Which of the following statements is true? a. The IASB has the same number of members as the FASB. b. The IASB structure has both advisory and interpretation functions, but no trustees. c. The IASB has been in existence longer than the FASB. d. The IASB structure is quite similar to the FASB’s, except the IASB has a larger number of board members.

Which of the following statements is true? a. The IASB has the same number of members as the FASB. b. The IASB structure has both advisory and interpretation functions, but no trustees. c. The IASB has been in existence longer than the FASB. d. The IASB structure is quite similar to the FASB’s, except the IASB has a larger number of board members.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance

Section: Chapter Questions

Problem 20CYBK

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Presented below are three models for setting GAAP. 1. The purely political approach, where national legislative action decrees GAAP. 2. The private, professional approach, where GAAP is set and enforced by private professional actions only. 3. The public/private mixed approach, where GAAP is basically set by private-sector bodies that behave as though they were public agencies and whose standards to a great extent are enforced through governmental agencies. Instructions a. Which of these three models best describes standard-setting in the United States? Provide justification for your answer. b. Why do companies, financial analysts, labor unions, industry trade associations, and others take such an active interest in standard-setting? c. Cite an example of a group other than the FASB that attempts to establish accounting standards. Speculate as to why another group might wish to set its own standards.
Answer of the following question related to these characteristics and constraints. Donald Kirk, former chairman of the FASB, once noted that “. . . there must be public confidence that the standard-setting system is credible, that selection of board members is based on merit and not the influence of special interests . . .” Which characteristic is implicit in Mr. Kirk’s statement?
Which of the following “bodies designated by Council” have been authorized to promulgategeneral standards enforceable under the General Standards Rule of the AICPA Code of Professional Conduct?a. AICPA Division of Professional Ethics.b. Financial Accounting Standards Board.c. Government Accounting Standards Board.d. Accounting and Review Services Committee.
The IASB has how many board members?
Agency problem is pervasive and exists in practically every organization whether a business, church, club, or government. Organizations try to solve it by instituting measures but no organization can remedy it completely.How would you analyze this statement within the context of a limited liability company and what are the possible remedies to this problem?
Choose the correct. Which of the following is true about the management’s discussion and analysis (MD&A)?a. It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion.b. It adds a verbal explanation for the numbers and trends presented in the financial statements.c. It appears at the very end of a government’s comprehensive annual financial report.d. It replaces a portion of the fund financial statements traditionally presented by a state or local government.
The committee of the board of directors who is in charge of monitoring circumstances that might prevent the entity from achieving their objectives Group of answer choices Management committee Audit committee Compensation committee Risk committee
Which of the following is true about the management’s discussion and analysis (MD&A)? It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion. It adds a verbal explanation for the numbers and trends presented in the financial statements. It appears at the very end of a government’s comprehensive annual financial report. It replaces a portion of the fund financial statements traditionally presented by a state or local government.
An unqualified opinion on the financial statements of a local government means that all statements in the comprehensive annual financial report (CAFR) have been audited and conform with GAAP." Do you agree or disagree? Why? Describe the difficulty in comparing the financial performance of a not-for-profit organization to other similar organizations. What benchmarks are available to assist in this task? Describe the treatment of a not-for-profit, nongovernmental foundation that is related to a public university under GASB standards. What are the benefits to a state or local government of establishing an audit committee?
Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.
Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true? 1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. 2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. 3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. 4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountants
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