College Accounting, Chapters 1-9 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305888531
Author: HEINTZ, James A., Parry, Robert W.
Publisher: Cengage Learning
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Chapter 1, Problem 6RQ
To determine
State the name of the organization that issues accounting standards followed by many firms in countries outside the United States.
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What are the two primary organizations in the U.S. that are responsible for setting standards relatedto the preparation of accounting information?
Which of the following organizations is responsible for the creation and governance of accounting standards in the United States?
O A. Securities and Exchange Commission
B. Financial Accounting Standards Board
C. Institute of Management Accountants
D. American Institute of Certified Public Accountants
Why is it important for U.S. accountants to be familiar with IFRS?
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College Accounting, Chapters 1-9 (New in Accounting from Heintz and Parry)
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- What are different accounting professional bodies for different spheres of accounting? Which ones are in Australia?arrow_forwardThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardUsing concrete examples, explain how International Accounting Standard 23 might apply to your company's assets.arrow_forward
- How do you think accounting standards should be set? Is that the approach currently taken by the IASB?arrow_forwardWhat are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?arrow_forwardWhat can be understood from International Accounting Standards Board (IASB)?arrow_forward
- Which of the following groups is responsible for developing auditing standards for public firms in the U.S.? A. American Institution of Certified Public Accountant (AICPA)B. Public Company Accounting Oversight Board (PCAOB)C. Organizations for Economic Cooperation and Development (OECD)D. Center for Audit Quality (CAQ)arrow_forwardWhich factor explaining why accounting practices differ across countries do you think is most important? Explain why.arrow_forwardOne of your clients has recently read about the goal of converging to International Accounting Standards and they are concerned about what impact it may have on their company. 1. Discuss some of the costs that a company might incur as part of its converging with International Accounting Standards. 2. Discuss why it might be important to your client to adopt International Accounting Standards even though they are currently only operating domestically throughout the central part of the United States.arrow_forward
- Globally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation. Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the international financial reporting standards (IFRS)arrow_forwardWhat are some exaples of certifications, on ethical standards, do international organizations give to companies?arrow_forwardGlobally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation. Required: Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)arrow_forward
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