Answered: can you describe any one convergence…

can you describe any one convergence project of FASB and IAS that has been completed in the recent past and how this is an important improvement of accounting standards.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the development of…

A: U.S. GAAP The Generally Accepted Accounting Principles in the US (US GAAP) refer to the…

Q: discuss in brief the different accounting branches with their major objectives

A: Introduction:- Branches of accounting classified into more than 10 types but The following three…

Q: What would happen if both GAAP and IFRS adopted fiar value accounting? Consider both consoldiation…

A: GAAP GAAP, or usually Accepted Accounting Principles, could be a commonly recognized set of rules…

Q: Runway is planning to adopt IFRSs in the near future. What is the relevant accounting guidance it…

A: IFRS stands for International Financial Reporting Standards which states the accounting standards…

Q: If a single set of worldwide accounting standards were to be developed, should it be…

A: Answer:- Accounting standard meaning:- A unified collection of guidelines that serve as the…

Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…

A: These 3As like Accounts, Accounting and Accountability are three different concept and it must be…

Q: Explain The role of the IIRC & The integrated reporting under the CPA.

A: integrated reporting is considered to be an important tool in the understanding the relationship…

Q: Explain the concepts of fiscal and operational accountability and the basis of accounting used to…

A: Financial accountability refers to the policies adopted by a board for the attainment of their…

Q: describe the International Accounting Standards Board’s conceptual framework, including the…

A: International Accounting Standards Board (IASB) is the organization that was created in 2001 with an…

Q: Case Study: Navigating the FASB Accounting Standards Codification (ASC)** *Introduction:* The…

A: The FASB Accounting Standards Codification (ASC) is the primary source of authoritative accounting…

Q: Explain the relevance of the international accounting standards board in today's reporting…

A: Accounting Standard- The goal of international accounting standards is to generate efficient capital…

Q: is the conceptual framework applied to IAS 1, IAS 8, and IAS 21? IAS is "International Accounting

A: Accounting standards are the set of rules, regulations, and procedures that examines the policies…

Q: Define generally accepted accounting principles (GAAP) and discuss the historical development of…

A: Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of…

Q: FASB undertakes a series of elaborate information-gathering steps before issuing an Accounting…

A: FASB follows the following steps while making an update of Accounting Standards: With the help of…

Q: List all the accounting standards of the IAS and the IFRS

A: The accounting standards of IAS are as follows:

Q: What do we understand, when we say that Social and Economic Accounting is a "comprehensive,

A: GIVEN when we say that Social and Economic Accounting is a "comprehensive, consistent and…

Q: Identify which of the following characteristics will help the company in relating similar…

A: It is a qualitative characteristic of financial statement that it can compared inter and intra…

Q: nting standards of a country with that of IASB is a

A: The Accounting Standard Board (ASB) of the Institute of Chartered Accountants of India (ICAI)…

Q: Critically appraise the benefits and drivers of international financial reporting convergence and…

A: Financial reporting convergence refers to the process of reducing differences and promoting…

Q: describe the status of global convergence of accounting standards and ongoing barriers to developing…

A: Accounting standards are the set of concepts and principles that are the basis to perform financial…

Q: The purpose of the Conceptual Framework is: A. To assist the International Accounting Standards…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: Which of the following is not about harmonization?

A: Answer - . Harmonization is a process of preparing financial statement - Not About Harmonization…

Q: Define International Accounting Standards Board (IASB).

A: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: " Accounting is shaped by , reflects , and reinforces particular characteristics unique to its…

A: The accounting system is considered to be the backbone of the nation's development as it will…

Q: Most changes in accounting principles are recorded and reported retrospectively. In a few…

Q: Explain in brief the problems caused by accounting diversity.

A: Accounting diversity refers to differences in accounting practices followed across different…

Q: Explain any three fundamental easons that accounting bodies shoulc ceep in mind when developing…

A: An accounting standard is a common set of principles, standards, and procedures that outline the…

Q: Briefly state how FASB efforts to improve Consolidation accounting

A: Financial Accounting Standard Board: Establishing financial accounting and reporting standards for…

Q: GAAP is comprised of: O FASB financial standards. O FASB standards, interpretations, EITF…

A: GAAP (Generally Accepted Accounting Principles) is a set of accounting standards and principles that…

Q: relevant authoritative literature on accounting for any of the topics covered in this course by…

Q: The IASB has created accounting standards that are: Select one: a. Rules-based. b.…

A: IASB stands for International Accounting Standard Board.

Q: Revenue Recognition Discuss transition methods of this new revenue standard, i.e., how an entity…

A: This question deals with revenue recognition transition methods of the new revenue standard under…

Q: The purpose of presenting comparative information in the transition to IFRS is: a. to ensure that…

A: International Financial Reporting Standards (IFRS) They are commonly known as IFRS. It is a set of…

Q: Discuss critically how Tesla provide Social and Environmental Accounting?

A: The objective of this question is to critically discuss how Tesla, a leading electric vehicle and…

Q: Explain the need for changing Accounting standards across the time

A: Accounting standards : Accounting is said to be the language of business and it provides…

Question

can you describe any one convergence project of FASB and IAS that has been completed in the recent past and how this is an important improvement of accounting standards.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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

Explain the major factors influencing the international development of accounting systems.
Why does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive accounting standard?
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to reporting accounting changes.
The objective of IFRS 1 is to ensure that an entity's first IFRS financial statements contain high quality information to users. Explain how the standard achieves this objective. Do you think a reporting entity's financial statements could still be of "high quality" even if it does not comply with IFRS 1? Discuss your answer. THANKS.
The theoretical principles are beneficial in the. a. Evaluation of standard which are in existence b. Discarding the existing standards c. Formation of rules of accounting d. Working of IASB
Define International Accounting Standards Committee.
Discuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards and the convergence of accounting standards.
The 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 standards
a). Make a list of FASB accounting standards that have been converged with IFRS and b).identify the FASB topic name and ASC number for example, (Standard topic name: ASC XXX-XX-XX-X).
Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.