INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
3rd Edition
ISBN: 9780136946601
Author: GORDON
Publisher: PEARSON
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Chapter 1, Problem 1.3E
Convergence of Accounting Standards, IFRS Vikram Patel, one of your friends from high school who is a finance major, is surprised that you are learning about international accounting. Explain why it is important for an accountant in the United States to learn International Financial Reporting Standards (IFRS).
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case: IFRS Reporting
Visit the International Financial Reporting Standards (IFRS) Foundation and the International Accounting Standards Board (IASB) website at www.ifrs.org. Under the IFRS tab, click on “Use around the world,” or “Who uses IFRS” and complete the instructions below.
Instruction:
1. Select a country of your choice and prepare a report summarizing the extent to which full IFRS and IFRS for Small and Medium-Size Enterprises (SMEs) are used in that jurisdiction.
E2
global accounting standards are compelling. High quality standards by companies throughout the world has the potential to improve the comparability and transparency of financial information,
List different types of accounting standards
In the U.S., Generally Accepted Accounting Practices (GAAP) are the standard. In 2002, the European Union adopted IFRS Standards. Differentiate between GAAP and IFRS
According to Ann Tarca (2012) “The Case for Global Accounting Standards: Arguments and Evidence” indicate several benefits in considering IFRS by the organization . Read the attached journal in the moodle and summarize the answers in your own words
IFRS and Market Effciency
IFRS and Economic development
Fact Finding of requirements on Financial advisory service registration in AustraliaAssuming after graduation you would like to work as a financial adviser. Go to the website ofAustralian Securities and Investment Commission, do a fact finding and present an analysisof financial advisor registration to identify whether you are qualified and what steps shouldbe taken to be a financial adviser in Australia. The following questions should be addressed:(1) What is the ASIC’s Financial advisers register?(2) Who should be on the Register, who are not on the Register and who updates theregister?(3) What information should be on the Register?(4) What are the relevant financial products for a financial advisor?(5) What are the professional standards applied for a financial advisor.
Chapter 1 Solutions
INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
Ch. 1 - Prob. 1.1QCh. 1 - Prob. 1.2QCh. 1 - How is the allocation of capital linked to the...Ch. 1 - Prob. 1.4QCh. 1 - Prob. 1.5QCh. 1 - What is the function of the accounting standard...Ch. 1 - Can U.S. companies listen on U.S. stock exchanges...Ch. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 1 - Prob. 1.11QCh. 1 - Prob. 1.1BECh. 1 - Prob. 1.2BECh. 1 - Financial Statement Users and Other Parties...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.5BECh. 1 - Economic Entity. What is an economic entity?Ch. 1 - Prob. 1.7BECh. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.12BECh. 1 - Financial Accounting. Define financial accounting...Ch. 1 - Prob. 1.2ECh. 1 - Convergence of Accounting Standards, IFRS Vikram...Ch. 1 - History of Standard Setting in the United States....Ch. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Rules-versus Principles-Based Accounting. Review...
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- One of your clients has recently read about the goal of converging to International Accounting Standards and they are concerned about what impact it may have on their company. 1. Discuss some of the costs that a company might incur as part of its converging with International Accounting Standards. 2. Discuss why it might be important to your client to adopt International Accounting Standards even though they are currently only operating domestically throughout the central part of the United States.arrow_forwardWhat is the impact of some businesses using International Financial Reporting Standards (IFRS) instead of generally accepted accounting principles (GAAP)? In your opinion, should there be a worldwide convergence of accounting standards? Why or why not? Explain.arrow_forwardCase Study: International Financial Reporting Standards (IFRS) Implementation in a Multinational Corporation Company Background: XYZ Global Corp is a multinational conglomerate with operations in various countries. In response to the increasing demand for global financial transparency, the company has decided to transition from its current accounting standards to International Financial Reporting Standards (IFRS). Implementation Process: XYZ Global Corp has appointed a dedicated team to oversee the IFRS adoption process. The company is conducting comprehensive training sessions for its finance and accounting teams to ensure a smooth transition. An external IFRS expert has been engaged to provide guidance on the interpretation and application of the new standards. XYZ Global Corp is in the process of conducting a thorough review of its financial statements to identify and address any discrepancies between its current accounting practices and IFRS requirements.…arrow_forward
- Answer the following question, giving detailed examples to justify your answer;- Based on the book in the link below and other accounting materials, please identify and discuss the major challenges and opportunities associated with international accounting standards convergence. Analyse the implications of differences in accounting practices across countries and propose strategies for addressing these challenges. Here is the book, page 246 chapter 13 Global Convergence of Accounting Standards. http://ndl.ethernet.edu.et/bitstream/123456789/22231/1/56.pdf.pdf#page=269arrow_forwardMatch the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or monthsarrow_forwardQUESTION ONE You are a lead researcher with a public interest firm specializing in the financial reporting and audit of publicly funded organizations and have consulted widely across Africa on public sector financial reforms. Particularly, you have earned a reputation as a champion of the International Public Sector Accounting Standards (IPSAS) in Ghana and beyond. Following Ghana’s adoption of IPSAS, some members of the Institute of Chartered Accountants Ghana (ICAG) argued that IPSAS is a duplication of IFRS and that Ghana could have just opted to require IFRS application by publicly funded entities. Given the above, the Institute has engaged your team of experts to critically evaluate all existing IPSAS and IFRS highlighting areas of significant differences between the two reporting frameworks. Your report will be used by the Institute in its next continuous professional development (CPD) for chartered accountants in Ghana. Your critical review and comparison of…arrow_forward
- What have been the roles played by professional accounting bodies in the development of accounting in the USA, UK, and Ghana?arrow_forwardAccounting Standards and Global Unificationwe will explore the significance of accounting standards for businesses and examine the potential for global unification of accounting systems. Accounting standards are essential for ensuring consistency, transparency, and trust in financial reporting. We will discuss the benefits and challenges associated with achieving a unified accounting system worldwide, considering factors such as legal, cultural, and economic differences among countries. After reading and studying the module resources and presentations, discuss the following: Why are accounting standards important for business? Will it ever be possible to unify the accounting system in the world?arrow_forwardFact Finding of financial market regulator in AustraliaAssuming after graduation you would like to apply for a position at ASIC. Go to the websiteof Australian Securities and Investment Commission, do a fact finding and answer thefollowing questions: (1) What are the ASIC roles?(2) Who and what ASIC regulate?(3) What are the powers of ASIC?arrow_forward
- Fact Finding of financial market regulator in AustraliaAssuming after graduation you would like to apply for a position at ASIC. Go to the website of Australian Securities and Investment Commission, do a fact finding and answer thefollowing questions: (4) If a business approaches you to ask about procedures for providing credit activities,what kind of license you would advise them to apply for and what are the steps theyshould consider to decide whether they should apply for that license?(5) What is book up practice in Australia, briefly explain.arrow_forwardWhat has been the major roles played by professional accounting bodies in the development of accounting in the USA, UK and Ghanaarrow_forwardWhy is it important for U.S. accountants to be familiar with IFRS?arrow_forward
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