ADVANCED ACCT CUSTOM W/CONNECT
14th Edition
ISBN: 9781307697711
Author: Hoyle
Publisher: MCG/CREATE
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Chapter 11, Problem 1P
To determine
Identify the appropriate answer for the given statement from the given choices.
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Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others?a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.
Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others? Choose the correct.a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.
What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?
Chapter 11 Solutions
ADVANCED ACCT CUSTOM W/CONNECT
Ch. 11 - Historically, what factors contributed to the...Ch. 11 - Nestl S.A. is a very large company headquartered...Ch. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 10QCh. 11 - Prob. 11QCh. 11 - Prob. 12QCh. 11 - What are the two extreme approaches that a company...Ch. 11 - Prob. 14QCh. 11 - Prob. 15Q
Ch. 11 - Prob. 16QCh. 11 - Prob. 17QCh. 11 - Prob. 18QCh. 11 - Prob. 19QCh. 11 - Prob. 20QCh. 11 - Even if all companies in the world were to use...Ch. 11 - Prob. 1PCh. 11 - Prob. 2PCh. 11 - Which of the following is not a reason for...Ch. 11 - Prob. 4PCh. 11 - Prob. 5PCh. 11 - Prob. 6PCh. 11 - Prob. 7PCh. 11 - Prob. 8PCh. 11 - Prob. 10PCh. 11 - Prob. 11PCh. 11 - Prob. 12PCh. 11 - Which of the following statements is true for a...Ch. 11 - Prob. 14PCh. 11 - Prob. 15PCh. 11 - Prob. 16PCh. 11 - Prob. 17P
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- Which factor explaining why accounting practices differ across countries do you think is most important? Explain why.arrow_forwardWhich of the following reason(s) help explain why accounting practices may differ across countries? a. Legal system. b. Culture. c. Political and economic ties. d. All of the above.arrow_forwardDetail and discuss the impact of cultural factors on differences in accounting between countries.arrow_forward
- How is U.S. GAAP accounting different from international accounting? What are the key differences? And what rationale drives these differences?arrow_forwardAccording to the simplified model of accounting diversity, what are two important factors influencing differences in accounting systems across countries? Please explain the two factors rather than just listing.arrow_forwardHow do international accounting standards and cultural differences impact financial reporting practices in different regions of the world?arrow_forward
- accounting standards for each country differ due to the unique environments that have developed over time. So then, why is it important to discard these cultural differences (which are very important to the culture's identity) to develop uniform accounting rules and principles (i.e. IFRS)?arrow_forward2.Explain the environmental factors that lead to national differences in accounting. 3.What are the two main legal systems operating worldwide? How might these affect accounting? Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples. 5.Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems? 6.What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption. 7.Explain the benefits of global adoption of IFRSs. 8. Outline the key challenges of US GAAP and IFRS convergence.arrow_forwardHow do differences in accounting controls and enforcement impact accounting reports prepared across different countries?arrow_forward
- What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?arrow_forwardWhich of the following is not a problem caused by diversity in accounting practices across countries? Multiple Choice Comparing companies in the same industry that are headquartered in different countries. Translating foreign currency balances into U.S. dollars. Converting local GAAP financial statements into U.S. GAAP for consolidation purposes. Maintaining separate accounting records in both the local and U.S. GAAP. Identifying and retaining personnel who are competent to prepare financial statements in both international and domestic accounting standards.arrow_forwardIn general terms, identify several factors that prompt differ-ent countries to develop different accounting principles.arrow_forward
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