Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 1.32Q
To determine
Securities and Exchange Commission (SEC): SEC was created under the Securities Act of 1933 and Securities Exchange Act of 1934. The primary task of SEC is to monitor the organizations and individuals and the various dealers involved in the securities market.
To Explain: The reason for non feasibility of convergence between US GAAP and IFRS.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What economic factors existing in the United States during 2008 might have accelerated Deloitte & Touche’s decision to issue an audit opinion modified to disclose going-concern uncertainties?
Christopher Cox , the former SEC Chairman , considers an international language of disclosure and transparency as a goal worth pursuing . Do you agree ? Why or why not ?
Do you believe that the current international accounting standard-setting arrangements, based around the IASB, are at risk of regulatory capture? Why or why not?
Chapter 1 Solutions
Intermediate Accounting
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. 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 - Real World Case 115 Elements; disclosures; The...Ch. 1 - Prob. 1.16BYPCh. 1 - Target Case LO19 Target Corporation prepares its...
Knowledge Booster
Similar questions
- In the case of the 2008 Enron Scandal:In what ways could the regulatory bodies’ timely intervention could have prevented such asituation?arrow_forwardBill Novak is working on an audit of an IFRS client. In his review of the client’s interim reports, he notes that the reports are prepared on a discrete basis. That is, each interim report is viewed as a distinct period. Is this acceptable under IFRS? If so, explain how that treatment could affect comparisons to a GAAP companyarrow_forwardThe International Accounting Standards Board (the IASB or the Board) issued the revised Conceptual Framework for Financial Reporting (the revised Conceptual Framework) on 29 March 2018. The revised version includes comprehensive changes to the previous Conceptual Framework, issued in 1989 and partly revised in 2010. The previous Conceptual Framework (the 2010 Conceptual Framework) was criticised for its lack of clarity, the exclusion of certain important concepts and for being outdated in terms of the IASB’s current thinking. Following the IASB’s agenda consultation in 2011, the Conceptual Framework project was added to the IASB’s work plan in September 2012. Since then, the IASB has issued a discussion paper in July 2013 and an exposure draft in June 2015. In revising the Conceptual Framework, the Board was looking to underpin high level concepts with sufficient detail for it to set standards and to help others to better understand and interpret the standards. a. Evaluate the IASB’s…arrow_forward
- Should U.S. public accounting firms try to audit internationally in cultures they may not understand? If so, how can they maintain quality audits?arrow_forwarddiscuss some of the issues that some U.S. accountants have with IFRS. There are some fundamental differences between U.S. GAAP and IFRS that many believe should prevent the U.S. from convergence.arrow_forwardIn the case of the 2008 Enron Scandal:How effective do you think the response to the Enron crisis has been by regulatory institutions and the government?arrow_forward
- The purpose of the IFRS Interpretations Committee is to: Consider accounting issues that are likely to receive unintended or unacceptable treatment in the absence of any other form of guidance Ensure accurate translation from English into the other principal languages utilised by the IASB Provide initial technical advice and service for companies wishing to adopt International Accounting Standards Provide a compliance function to ensure the timely and accurate adoption of new International Accounting Standards by companies with listed securities.arrow_forwardAny effort towards standardizing accounting practices on an international basis implies a belief that a globalized ‘one size fits all’ approach is appropriate. Is this naive?arrow_forwardUnder PCAOB standards (AS 3101) approved in 2017, all U.S. public companies will be required to disclose whether any critical audit matter (CAM) arose during the current period audit or state that there was none. True Falsearrow_forward
- Despite the global financial reporting convergence efforts undertaken by the International Accounting Standard Board (IASB), extant studies report considerable variation in the financial reporting quality across different countries.Required:Critically explain four institutional factors that contribute to differences in financial reporting practices across different countries.arrow_forwardUse FASB-ASU No. 2016-01 to address the following questions. What is the percentage of ASU 2016-01 dissenters to the total number of FASB members? What does this percentage imply to you about the quality of this ASU? Discuss the reasons why Messrs. Linsmeier and Siegel dissented. Be sure to discuss why the ASU 2016-01 fails to meet the three objectives of the financial instrument project.arrow_forwardHow do differences in accounting standards and regulations across countries pose challenges for the accurate and consistent analysis of international transactions, and what strategies can be employed to address these challenges?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning- Business/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Business/Professional Ethics Directors/Executives...
Accounting
ISBN:9781337485913
Author:BROOKS
Publisher:Cengage
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning