How are IFRS and the codification related? Do you feel that IFRS adoption could happen without codification?

Q: What qualifies as a like-kind exchange?

A: Definition: Property, plant, and equipment: These assets are long lived economic resources which are…

Q: In your opinion, should PWI be subject to civil litigation?

A: Here, it is to be determined that whether PWI be subject to civil litigation or not.

Q: In general terms, how does IFRS for SMEs differ from full IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What are the threats to independence?

A: Given below are the seven threats to auditor’s independence:   Self-review threat: It occurs when…

Q: What follows is a very explicit discussion of like-kind exchanges under IRC provisions?

A: Section 1031 of IRS  refer to the exchange of one financial property for another that allows…

Q: What are International Ethical Standards?

A: Ethics:   In business, ethics refer to implementation of business policies and practices that an…

Q: What is a standby commitment? When and why is it used?

A: A formal contract between a borrower and bank, that the bank will lend a certain amount to him/her…

Q: How do the non-GAAP measures differ from related official GAAP measures?

A: Generally Accepted Accounting Principles  or GAAP  provides an uniform set of rules and formats…

Q: Are there any reasons to question the validity of the CAPM?Explain.

A: In any ‘well-diversified portfolios’ the relationship between the ‘risk’ and the ‘required rate of…

Q: Which one of the following would not be an advantage of adopting IFRS?   Select one alternative…

A: Solution IFRS                 IFRS refers to the international financial reporting standards…

Q: Why is a preemptive right important?

A: Preemptive rights means the rights to  be offered to purchase a property before it is offered to…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: What are threats and safeguards to independence?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What is the important differences that exist between U.S. GAAP and IFRS?

A: U.S. GAAP is the accounting standards laid forth by the Financial Accounting Standards Board (FASB).…

Q: Which of the following value is concerned with the way we approach the end states?

A: Option a

Q: What are the Safeguards to independence?

A:

Q: When is independence required?

A:

Q: Should VAS be completely replaced by IFRS? Why/ Why not?

A: IFRS stands for International Financial Standards where as VAS stands for Vietnamese Accounting…

Q: Are the differences between IFRS and U.S. GAAP significant? Explain

A: IFRS:-These are the International Financial Reporting Standards which followed by the companies,…

Q: What are the different ways a country might use IFRS?

A: International Financial Reporting Standards refers to the accounting standards which is issued by…

Q: If so many companies find non-GAAP calculationsuseful when communicating with their stakeholders,…

A: GAAP is a set of rules for efficiently capturing and interpreting accounting data. GAAP standards…

Q: IPSASB What are the scopes of the IPSASs? What are the similarities and differences (if any) between…

A: The international public sector accounting standard board (IPSASB) seems to be an unbiased…

Q: what does the voting rights of the Exchange mean?

A: Shareholder voting indicates the privilege given to shareholders to take part in the decision making…

Q: Why was the Sarbanes-Oxley Act developed and enacted?

A: Introduction:- The Sarbanes–Oxley Act of 2002 is a federal law in the United States that sets…

Q: What controls would you implement to

A: Internal Control system: Internal control system can be defined as the set of policies and…

Q: Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?

A: Non-compliance is an act of commission or ommission by the organisation that is not in accordance…

Q: discuss the prospects and consequences of trade protection, citing relevant and recent examplesI)

A: For the purpose of increase and decrease in the trade activities of the country, the implementation…

Q: Is the threshold for recognizing a provision under IFRS different than it is under U.S.GAAP?…

A:

Q: Effective Hedging of Translation Exposure Would a more established MNC or a less established MNC be…

A: Translation exposure, also known as the accounting exposure, can be defined as the level at which a…

Q: Would a more established MNC or a less established MNC be better able to effectively hedge its given…

A: Translation exposure: It is the risk that the value of a company’s assets and equity will change due…

Q: Why is EBITDA controversial?

A: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a metric used to assess…

Q: What is USALI? Is it required under GAAP? Why would you use it?

A: USALI is Uniform System of Accounts for the lodging industry. The USALI states that all financial…

Q: Why does the Section 404 is perhaps the most controversial provision of SOX?

A: Sarbanes-Oxley Act 2002:   Sarbanes-Oxley Act was passed to protect the shareholders and the general…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: Which of the following is not a constraint on the fi nancial statements according to the Conceptual…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: What Is Section 1031? A brief explanation on this?

A: Answer : Section 1031 Provision of Internal Revenue Code Allows the Owners of Investment Property…

Q: In what ways does the IASB differ from the IASC?

A:

Q: What is a restrictive endorsement? Explain with examples?

A: Restrictive endorsements:Restrictive endorsement restricts the use of a financial instrument. The…

Q: How might a license for symbolic intellectual property be treated differently under IFRS as compared…

A: International Financial Reporting Standards: They are commonly known as IFRS. These are set of…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: What are some exceptions to UBIT provided by legislation?

A: The question is related to some exceptions to Unrelated Business Income tax .Unrelated business…