Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Question
Chapter 1, Problem 1.5E
To determine
To identify: The key characteristics of rules-based standards and principles-based standards.
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Students have asked these similar questions
The theoretical principles are beneficial in the.
a.
Evaluation of standard which are in existence
b.
Discarding the existing standards
c.
Formation of rules of accounting
d.
Working of IASB
Advantages and Disadvantages of Harmonization of Accounting Standards
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 bodies
Chapter 1 Solutions
Intermediate Accounting (2nd Edition)
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 - What is the function of the accounting standard...Ch. 1 - Can U.S. companies listen on U.S. stock exchanges...Ch. 1 - Prob. 1.7QCh. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 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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Similar questions
- Identify the primary purposes of the General Standards Rule, the Compliance with Standards Rule, and the Accounting Principles Rule of the Rules of Conduct.arrow_forwardExplain the role and purpose of the Integrated Reporting Framework.arrow_forwardSupport for Politicization of rule making for accounting standardsarrow_forward
- Which of the following is considered different and more limited in objectives than theothers?a. Operational auditing.b. Performance auditing.c. Management auditing.d. Financial statement auditingarrow_forwardWhat is the desired benefit from revising an accounting standard?arrow_forwardDefine auditing. How is auditing different from accounting?arrow_forward
- The theoretical principles helps in the _____________. a. Working of IASB b. Evaluation of standard which are in existence c. Formation of rules of accounting d. Discarding the existing standardsarrow_forwardWhich FASB accounting standard(s) are next in line to converge with an IFRS standard?arrow_forwardDescribe the role and responsibilities of auditor.arrow_forward
- Which of the following is not true concerning a conceptual framework in accounting? O It should be a basis for standard-setting. O It should allow practical problems to be solved more quickly by reference to it. O It should be based on fundamental truths that are derived from the laws of nature. O All of these answers are correct.arrow_forwardThe IASB has created accounting standards that are: Select one: a. Rules-based. b. Transactions-based. c. Principles-based. d. Comparability-based.arrow_forwardDistinguish between an audit strategy and an audit plan or audit program?arrow_forward
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