Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
Question
Chapter 1, Problem 17GI
To determine

Whether the accounting standards are established by FASB and the IASB according to objective standards of “pure” conceptually and theoretically correct accounting. If not, explain.

Blurred answer
Students have asked these similar questions
How do you think accounting standards should be set? Is that the approach currently taken by the IASB?
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.
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.
Knowledge Booster
Similar questions
    Recommended textbooks for you
  • Intermediate Accounting: Reporting And Analysis
    Accounting
    ISBN:9781337788281
    Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
    Publisher:Cengage Learning
    Contemporary Auditing
    Accounting
    ISBN:9781337650380
    Author:KNAPP
    Publisher:Cengage
    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
  • Intermediate Accounting: Reporting And Analysis
    Accounting
    ISBN:9781337788281
    Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
    Publisher:Cengage Learning
    Contemporary Auditing
    Accounting
    ISBN:9781337650380
    Author:KNAPP
    Publisher:Cengage
    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