ex-rights price?

A: The determination of the theoretical ex-rights price is generally done when stocks are issued and…

Q: What are the sources of pressure that change and influence the development of GAAP?

A: Generally Accepted Accounting Principles (GAAP): A set of accounting principles, practices and…

Q: What are reversing entries? Are they required by GAAP?

A:

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: State difference between sureties and security?

A: In development contracts, if a worker for hire neglects to play out the works, the business would…

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

A:

Q: What is monopoly?

A: In market, there are various types of market structures, monopoly is one of them.  Monopoly market…

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: What is the SEC and what role does it play?

A: SEC stands for Securities and Exchange Commission. It is an agency of United States, which is a…

Q: What is the fundamental difference between US GAAP and IFRS?

A: US GAAP are the generally accepted accounting principles issued by United States of America to…

Q: are patents an expense?

A: Patents:Patent is an intellectual property that is provided to the owner to have legally right for…

Q: determine

A: Most truthful price  measurements utilize one among3 approaches to determinant truthful value:…

Q: What is an unasserted claim?

A: An unasserted claim or assessment is one in which the affected party or potential claimant has not…

Q: What is covered by Regulation S–K?

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

Q: Why is it important to know about the levied to choose between RCIT and MCIT and whichever is…

A: Corporate Income Tax: There are two regimes to follow for a corporate entity as per the Philippine…

Q: What is COSO? What is the PCAOB?  Why are they important?

A: Committee of Sponsoring Organizations of the Tread way Commission (COSO) is an organization formed…