Why does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive  accounting standard?

Q: Briefly discuss the difference between (A) a “rules-based" approach to accounting standard setting…

A: Rules-based accounting: Rules-based accounting is based on a set of detailed rules that the…

Q: If a single set of worldwide accounting standards were to be developed, should it be…

A: Answer:-  Accounting standard meaning:- A unified collection of guidelines that serve as the…

Q: Which of the following stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

Q: How do IAASB audit standards compare to US audit standards?

A: The International Auditing and Assurance Standards Board (IAASB) is an entity which sets standards…

Q: Are the SMEs who follow IFRS for SMEs require external auditors for their financial statements ?

A: External auditors are certified public accountants who checks the company’s accounts and file their…

Q: Advantages and Disadvantages of Harmonization of Accounting Standards

A: The process of raising the level of agreement among countries in accounting standards and practices…

Q: is the conceptual framework applied to IAS 1, IAS 8, and IAS 21? IAS is "International Accounting

A: Accounting standards are  the set of rules, regulations, and procedures that examines  the policies…

Q: FASB undertakes a series of elaborate information-gathering steps before issuing an Accounting…

A: FASB follows the following steps while making an update of Accounting Standards:   With the help of…

Q: For whom were IAASB International Auditing Standards created?

A: IAASB International Auditing standards (ISA) were introduced for the setting an international…

Q: statements related to the NYSE is correct

A: NYSE is the New York Stock Exchange.

Q: How do you think accounting standards should be set? Is that the approach currently taken by the…

A: Solution The most feasible way may be to be aware of both the politics of the environment and the…

Q: What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in…

A: Accounting framework defines the rules and framework which depicts the rules, standards that were…

Q: For what purposes did the AICPA create the Accounting Principles Board?

A: Accounting principles board: It is an authoritative body of American Institute of Public…

Q: How does the concept of uniformity relate to comparability in the accounting literature?

A: Accounting, which is frequently referred to as simply "accounting," is the process of gathering,…

Q: GAAP is comprised of: a.    FASB standards, interpretations, and concepts statements. b.    FASB…

A: GAAP stands for Generally Accepted Accounting Principles.

Q: How can a system ensure that those who benefit most from an accounting standard requiring certain…

A: Free-riders are those who utilise information once it is openly accessible.Information can be sold…