Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business. The Financial Accounting Standards Board (FASB) issues accounting standards called as Generally Accepted Accounting Principles (GAAP) for Country U. On the other hand, the International Accounting Standards Board (IASB) issues accounting standards known as International Financial Reporting Standards (IFRS) for the countries other than Country U.
To Ascertain: If the accounting standards are uniform throughout the world.
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Chapter 2 Solutions
FINANCIAL ACCOUNTING>IC<
- assume that you had to explain to a friend or family member (with no accounting background) the Accounting Cycle and how to complete your Accounting Cycle Project. What would you say?arrow_forwardExplain how accounting became a "norm" (what made a system of accounting necessary) and reflect on why YOU think it is beneficial for society as a whole to have a standard method of accounting.arrow_forwardWhat should you tell your friend about the presence of accounting standards in the UnitedStates and the rest of the world? Who has the authority for standard setting? Who has theresponsibility?arrow_forward
- I need some help answering these two accounting ethics case problems. Please answer each question with one solid paragraph.arrow_forwardYour doctor got to know that you are studying accounting and he has bought some shares from XYZ company. He received a lengthy financial report, so your doctor requests your advice as to whether he should contact the company to complain that the financial information is not understandable. Advise your doctor by justifying with GAAP principlearrow_forwardThe owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea.arrow_forward
- Discuss the role of ethics in accounting. What ethical considerations do accountants need to keep in mind while performing their duties? What are some common ethical dilemmas that accountants face, and how should they address them?arrow_forwardUse only the email that Mr Denis French received from Ms Sarah Dlamini on 23 September 2021 in “DOCUMENT 1”, to discuss if the reasoning in her response can be regarded as ethical in conducting good business.arrow_forwardKindly answer in good accounting form :>arrow_forward
- Business/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage