Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and error corrections.

Under IFRS, the role of the conceptual framework: Multiple Choice Primarily involves guiding standard setters to make sure that standards are consistent with each other. Includes serving as a guide for practitioners when a specific standard does not apply. Is less important than in U.S. GAAP. Has resulted primarily from a con rgence with U.S. GAAP.

What quantitative materiality tests are applied to determine whether a segment is significant enough to warrant separate disclosure?

Discuss why we have a dual system of auditing standards in the U.S. (AICPA Auditing Standards Committee-Statement on Auditing Standards and the PCAOB-Auditing Standards). Be certain to identify when each system used.