IFRS is comprised of: a.    International Financial Reporting Standards and FASB Financial Reporting Standards. b.    International Financial Reporting Standards, International Accounting Standards, and International Accounting Interpretations. c.    International Accounting Standards and International Accounting Interpretations. d.    FASB Financial Reporting Standards and International Accounting Standards.

Q: The ________ is attempting to harmonize accounting standards through issuing International Financial…

A: The International Financial Reporting Rules (IFRS) are a collection of accounting standards that…

Q: US generally accepted accounting principles are currently developed by which entity? B . Th e…

A: The accounting principles are the guidelines and rules which companies should follow while reporting…

Q: describe general requirements for fi nancial statements under International Financial Reporting…

A: The IFRS is general standards of financial reporting along with US and UK GAAP.

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: n accounting standard is a common set of principles, standards, and procedures that define the basis…

A: Accounting Concepts and Conventions :       There are certain business transactions whose recording…

Q: The existing procedures for setting international Financial Reporting Standards were  established in…

A: The International Financial Reporting Standards Foundation (IFRSF) is an independent, not-for-profit…

Q: Accounting practices in the United States are governed by a set of accounting rules referred to as:…

A: Accounting Concepts and Conventions :      There are certain business transactions whose recording…

Q: List the types of authoritative pronouncements that constitute International Financial Reporting…

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: Present a historical overview of International Financial Reporting Standards (IFRSs) starting with…

A: IFRS are issued by the IFRS foundation and international accounting standards board.  They…

Q: From the following, which is the correct form of IFAC? a. International Federation of Audit…

A: IFAC is an organisation which is globally representing the accounting profession.

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: 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: What are the objectives, principles and assumptions of the Conceptual Framework for Financial…

A: Answer: Concept: Conceptual framework describes the objective and concept for general purpose…

Q: The international conceptual framework describes the objective of, and concepts for, general purpose…

A: General-purpose financial reporting as described in the conceptual framework is to provide financial…

Q: The quality of financial reporting standards issued by the International Accounting Standard Board…

A: Financial reporting standards are guidelines for the preparation and presentation of financial…

Q: The notes to the financial statements should provide information: I. About the entity's accounting…

A: Notes to financial statements is very important part of financial statements.

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: Define International Accounting Standards Board (IASB).

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

Q: Which of the following organizations issue standards that focus on both internal and external…

A: The organization that issues standards that focus on both internal and external financial reporting…

Q: ​________ is the process of bringing different national Generally Accepted Accounting Principles…

A: Harmonization will help multinational companies to compare their financial statement globally.…

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 the challenges faced by the International Accounting Standard Board (IASB) in the…

A: IASB IASB is an independent body that laid the foundation of International financial reposting…

Q: compare key concepts of fi nancial reporting standards under IFRS and US generally accepted…

A: IFRS:-  International Financial Reporting Standards - as the name implies - is an international…

Q: What are some of the differences between International Financial Reporting Standards (IFRS) and U.S.…

A: BASIS IFRS U.S. GAAP Impairment losses Both of them allow for impairment losses but in few…

Q: 1.         Authoritative standards for IFRS include: a) International Financial Reporting Standards…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: The financial accounting Standards board is responsible for

A: FASB is an independent, not for profit private organisation recognised by Securities Exchange…

Q: The purpose of the International Accounting Standards Board is to: a) regulate stock prices at the…

A: International accounting standard board is a independent body which develop and approves…

Q: Identify the three essential elements that underpin GAAS (Global Accounting and Accounting Standards

A: It is telling about the three essential elements that underpin GAAS :

Q: Explian International Financial Reporting Standards (IFRS)

A: The IFRS is a set of accounting regulations that were developed by the Worldwide Accounting Standard…

Q: What are the two primary organizations in the U.S. that are responsible for setting standards…

A: Accounting:Accounting is the process of recording, classifying, and summarizing financial…

Q: Using concrete examples, explain how International Accounting Standard 23 might apply to your…

A: Introduction: Using concrete examples, explain how International Accounting Standard 23 might apply…

Q: what are the Approaches adopted in the development of accounting standards ,indicating and explain…

A: International accounting standards Board (IASB) is an independent body for setting the International…

Q: Explain principles based vs. rule-based accounting standards. Which one is mostly used as reference…

A: Accounting standards may be rule-based or principle-based.