Financial and Managerial Accounting - Workingpapers
15th Edition
ISBN: 9781337912112
Author: WARREN
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter C, Problem 1DQ
To determine
Discuss the need of global accounting standards in a business environment
Expert Solution & Answer
Explanation of Solution
Due to tremendous growth in international commerce, the companies require to report to the users outside the nation. Due to variances in accounting standards across the nations, the financial statements of the multinational companies were incomparable and difficult to deduce conclusions. To minimize such differences, global accounting standards, IFRS, were emerged, and international businesses migrated to IFRS.
Conclusion
Thus, global accounting standards were emerged to solve the variances in accounting standards.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Explain the major factors influencing the international development of accounting systems.
In today's accounting profession, what function does accounting information technology play?
Explain the relevance of the international accounting standards board in today's reporting environment.
Chapter C Solutions
Financial and Managerial Accounting - Workingpapers
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What is the connection between the Accounting & Finance Process and the Accounting & Finance Modules in ERP Systems? and What is the new role of this for Management Accounting? How would ERP Systems help in Management Accounting?arrow_forwardHow important are accounting information systems in contemporary accounting practice?arrow_forwardHow an accounting information system can improve the efficiency and effectiveness of the supply chain?arrow_forward
- *Please answer in detail* What is the role of Strategic Management Accounting in the Business Strategy Formulation and Deployment?arrow_forwardDiscuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.arrow_forwardDiscuss how technology based information systems affect accountingarrow_forward
- Discuss the difference between business-to-business and business-to-costumer. Provide a specific example How do business Intelligence works? Site a specific scenario. What are the challenges of global information systems?arrow_forwardHow management accounting evolved into what it is todayarrow_forwardWhat impact do a company's activities and business sectors have on the accounting information system architecture?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningCorporate Financial AccountingAccountingISBN:9781337398169Author:Carl Warren, Jeff JonesPublisher:Cengage Learning
- Financial & Managerial AccountingAccountingISBN:9781337119207Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningCorporate Financial AccountingAccountingISBN:9781305653535Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial & Managerial AccountingAccountingISBN:9781285866307Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Business Diversification; Author: GreggU;https://www.youtube.com/watch?v=50-d__Pn_Ac;License: Standard Youtube License