Discuss the principles and rules outlined in the Standards on Revenue Recognition, IFRS 15 and ASC 606. In your discussion comment on the 5 steps approach and why you think it was necessary for the accounting bodies to implement the stan

Explain what is meant by information accompanying basic financial statements. Provide two examples of such information. What levels of assurance may the CPA offer for this information

What are the two primary organizations in the U.S. that are responsible for setting standards relatedto the preparation of accounting information?

Which of the following can be used as a criteria for evaluating information being audited? A) International Financial Reporting Standards (IFRS)B) Generally Accepted Accounting Principles (GAAP)C) Internal Revenue Code (IRC)D) all of the above

What is the authoritative guidance for AU-C 540 Auditing Accounting Estimates, including Faire Value Accounting Estimates, and Related Disclosures?

Why does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive  accounting standard?

In the FASB Accounting Standards Codification some of the sections may have the letter "S" next to it.  What does the "S" indicate?   Question 24 options:   a)  Superceded Guidance   b)  SEC Guidance   c)  SME Guidance   d)  Simplified Guidance

Who should set accounting standards? A government agency or private body such as the FASB?

Discuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards  and the convergence of accounting 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).