IFRS Consider the question of whether the United States should converge accounting standards with IFRS. Required: Make a list of arguments that favor convergence. Make a list of arguments that favor nonconvergence. Indicate your conclusion regarding whether the United States should converge with IFRS, and indicate the primary considerations that determined your conclusion.

IFRS Consider the question of whether the United States should converge accounting standards with IFRS. Required: Make a list of arguments that favor convergence. Make a list of arguments that favor nonconvergence. Indicate your conclusion regarding whether the United States should converge with IFRS, and indicate the primary considerations that determined your conclusion.

Accounting Information Systems

11th Edition

ISBN:9781337552127

Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Chapter16: The General Ledger And Business Reporting (gl/br) Process

Section: Chapter Questions

Problem 7DQ

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7 Which of the following statements is true about accounting convergence? A. B. C. D. 8 Which of the following statements is believed to be true about accounting convergence by proponents of convergence? A. B. C. Convergence is a synonym for harmonization. Convergence is the opposite of standardization. Convergence, unlike harmonization, takes place over a period of time. Convergence means developing high-quality standards in partnership with national standards. D. Convergence would not affect the feelings of nationalism. Convergence is desirable because there is very little difference among capital markets in different countries. Convergence would help to raise the quality of accounting practices internationally. None of the above statements is true.
Question 37 Revenue and expense recognition under the current IFRS conceptual framework is the same as under the U.S. GAAP conceptual framework. True Ⓒ False
question 3 identify and discuss the major challenges and opportunities associated with international accounting standards convergence. Analyse the implications of differences in accounting practices across countries and propose strategies for addressing these challenges.
1.Why do different countries have different accounting standards? Explain your answer withsuitable example.2. What are the advantages of a single set of international accounting standards?
Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.
Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.
QUESTION 3 B Globally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation. Required:Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)
Which of the following statements about the accounting standards used in other countries is correct? Multiple Choice OU.S. GAAP is used worldwide. O O IFRS are used by all countries. Saved More and more countries are using IFRS. There are no plans to converge U.S. GAAP with IFRS.
With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP and IFRS?
State four (4) main criticisms against the adoption of IFRSs in some countries.
discuss some of the issues that some U.S. accountants have with IFRS. There are some fundamental differences between U.S. GAAP and IFRS that many believe should prevent the U.S. from convergence.
2) What is the relation of harmonization in international accounting?