What is the purpose of the IPSASB and what are the reasons for its establishment?

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: 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: Explain Regulatory Provisions?

A: Regulations: The regulation is processed by which a complex system is managed under a set of rules.

Q: What guidance does the Codification provide concerning the disclosure of research and development…

A: Research and development (R&D) incorporate activities that are taken up by an organization to…

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

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: What does the disclosure principle require?

A:

Q: What are the major differences between the IFRS conceptual framework and the FASB conceptual…

A: ANSWER     The components of the conceptual framework for ­financial reporting include recognition…

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 standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What is the mechanism via which Naics operates?

A: It is about the mechanism via which Naics operates:

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: What are the goals of the SEC?

A: Securities and Exchange Commission (SEC): SEC is a governmental agency that has the legal power, for…

Q: What are GAAP principles

A: The management of the company is the main responsible for preparing the financial statements which…

Q: What is the standard-setting body responsible for determining IFRS? How does it obtain its funding?

A: The International Accounting Standards Board (IASB) is responsible for determining IFRS. 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: a) What is the IPSASB and reason(s) it was established?  b)What are the objectives of the IPSASB?…

A: Answer to the Part (a) The IPSASB stands for the International Public Sector Accounting Standards…

Q: a.What is the IPSASB and reason(s) it was established?  b.What are the objectives of the IPSASB?

A: Accounting standard refers to the common set of rules, regulations, principles, and procedures that…

Q: Where is the IASB located?

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

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: Which organization initiated the convergence process between GAAP and IFRS and why?

A: GAAP -: GAAP is a mixture of definitive standards (established by policy boards) and the normally…

Q: IPSASB

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

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: What are the key points of the ‘‘Issuer and Management Disclosure’’ of the Sarbanes-Oxley Act?

A:

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: Which method(s) are required for external reporting? For internal reporting?

A:

Q: Why the IPSASB developed the IPSASs?

A: SOLUTION- IPSAB = INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD WORKS TO IMPROVE PUBLIC…

Q: developed the IPSASs? d.What are the scopes of the IP

A: International Public Sector Accounting Standards (IPSAS) are a collection of accounting standards…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: Why is independence the main conduct the most important in the GAAS

A: Generally Accepted Auditing Standards (GAAS) are a set of detailed instructions that auditors follow…

Q: What does the EMH imply for the use of technical and fundamental analysis?

A: The efficient market hypothesis (EMH), as a substitute called the efficient market theory. It is a…

Q: Which organization is responsible for promulgating U.S.​ GAAP?

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

Q: What is the SEC and what role does it play?

A: SEC stands for Securities and Exchange Commission. It is an agency of United States, which is a…

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 is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: What are the scopes of the IPSASs?

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