Which of the following statements about the accounting standards used in other countries is correct? Multiple Choice U.S. GAAP is used worldwide. IFRS are used by all countries. More and more countries are using IFRS. There are no plans to converge U.S. GAAP with IFRS.
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- Accounting Which of the following has NOT been identified as a problem with Australia accepting the international harmonisation of its accounting standards? Select one: а. Too few countries have adopted international accounting standards. b. IFRS standards tend to be more complex. С. Compromises sometimes need to be made when creating standards. d. None of the above, they are all problems.A. 61. Which of the following statements about international accounting standards is true? A. Accounting professionals in the USA consider US GAAP superior to IAS and has nointention to adopt International Accounting Standards.B. The IASB is able to enforce its standards by prohibiting the listing of companies which donot comply on stock exchanges which sell internationally.C. The International Accounting Standards Board (IASB) was established with the purposeof narrowing the range of divergence in accounting standards throughout the world.D. Legal and psychological hurdles to achieving common reporting standards will be fullyovercome by the year 2012, the time frame set for convergence between IAS and USGAAP.What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?
- discuss some of the issues that some U.S. accountants have with IFRS. There are some fundamental differences between U.S. GAAP and IFRS that many believe should prevent the U.S. from convergence.How is U.S. GAAP accounting different from international accounting? What are the key differences? And what rationale drives these differences?Ghana 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.
- Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?Choose the correct. Which of the following statements is not true under U.S. GAAP?a. Operating segments can be determined by looking at a company’s organization chart.b. Companies must combine individual foreign countries into geographic areas to comply with the geographic area disclosure requirements. c. Companies that define their operating segments by product lines must provide revenue and asset information for the domestic country, for all foreign countries in total, and for each material foreign country.d. Companies must disclose total assets, investment in equity method affiliates, and total expenditures for long-lived assets by operating segment.
- How do differences in accounting standards and regulations across countries pose challenges for the accurate and consistent analysis of international transactions, and what strategies can be employed to address these challenges?International Financial Reporting Standards are gaining support around the globe. In 2007, the SEC eliminated the requirement for foreign companies that issue stock in the United States to include in their financial statements a reconciliation of IFRS to U.S. GAAP. There also is serious discussion of allowing U.S. companies to choose whether to prepare their financial statements according to U.S. GAAP or IFRS. Required: Do you think U.S. companies should be allowed the choice of reporting under either U.S. GAAP or IFRS? Provide arguments both for and against this idea.Convergence of accounting standards of a country with that of IASB is a better alternative to full adoption of IFRS. please explain
