Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN: 9781285190907
Author: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher: Cengage Learning
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Question
Chapter 1, Problem 6QE
To determine
Identify an IFRS (International Financial Reporting Standard) which has been issued recently. Also, explain its principal provisions.
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Chapter 1 Solutions
Financial Reporting, Financial Statement Analysis and Valuation
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- Explain the relevance of the international accounting standards board in today's reporting environment.arrow_forwarddiscuss the challenges faced by the International Accounting Standard Board (IASB) in the development of International Financial Reporting Standards (IFRSs), which form the basis of Hong Kong Financial Reporting Standards (HKFRSs).arrow_forwardCritically appraise the benefits and drivers of international financial reporting convergence and harmonisation undertaken by the International Accounting Standard Board (IASB). Define the term ‘financial reporting convergence’ as part of your answer.arrow_forward
- The International Accounting Standards Board (IASB) devises and publishes International Financial Reporting Standards (IFRS Standards) while it revised versions of International Accounting Standards (IAS Standards) originally published by the International Accounting Standards Committee (IASC). The IASB has also published the Conceptual Framework for Financial Reporting reflecting some of the attributes that make financial information useful to the various users of financial statements. You are required to:(a) explain the main purposes of the IASB’s Conceptual Framework document. (b) discuss the assumption that (according to the IASB’s Conceptual Framework) underlies the preparation of financial statements.arrow_forwardThe existing procedures for setting international Financial Reporting Standards were established in the 1990s. Required: Explain the roles of the following in relation to accounting standards.• International Financial Reporting Standards foundations (IFRSF)• International Financial Reporting Standards Board (IASB)• International Financial Report Interpretations (IFRIC)• IFRS Advisory Council.arrow_forwardPlease explain the importance of financial reports, IASB, and IFRS.arrow_forward
- Identify the minimum balance sheet items that should be included in financial reportingaccording to the International Accounting Standard 1arrow_forwarda. Discuss in detail about accounting standards. 1. History of Accounting standards (IFRS and GAAP) 2. Boards or organization associated IFRS. Structure of the board. 3. Process of developing IFRS or amending for existing IFRS. 4. Detailed discussion of any Two updated IFRS. b. Discuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries. c. Write a summary of IFRS 7, and 13 and show sample illustrations for measurement and de-recognition of financial assets and financial liabilities.arrow_forwardThe international conceptual framework describes the objective of, and concepts for, general purpose financial statements. One purpose of the conceptual framework is to assist all parties to understand and interpret the International Accounting Standards. Requirement: Give three examples of users of the financial statements. For each of the examples given explain for what purpose do they want to use the accounts. Furthermore discuss two limitations users of financial statements face?arrow_forward
- Define International Accounting Standards Committee.arrow_forwardYou are required to discuss and report on methodologies usedwhen conducting Financial Reporting Research under the U.S. GAAP Process in comparison with the requirements of IFRSarrow_forwardA. 63. Which body appoints the members of International Accounting Standards Board (IASB) that make the present IFRS?A. IFRS Foundation.B. IFRS Advisory Council.C. International Accounting Standards Committee.D. International Financial Reporting Interpretations Committee.arrow_forward
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