INTERMEDIATE ACCOUNTING-MYACCOUNTINGLAB
3rd Edition
ISBN: 9780136946533
Author: GORDON
Publisher: PEARSON
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Question
Chapter 3, Problem 3.7BE
To determine
To identify: The three levels of the literature hierarchy for IFRS in the correct order, from 1 through 4.
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Students have asked these similar questions
Which is the first step within the hierarchy of guidance when selecting accounting policies?
a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction
b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue
c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework
d. Consider the most recent pronouncements of other standard setting bodies
Accounting Question
Case Study: Navigating the FASB Accounting Standards Codification (ASC)**
*Introduction:*
The FASB Accounting Standards Codification (ASC) serves as the authoritative source for U.S. generally accepted accounting principles (GAAP). It is a comprehensive system designed to organize and present accounting standards in a logical and accessible manner. In this case study, we explore the components included and excluded from the FASB ASC.
*Components of FASB ASC:*
1. **AICPA Statements of Position (SOP):**
- SOPs issued by the American Institute of Certified Public Accountants (AICPA) were included in the FASB ASC during its initial implementation. However, updates to the ASC may have modified this inclusion.
2. **FASB Statements:**
- FASB Statements are a core part of the FASB ASC. These statements represent authoritative guidance on various accounting topics, ensuring consistency in financial reporting.
3. **Accounting Research Bulletins (ARB):**
- ARBs were issued by…
Chapter 3 Solutions
INTERMEDIATE ACCOUNTING-MYACCOUNTINGLAB
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Does U.S. GAAP require that companies disclose...Ch. 3 - Does IFRS require that companies disclose...Ch. 3 - Prob. 3.5QCh. 3 - Does IFRS require that companies disclose their...Ch. 3 - Prob. 3.7QCh. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Prob. 3.10Q
Ch. 3 - Prob. 3.11QCh. 3 - What is the Basis for Conclusions and where can...Ch. 3 - Prob. 3.13QCh. 3 - Prob. 3.14QCh. 3 - Prob. 3.1BECh. 3 - Judgment in Accounting for Plant and Equipment....Ch. 3 - Match Each Cognitive Bias Below with its...Ch. 3 - Prob. 3.4BECh. 3 - Prob. 3.5BECh. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Codification Research. Referencing Appendix A,...Ch. 3 - Prob. 3.9BECh. 3 - Prob. 3.10BECh. 3 - Exercises E3-1. Accounting Policy Disclosures. To...Ch. 3 - Cognitive Bias. A team of accounting students is...Ch. 3 - Cognitive Bias. A team of accounting students is...Ch. 3 - Authoritative Literature. Provide the reference to...Ch. 3 - Authoritative Literature. Provide the reference to...Ch. 3 - Authoritative Literature. To what entity types...Ch. 3 - Authoritative Literature. How does FASB define...Ch. 3 - Prob. 3.8ECh. 3 - Prob. 1JCCh. 3 - Prob. 2JCCh. 3 - Prob. 1SSCCh. 3 - Surfing the Standards Case 2: Inventory...Ch. 3 - Prob. 3SSCCh. 3 - Basis for Conclusions Case 1: Judgment and...Ch. 3 - Basis for Conclusions Case 2: Income Statement or...
Knowledge Booster
Similar questions
- What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in developing IFRSs b. the hierarchy of sources of accounting standards and principles c. the true concept of "present fairly in accordance with IFRSs' d. IFRSarrow_forwardAnswer the following multiple-choice questions. Accounting standard-setters use the following process in establishing accounting standards:(a) Research, exposure draft, discussion paper, standard.(b) Discussion paper, research, exposure draft, standard.(c) Research, preliminary views, discussion paper, standard.(d) Research, discussion paper, exposure draft, standard.arrow_forwardWhy do we use the Accounting Standards Codification (ASC)? (RAB 9) To summarize key pronouncements of the AICPA To provide access to current GAAP To organize rules from the SEC To prioritize the key information tested on the CPA examarrow_forward
- Why does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive accounting standard?arrow_forwardAccounting standard-setters use the following process in establishing accounting standards:a Research, exposure draft, discussion paper, standard.b. Discussion paper, research, exposure draft, standard.c. Research, preliminary views, discussion paper, standard.d. Research, discussion paper, exposure draft, standard.arrow_forwarddescribe the importance of fi nancial statement notes and supplementary information—including disclosures of accounting policies, methods, and estimates—and management’scommentaryarrow_forward
- describe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of fi nancial statements, required reporting elements, and constraints and assumptions in preparing fi nancial statementarrow_forwardDiscuss the Financial Accounting Standard Board’s (FASB’s) Conceptual Framework Project; 2) Discuss the Advantages and Disadvantages of Harmonizing Accounting Standardsarrow_forwardThe IASB has created accounting standards that are: Select one: a. Rules-based. b. Transactions-based. c. Principles-based. d. Comparability-based.arrow_forward
- What can be interpreted from Accounting Standards Codification (ASC), of FASB?arrow_forwardThe purpose of the Conceptual Framework is: A. To assist the International Accounting Standards Board to develop IFRS Standards B. To assist preparers of IFRS financial statements to develop consistent accounting policies when no IFRS Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy C. To assist all parties to understand and interpret IFRS Standards OD. All of the abovearrow_forwardThe theoretical principles helps in the _____________. a. Working of IASB b. Evaluation of standard which are in existence c. Formation of rules of accounting d. Discarding the existing standardsarrow_forward
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