Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 19, Problem 32OQ
To determine
Indicate whether the auditor should agree or disagree with the given statements relating to the topic of special-purpose financial reporting frameworks.
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Choose the correct. According to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, and a. International financial reporting standards issued by the IASB only.b. International accounting standards issued by the IASC only.c. International financial reporting standards issued by the IASB and international accounting standards issued by the IASC.d. International financial reporting standards issued by the IASB and statements of financialaccounting standards issued by the FASB.
A special purpose framework that is a non-GAAP financial reporting framework, that employs either a cash, tax, regulatory, contractual, or other basis of accounting. For example, a tax basis of accounting is used to file an organization’s tax return for the period covered by its financial statements.
After performing a special purpose framework as decribed above, what level of assurance is provided to the financial statements?
What type of circumstances would drive an organization to comply with US Generally Accepted Accounting Principles (GAAP)? Choose all that apply.
Lender reporting requirements
International Financial Reporting Standards (IFRS) requirements
Equity investor reporting requirements
An audit by the internal revenue services (IRS)
Chapter 19 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 19 - Prob. 1RQCh. 19 - Prob. 2RQCh. 19 - Prob. 3RQCh. 19 - Prob. 4RQCh. 19 - Prob. 5RQCh. 19 - Prob. 6RQCh. 19 - Prob. 7RQCh. 19 - Prob. 8RQCh. 19 - Prob. 9RQCh. 19 - Prob. 10RQ
Ch. 19 - Prob. 11RQCh. 19 - Prob. 12RQCh. 19 - Prob. 13RQCh. 19 - What are the types of procedures performed during...Ch. 19 - Prob. 15RQCh. 19 - Prob. 16RQCh. 19 - Prob. 17RQCh. 19 - What procedures are required when a CPA performs a...Ch. 19 - Prob. 19RQCh. 19 - What should the accountants do if they discover...Ch. 19 - Prob. 21RQCh. 19 - Prob. 22RQCh. 19 - Prob. 23QRACh. 19 - Prob. 24QRACh. 19 - Prob. 25QRACh. 19 - Prob. 26QRACh. 19 - In connection with a public offering of...Ch. 19 - Prob. 28QRACh. 19 - Prob. 29AOQCh. 19 - Prob. 29BOQCh. 19 - Prob. 29COQCh. 19 - Prob. 29DOQCh. 19 - Prob. 29EOQCh. 19 - Prob. 29FOQCh. 19 - Prob. 29GOQCh. 19 - Prob. 29HOQCh. 19 - Prob. 29IOQCh. 19 - Prob. 29JOQCh. 19 - Prob. 29KOQCh. 19 - Prob. 29LOQCh. 19 - Prob. 30OQCh. 19 - Prob. 31OQCh. 19 - Prob. 32OQCh. 19 - Prob. 33OQCh. 19 - Prob. 34OQCh. 19 - Jiffy Clerical Services is a company that...Ch. 19 - Prob. 36PCh. 19 - Prob. 37AITCCh. 19 - Prob. 37BITCCh. 19 - Prob. 37CITCCh. 19 - Prob. 37DITCCh. 19 - Prob. 38RDC
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- These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_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_forwardThis is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forward
- The International Accounting Standards Board (IASB) devises and publishes International Financial Reporting Standards (IFRS Standards) while it revised versions of International Accounting Standards (IAS Standards) originally published by the International Accounting Standards Committee (IASC). The IASB has also published the Conceptual Framework for Financial Reporting reflecting some of the attributes that make financial information useful to the various users of financial statements. You are required to:(a) explain the main purposes of the IASB’s Conceptual Framework document. (b) discuss the assumption that (according to the IASB’s Conceptual Framework) underlies the preparation of financial statements.arrow_forwardDo the conceptual frameworks of the International Accounting Standards Board and the Financial Accounting Standards Board vary in terms of the function of financial reporting?arrow_forwardAccording to the IASB, IFRS comprise interpretations issued by the SIC and IFRIC, anda. International financial reporting standards issued by the IASB only.b. International accounting standards issued by the IASC only.c. International financial reporting standards issued by the IASB and international accounting standards issued by the IASC.d. International financial reporting standards issued by the IASB and statements of financial accounting standards issued by the FASB.arrow_forward
- Which of the following is a qualitative characteristic of financial information included in the IASB’S Conceptual framework for financial reporting? a. Relevance b. Fair presentation c. Consistency d. Accrualsarrow_forwardPlease explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, financial instruments, leases).arrow_forwardYou are required to discuss and report on methodologies usedwhen conducting Financial Reporting Research under the U.S. GAAP Process in comparison with the requirements of IFRSarrow_forward
- The US GAAP provides rules and guidance for what two primary financial reporting purposes?arrow_forwarddescribe general requirements for fi nancial statements under International Financial Reporting Standards (IFRSarrow_forwardDiscuss the Generally Accepted Accounting Procedures (GAAP) and International Financial Reporting Standards (IFRS). Highlight on the accounting principles and application?arrow_forward
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