Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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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.
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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.
Chapter 1 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 1 - Prob. 1GICh. 1 - Prob. 2GICh. 1 - Prob. 3GICh. 1 - Prob. 4GICh. 1 - Prob. 5GICh. 1 - Prob. 6GICh. 1 - Prob. 7GICh. 1 - What are the two primary forces determining the...Ch. 1 - Prob. 9GICh. 1 - Prob. 10GI
Ch. 1 - Prob. 11GICh. 1 - Prob. 12GICh. 1 - Prob. 13GICh. 1 - Prob. 14GICh. 1 - Prob. 15GICh. 1 - Prob. 16GICh. 1 - Prob. 17GICh. 1 - Prob. 18GICh. 1 - Prob. 19GICh. 1 - Prob. 20GICh. 1 - Prob. 21GICh. 1 - Prob. 22GICh. 1 - Prob. 23GICh. 1 - Why do accountants have to be ethical in their...Ch. 1 - Prob. 25GICh. 1 - Prob. 1ECh. 1 - Prob. 1CCh. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - One of your friends remarks, I understand that...Ch. 1 - Prob. 6CCh. 1 - Prob. 7CCh. 1 - Prob. 8CCh. 1 - Prob. 9CCh. 1 - Prob. 12CCh. 1 - Prob. 13CCh. 1 - Codification Situation You are conducting an...
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- As you discuss the accounting conventions - Conservatism, Materiality, and Consistency - please detail how these widely accepted conventions modify the application of these principles in certain circumstances.arrow_forwardWhich of the following statements about desirable attributes of accounting standards boards is most accurate? Accounting standards boards should: A . concede to political pressuresarrow_forwardWhich is not a purpose of the IASB’s Conceptual Framework? -To assist auditors in forming an opinion as to whether financial statements conform to generally accepted accounting principles (GAAP). -D. To assist all parties to understand and interpret standards. To assist the IASB to develop IFRS standards that is based on consistent concepts. -To assist preparers to develop consistent accounting policies when no -----Standard applies to a particular transaction or other event, or when a standard allows a choice of accounting policy. Accounts Receivable when classified as trade will always be a? -Long Term Asset -Current Asset -Historical Asset -Non-Current Asset Which of the following statements describing a corporation is not true? -Shareholders own the business and manage its day-today affairs. -A corporation is subject to a greater governmental regulation than a single proprietorship or partnership. -Shareholders…arrow_forward
- Which is not a purpose of the conceptual framework?a. To provide definitions of key terms and fundamental concepts.b. To provide specific guidelines for resolving situations not covered by existing accounting standards.c. To assists accountants in selecting among alternative accounting and reporting methods.d. To assists the International Accounting Standards Board in standard-setting process.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_forwardIn what ways was it felt that the pronouncements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board?arrow_forward
- Explain the Generally Accepted Accounting Principles (GAAP) and the other sourcesof authoritative and non-authoritative guidance. How could these materials beuseful in accounting research? Provide examplesarrow_forwardWhat do you understand as the meaning of the term Generally Accepted Accounting Principles (GAAP)? Discussion should involve a description of its component parts (bodies of influence) in defining the role of the accountant.arrow_forward
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