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What should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter1: The Demand For And Supply Of Financial Accounting Information

Section: Chapter Questions

Problem 6GI

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What should you tell your friend about the presence of accounting standards in the UnitedStates and the rest of the world? Who has the authority for standard setting? Who has theresponsibility?
How do you think accounting standards should be set? Is that the approach currently taken by the IASB?
What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?
Which factor explaining why accounting practices differ across countries do you think is most important? Explain why.
Who should set accounting standards? A government agency or private body such as the FASB?
What are ‘free-riders’? How can a system ensure that those who benefit most from an accounting standard requiring certain disclosures also bear the greatest costs of it?
How do differences in accounting controls and enforcement impact accounting reports prepared across different countries?
what are disadvantages of national or international accounting uniformity?
Which of the following statements about desirable attributes of accounting standards boards is most accurate? Accounting standards boards should: A . concede to political pressures
What contemporary factors are contributing to the internationalization of the subject of accounting?
Which of the following reason(s) help explain why accounting practices may differ across countries? a. Legal system. b. Culture. c. Political and economic ties. d. All of the above.
Why is there a need for a change in the structure of the International Accounting Standards Committee? What is the role of the IASB in the field of accounting?