Mention and describe some FASB concepts, principles, standards, and rules and how they differ from one another.

Q: etail the primary goals of FASB codification,its structure and content.

A: For nonprofit organizations, the FASB Accounting Standards Codification® is the excellent feature of…

Q: Why is the concept of independence such an internal part of AICPA Code?

A: AICPA is American Institute of Certified Public Accountants, which is the leading organisation and…

Q: Discuss briefly the definitions,objective and scope of all IAS and the IFRS standards

A:

Q: What are the objectives and scope of all the standards of IFRS and IAS?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: Describe the purpose of the AICPA. What is the AICPA’s primary function?

A: The American Institute of CPA (AICPA) is a non-profit organization of Certified Public Accountants…

Q: List and explain two important criteria that must be satisfied in order for information to be…

A: Relevant information:   Decision making process requires an understanding of a grasp of illegal…

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: which MACRS convention is generally applicable to PP&E (equipment), and what other two MACRS…

A: MACRS stands for modified accelerated cost recovery system. It is the current system allowed in the…

Q: Which of the following statements is true? a. Both the SEC and the PCAOB require the use of the COSO…

A: Committee of Sponsoring Organization (COSO):  Committee of Sponsoring Organizations (COSO) is a…

Q: Which of the following is not a required fi nancial statement according to IAS No. 1? A . Statement…

A: IAS 1 deals with the presentation of FS (financial statements). This standard explains all the rules…

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: If you were given complete authority in the matter, how would you propose that GAAP should be…

A: Generally Accepted Accounting Principles (GAAP):  A set of accounting principles, practices and…

Q: What are some of the differences in elements in the IASB and FASB conceptual frameworks?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What are the IFRS and IAS standards trying to accomplish, and how broad is their scope?

A: In the era of globalization, businesses around the world work together. Investors have more…

Q: Match the conditions for internal control to each of the policies listed.

A: Internal Control:   Internal control is a process which ensures continuous reliability of…

Q: Identify all major assumptions of the CAPM, how they can be violated, and the implications of these…

A: Capital Asset Pricing Model (CAPM) was developed by Willian F. Sharpe and John Linter keeping in…

Q: Define bylaws

A: An organization's Bylaws are the core values the association works under.

Q: Explain the difference between setting ideal standards and setting reasonably achievablestandards.

A: Definition: Note: Ideal standard denotes the setting ideal standards and normal standard denotes…

Q: List all the IAS and IFRS Standards, discuss briefly their definitions, thier objective and their…

A: The Accounting standards are the set of principles and procedures to be compulsorily adopted by the…

Q: What are the similarities and differences (if any) between the IPSASs and the IASs/IFRSs?

A: The international public sector accounting standard board (IPSASB) seems to be an unbiased…

Q: What is the difference between the Codification and the Codification Research System?

A: FASB: The FASB is an independent, designated and non-profit organization established by SEC for…

Q: The FHA implements its programs with which of the following procedures?

A: FHA has been successful in stabilizing the national housing market. It was created under the federal…

Q: Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?

A: Non-compliance is an act of commission or ommission by the organisation that is not in accordance…

Q: Explain the concept of adequate disclosure.

A: Definition: Adequate Disclosures: In accounting, there is a need for adequate disclosures as these…

Q: Discuss the objectives of segmental information and the requirements for the disclosure of segmental…

A: Segmental information: Segmental information is the way of providing the overall information about…

Q: IPSASB

A: What is IPSAB REASON IT WAS ESTABLISHED WHAT OBJECTIVE OF THE IPSASB WHY THE IPSASB DEVELOPED THE…

Q: Describe the primary roles of the PCAOB.

A: PCAOB indicates to a non-profit organization stated in US and set up by Sarbanes-Oxley Act in…

Q: What are the rules for SSARS engagements in terms of standards

A: It tells about the rules for SSARS engagements in terms of standards:

Q: Locate and describe the primary policy-making organizations and their involvement in the development…

A: This question about explains the primary policy-making organizations and their involvement in the…

Q: Which of the following is not a recognized approach to standard-setting? A . A rules-based approach

A: Answer:   Recognized approach to standard setting

Q: GENERAL PROVISIONS, BASIC STANDARDS AND POLICIES IMPORTANCE AND SUMMARY AS A WHOLE

A: General Provisions General provisions are balance sheet items representing funds set aside by an…

Q: What Is Section 1031? A brief explanation on this?

A: Answer : Section 1031 Provision of Internal Revenue Code Allows the Owners of Investment Property…

Q: What are the overall IFRS and IAS standards' aims and scope?

A: This question tells about the overall IFRS and IAS standards' aims and scope:

Q: What are the different comparison standards that can be used by the entities?

A: Net profit analysis .. Significant ratios and trends with the competitor and previous year…

Q: Why are the realization and matching principles important? Only the importance

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: What are the scopes of the IPSASs?

A: INTRODUCTION TO IPSASs :  International Public Sector Accounting Standards Board (IPSASB) has…