Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Why does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive accounting standard?
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- Which is the first step within the hierarchy of guidance when selecting accounting policies? a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework d. Consider the most recent pronouncements of other standard setting bodiesarrow_forwardHow do you think accounting standards should be set? Is that the approach currently taken by the IASB?arrow_forwardWhich of the following is the first step within hierarchy of guidance to which management refers, and whose applicability at considers, when selecting accounting policies? A. Apply the requirements in PFRS dealing with similar and related issues B. Apply a standard from PFRS if it specifically relates to the transaction, event, or condition C. Consider the applicability of the definitions, recognition criteria, and measurement concepts in the Conceptual Framework D. Consider the most recent pronouncements of other standard-setting bodies to the extent they do not conflict with PFRS or the Conceptual Framework?arrow_forward
- Regarding special-purpose frameworks, (a) why do they exist, and (b) can financial statementsprepared using special-purpose frameworks be audited?arrow_forwardWhich fundamental characteristic of GAAP requires that all information useful for decision making is present in the financial statements?arrow_forwardDescribe the differences in approaches taken by IASC and FASB in setting accounting standards.arrow_forward
- Why do we use the Accounting Standards Codification (ASC)? (RAB 9) To summarize key pronouncements of the AICPA To provide access to current GAAP To organize rules from the SEC To prioritize the key information tested on the CPA examarrow_forwardWhich of the following is a fundamental quality of useful accounting information? Select one: Comparability Consistency Relevance Materialityarrow_forward- can you give me scope, objective, accounting issues, measurement, disclosures about The IFRS for SMEs Standard.arrow_forward
- To what extent are financial reports providing relevant and timely information to stakeholders? What could accounting standard setters consider to improve this situation?arrow_forwardOutline the technical benefits of a conceptual framework. What problems could occur if accounting standards were set without a conceptual framework?arrow_forwardWhich of the following characteristics must exist for accounting information to be useful in making informed decisions? O relevant and precise O internal and relevant O relevant and representationally faithful O precise and reliablearrow_forward
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