Many corporations struggles, to align the financial statements prepared by foreign branches with that of the parent company’s statement’s due to differences in rules followed by accounting standards such as IFRS and gaap.Explain few comparison examples on companies which adhere to those standards

Many corporations struggles, to align the financial statements prepared by foreign branches with that of the parent company’s statement’s due to differences in rules followed by accounting standards such as IFRS and gaap.Explain few comparison examples on companies which adhere to those standards

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

The Financial Accounting Standards Board has established a standard for revenue recognition for publicly traded companies. true or false?
State the accounting principle or assumption that is most applicable in the following situations: 1. A company prepares consolidated financial statements for a subsidiary that it owns. 2. The decision to remove an asset from the balance sheet 3. A large sale on account is not recognized as revenue because collectability is an issue. 4. Disclosure of the liability from a lawsuit in the financial statements 5. Preparation of monthly financial statements 6. Using the Canadian dollar in financial statements 7. An energy company includes detailed information about its reserves in its notes to the financial statements.
What are the differences between a Global Business Company from an Authorised Company under the Financial Services Act 2007.
Which of the following finance options is given to businesses by their suppliers? O Commercial Paper O Trade Credit O Unsecured loan O Corporate bonds What is the value of an independent audit? O t is an independent opinion about the accuracy of financial statements. O It creates an income statement and balance sheet. O it guarantees the company has not committed fraud. O It is not necessary if the company uses GAAP.
Which of the following is correct criticism on the positive accounting theory? O a. It gives prescriptions for accounting practice of the company. O b. It misleads the stock market by manipulating the earnings. O c Its earnings numbers prepared according to a single basis. O d. It says something about good or bad accounting policy of the company.