Why are companies required to use IFRS 16 and not IAS 17?
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Why are companies required to use IFRS 16 and not IAS 17?
A critical analysis and few examples will be welcome
Step by step
Solved in 2 steps
- Should the FASB have overturned the software revenue recognition portion within ASC 985-605? As part of your explanation, consider whether firms will now have too much flexibility to manipulate revenues.If so many companies find non-GAAP calculationsuseful when communicating with their stakeholders, shouldthe FASB adopt some of them? Why or why not?What is one of the topics currently being addressed by the EITF in 2 0 2 4 ? Why do you suppose that the EITF, and not the FASB, is addressing this issue? please provide your source
- What is meant by GAAG? Why should all companies follow GAAP in reporting to external users?Why does scope creep create risk in independence? Select all that apply It can create an unfair advantage in the marketplace. It can decrease costs. It can lead to unintentionally providing a prohibited service to a restricted entity. It can cause non-compliance with KPMG policies on independence.What is the challenge for analysts if a company uses a custom tag in iXBRL?
- Which of the following is NOT true of a turn- around document? a. They may reduce the number of errors made by external parties. b. They are commonly used by utility companies (gas, power, water). c. They are documents used by internal parties only. d. They are both input and output documents.what recent development in FP&A, if any, can significantly help companies deal with a black swan event?Discuss the implications of not having a data governance framework to support product analytics
- What is the authoritative status of the Conceptual Framework? The Framework applies when FRSC develops new or revised Standards. An enterprise is never required to consider the framework. It has the highest level of authority. In case of a conflict between the Framework and s Standard or Interpretation, the Framework overrides the Standard or If there is a Standard or Interpretation that specifically applies to a transaction, it overrides the Framework. In the absence of a Standard or an Interpretation that specifically applies, the Framework should be followed. If there is a Standard or Interpretation that specifically applies to a transaction, management should consider the applicability of the Framework in developing and applying an accounting policy which results in information that is relevant and reliableThe outbreak of COVID-19 has negative as well as positive repercussions on the design of accounting information systems. DiscussWhy might firm decide to implement only certain modules in an an ERP system rather than a complete implementation?