Define each of the following terms:d. FASB Statement 13; ASU 2016-02

Q: Conceptual framework was 1st adopted by IASB, on what particular date?

A: The Conceptual Framework sets out the fundamental concepts for financial reporting that helps to…

Q: Discuss briefly the definitions,objective and scope of all IAS and the IFRS standards

A:

Q: How is a discussion memorandum/comment written for proposed standards or rules written, that are…

A: A discussion memorandum/comment for proposed standards or rules is typically written in a formal and…

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: compare the presentation and disclosure of defi ned contribution and defi ned benefi tpension plans;

A: Pension Plans: These types of plans provide retirees the benefit of the services that they provided…

Q: Offer detailed insights into IFRS 9 Financial Instruments, focusing on its application and impact on…

A: Step 1: Understand the Key Principles of IFRS 9Classification: Understand the three classification…

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: Wha is the general journal

A: General Journal is a financial book in which all the business transactions are recorded in…

Q: he GAAP hierarchy lists which source of authoritative accounting guidance as highest in priority?…

A: GAAP refers to the Generally Accepted Accounting Principles, this is classified in four level…

Q: Briefly outline accounting standards  IAS 2 and IFRS 15 with examples

A: IAS 2, Inventories, provides guidance on the accounting treatment for inventories (i.e., goods held…

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: 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: List and describe the five steps for recognizing revenues under both IFRS 15 and US GAAP

A: The revenue recognition principle states that the revenue needs to recognized only when it is…

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: SUMMARIZE THE CORE ISSUES for the following topic:- ISA 710, Comparative Information-Corresponding…

A: International Standard on Auditing (ISA): The International Standard on Auditing (ISA) manages the…

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

A: The accounting standards of IAS are as follows:

Q: Explain two similarities and three differences between IFRS and US GAAP with respect to accounting…

A: Companies in the United States operate under the generally accepted accounting principles (GAAP),…

Q: Describe the FASB–IASB convergence process and SEC recognition of IFRS.

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: what us the 2021 general entry?

A: An employer agrees to provide employees with a predetermined amount of retirement benefits upon…

Q: Explain how to set the date of the first adoption of IFRS and first reporting date in accordance…

A: The International Financial Reporting Standards (IFRS) were developed to ensure that accounting…

Q: Discuss the financial statements required by IPSAS1 and the basis of their preparation

A: Financial statements refer to the records of the business activities in written form and reporting…

Q: The FHA implements its programs with which of the following procedures?

A: FHA has been successful in stabilizing the national housing market. It was created under the federal…

Q: Why were several original standards issued by the IASC revised in 1993?

A: Several original standards issued by the International accounting standard committee (IASC) were…

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: Discuss regulatory disclosure requirements

A: Rules that must be abided by in disclosure statements provided to clients or customers. These…

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

A:

Q: statements related to the NYSE is correct

A: NYSE is the New York Stock Exchange.

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the…

A: Inventory: Inventory refers to the raw materials, work-in progress, and the finished goods products…

Q: In addition to EPS numbers themselves, what additional disclosures should be provided concerning the…

A: Earning per share (EPS) refers to the measure of earnings that are available to each share in a…

Q: n

A: Interim financial report This is the financial report prepared by a company. The minimum period to…

Q: make a critical assessment of the international accounting standard board conceptual framework 2018.

A: 1. Clarity and Consistency: One of the strengths of the Conceptual Framework is its emphasis on…

Q: Describe the specific calculations of EPS that U.S. GAAP requires that public companies report.

A: EPS means Earning per share. It indicates amount of income earned by a company expressed on a per…

Q: Define Accounting Standards Update (ASU) 2016-02

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Explanation on the disclosure requirements for the accounting treatment of the MFRS 138. Clear…

A: MRFS 138 deals with Intangible Assets. MRFS are the Malaysian Financial Reporting Standards for…