INT. ACCOUNTING<CUSTOM>W/CONNECT 2-YEA
8th Edition
ISBN: 9781259767074
Author: SPICELAND
Publisher: MCG CUSTOM
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Question
Chapter 1, Problem 1.12Q
To determine
Financial Accounting Standards Board (FASB): FASB is an independent 7 member board, of accounting professionals overseeing the creation of financial statement. FASB standards are generally known as GAAP.
To Explain: The reasons behind FASB undertaking a series of elaborate information-gathering steps before issuing a substantive accounting standard.
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Students have asked these similar questions
Which is the first step within the hierarchy of guidance when selecting accounting policies?
a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction
b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue
c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework
d. Consider the most recent pronouncements of other standard setting bodies
How do you think accounting standards should be set? Is that the approach currently taken by the IASB?
Regarding special-purpose frameworks, (a) why do they exist, and (b) can financial statementsprepared using special-purpose frameworks be audited?
Chapter 1 Solutions
INT. ACCOUNTING<CUSTOM>W/CONNECT 2-YEA
Ch. 1 - Prob. 1.1QCh. 1 - What is meant by the phrase efficient allocation...Ch. 1 - Identify two important variables to be considered...Ch. 1 - What must a company do in the long run to be able...Ch. 1 - Prob. 1.5QCh. 1 - Prob. 1.6QCh. 1 - Prob. 1.7QCh. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 1 - Prob. 1.11QCh. 1 - Prob. 1.12QCh. 1 - Prob. 1.13QCh. 1 - Prob. 1.14QCh. 1 - Prob. 1.15QCh. 1 - Explain what is meant by: The benefits of...Ch. 1 - Prob. 1.17QCh. 1 - Briefly define the financial accounting elements:...Ch. 1 - Prob. 1.19QCh. 1 - What is the going concern assumption?Ch. 1 - Prob. 1.21QCh. 1 - Prob. 1.22QCh. 1 - What are two advantages to basing the valuation of...Ch. 1 - Describe how revenue recognition relates to...Ch. 1 - What are the four different approaches to...Ch. 1 - In addition to the financial statement elements...Ch. 1 - Briefly describe the inputs that companies should...Ch. 1 - Prob. 1.28QCh. 1 - Prob. 1.29QCh. 1 - Prob. 1.30QCh. 1 - Prob. 1.31QCh. 1 - Prob. 1.32QCh. 1 - Accrual accounting LO12 Cash flows during the...Ch. 1 - Financial statement elements LO17 For each of the...Ch. 1 - Prob. 1.3BECh. 1 - Basic assumptions and principles LO17 through...Ch. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Accrual accounting LO12 Listed below are several...Ch. 1 - Accrual accounting LO12 Listed below are several...Ch. 1 - Prob. 1.3ECh. 1 - Prob. 1.4ECh. 1 - Prob. 1.5ECh. 1 - Financial statement elements LO17 For each of the...Ch. 1 - Concepts; terminology; conceptual framework LO17...Ch. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - Basic assumptions and principles LO18, LO19...Ch. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15ECh. 1 - Prob. 1CPACh. 1 - Prob. 2CPACh. 1 - Prob. 3CPACh. 1 - Prob. 4CPACh. 1 - Prob. 5CPACh. 1 - Prob. 6CPACh. 1 - Prob. 7CPACh. 1 - Prob. 8CPACh. 1 - Prob. 9CPACh. 1 - Prob. 10CPACh. 1 - Prob. 1CMACh. 1 - Prob. 2CMACh. 1 - Prob. 3CMACh. 1 - Prob. 1.1BYPCh. 1 - Research Case 12 Accessing SEC information through...Ch. 1 - Prob. 1.3BYPCh. 1 - Prob. 1.4BYPCh. 1 - Ethics Case 18 The auditors responsibility LO14...Ch. 1 - Prob. 1.9BYPCh. 1 - Judgment Case 110 GAAP, comparability, and the...Ch. 1 - Prob. 1.11BYPCh. 1 - Prob. 1.12BYPCh. 1 - Analysis Case 113 Expense recognition LO19...Ch. 1 - Prob. 1.14BYPCh. 1 - Prob. 1.15BYPCh. 1 - Prob. 1.16BYP
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Similar questions
- describe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of fi nancial statements, required reporting elements, and constraints and assumptions in preparing fi nancial statementarrow_forwardDescribe the differences in approaches taken by IASC and FASB in setting accounting standards.arrow_forwardWhat contemporary factors are contributing to the internationalization of the subject of accounting?arrow_forward
- Which of the following can be used as a criteria for evaluating information being audited? A) International Financial Reporting Standards (IFRS)B) Generally Accepted Accounting Principles (GAAP)C) Internal Revenue Code (IRC)D) all of the abovearrow_forwardWhy do we use the Accounting Standards Codification (ASC)? (RAB 9) To summarize key pronouncements of the AICPA To provide access to current GAAP To organize rules from the SEC To prioritize the key information tested on the CPA examarrow_forwardWhich of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist?a. The IASB Conceptual Framework takes precedence over other IASB standards that deal with related issues.b. The IASB Conceptual Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.c. The most recent specifically relevant pronouncement of any other standard-setting body may be used when neither IASB standards nor the IASB Conceptual Framework provide helpful guidance.d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.arrow_forward
- What does the FASB do in order to assess possible benefits and costs of a proposed revision of an accountingstandard?arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to the development of accounting standards and the conceptual framework underlying accounting standards.arrow_forwardThe theoretical principles are beneficial in the. a. Evaluation of standard which are in existence b. Discarding the existing standards c. Formation of rules of accounting d. Working of IASBarrow_forward
- Choose the correct. Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist?a. The IASB Conceptual Framework takes precedence over other IASB standards that deal with related issues.b. The IASB Conceptual Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.c. The most recent specifically relevant pronouncement of any other standard-setting body may be used when neither IASB standards nor the IASB Conceptual Framework provide helpful guidance.d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.arrow_forwardWhat are some examples of assurance services performed on nonfinancial information?What are some of the major areas of public accounting services?arrow_forward
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