International Accounting
5th Edition
ISBN: 9781259747984
Author: Doupnik, Timothy S., Finn, Mark T., Gotti, Giorgio
Publisher: Mcgraw-hill Education,
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Question
Chapter 3, Problem 3EP
To determine
List the main issues to be addressed in implementing the use of IFRS.
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The purpose of the IFRS Interpretations Committee is to:
Consider accounting issues that are likely to receive unintended or unacceptable treatment in the absence of any other form of guidance
Ensure accurate translation from English into the other principal languages utilised by the IASB
Provide initial technical advice and service for companies wishing to adopt International Accounting Standards
Provide a compliance function to ensure the timely and accurate adoption of new International Accounting Standards by companies with listed securities.
Which of the following events caused international accounting standards to become more widely adopted?
A. The creation of the International Accounting Standards Committee in 1973.
B. The announcement by the European Union (EU) that listed companies within EU countries would have to adopt international reporting standards.'
C. The creation of the International Accounting Standards Board in 2001.
D. the U.S. Securities and Exchange Commission acceptance of international reporting standards for companies listed on the U.S. securities exchanges.
Choose the correct. What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.
Chapter 3 Solutions
International Accounting
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - 8. Are there any major accounting issues that have...Ch. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - What are the conditions to be satisfied if a firm...Ch. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 2EPCh. 3 - Prob. 3EPCh. 3 - Prob. 4EPCh. 3 - Prob. 5EPCh. 3 - 7. The appendix to this chapter describes what is...Ch. 3 - In its 2003 annual report, Honda Motor Company LTD...Ch. 3 - Prob. 10EPCh. 3 - Prob. 11EPCh. 3 - 14. Recently the IASB revised IFRS...Ch. 3 - Prob. 13EPCh. 3 - Prob. 14EPCh. 3 - Prob. 15EPCh. 3 - Prob. 1C
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- Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.arrow_forwardThe International Accounting Standards Board (IASB) works to formulate international accounting standards that are adopted by each country a. when approved by the IASB. b. when accepted by the majority of IASB member countries. c. on a voluntary basis. d. only after acceptance by 2/3 of IASB member countries.arrow_forwardWhat should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?arrow_forward
- What 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_forwardWhat 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)arrow_forwardThe Malaysian Accounting Standards Board (MASB) is adopting two sets of accounting framework issued by International Accounting Standards Board (IASB), namely, the International Financial Reporting Standards (IFRS), and the Private Entity Reporting Standards (PERS). All these frameworks are legally approved by MASB and can be applied by entities in Malaysia. Discuss SIX (6) costs of adopting the above-mentioned frameworks in Malaysia.arrow_forward
- Discuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards and the convergence of accounting standards.arrow_forwardGhana adopted IFRSs wholly in 2007, to replace the Ghana National Accounting Standards. State four (4) benefits that the country is expected to derive from adopting these international standards.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_forward
- Good evening , please may you help with the following question based on the information provided , in south african accounting standards please??arrow_forwardChoose the correct. Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist?a. The IASB Conceptual Framework takes precedence over other IASB standards that deal with related issues.b. The IASB Conceptual Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.c. The most recent specifically relevant pronouncement of any other standard-setting body may be used when neither IASB standards nor the IASB Conceptual Framework provide helpful guidance.d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.arrow_forwardExplain the relevance of the international accounting standards board in today's reporting environment.arrow_forward
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