Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 11, Problem 11P
To determine
Identify the correct options for the given statement from the options provided.
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A. 60. Which of the following bodies is responsible for reviewing accounting issues that are likely toreceive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus as to the appropriate accounting treatment?
A. Standards Advisory Council (SAC)B. International Accounting Standards Board (IASB)C. International Financial Reporting Interpretations Committee (IFRIC)D. International Accounting Standards Committee Foundation (IASC Foundation)
Describe the differences in approaches taken by IASC and FASB in setting accounting standards.
Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist?a. The IASB Conceptual Framework takes precedence over other IASB standards that deal with related issues.b. The IASB Conceptual Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.c. The most recent specifically relevant pronouncement of any other standard-setting body may be used when neither IASB standards nor the IASB Conceptual Framework provide helpful guidance.d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.
Chapter 11 Solutions
Advanced Accounting
Ch. 11 - Historically, what factors contributed to the...Ch. 11 - Nestl S.A. is a very large company headquartered...Ch. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 10QCh. 11 - Prob. 11QCh. 11 - Prob. 12QCh. 11 - What are the two extreme approaches that a company...Ch. 11 - Prob. 14QCh. 11 - Prob. 15Q
Ch. 11 - Prob. 16QCh. 11 - Prob. 17QCh. 11 - Prob. 18QCh. 11 - Prob. 19QCh. 11 - Prob. 20QCh. 11 - Even if all companies in the world were to use...Ch. 11 - Prob. 1PCh. 11 - Prob. 2PCh. 11 - Which of the following is not a reason for...Ch. 11 - Prob. 4PCh. 11 - Prob. 5PCh. 11 - Prob. 6PCh. 11 - Prob. 7PCh. 11 - Prob. 8PCh. 11 - Prob. 10PCh. 11 - Prob. 11PCh. 11 - Prob. 12PCh. 11 - Which of the following statements is true for a...Ch. 11 - Prob. 14PCh. 11 - Prob. 15PCh. 11 - Prob. 16PCh. 11 - Prob. 17P
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- Choose the correct. Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist?a. The IASB Conceptual Framework takes precedence over other IASB standards that deal with related issues.b. The IASB Conceptual Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.c. The most recent specifically relevant pronouncement of any other standard-setting body may be used when neither IASB standards nor the IASB Conceptual Framework provide helpful guidance.d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.arrow_forwardHow do you think accounting standards should be set? Is that the approach currently taken by the IASB?arrow_forwardWhich of the following is not about harmonization? Select one: a. Harmonization is a process of increasing the compatibility of accounting practices. b. Harmonization simply implies uniformity. A c. Harmonization is tailored towards breaking the barriers of national differences. d. Harmonization is a process of preparing financial statements.arrow_forward
- 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_forwardWhat should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?arrow_forwardThe purpose of the Conceptual Framework is: A. To assist the International Accounting Standards Board to develop IFRS Standards B. To assist preparers of IFRS financial statements to develop consistent accounting policies when no IFRS Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy C. To assist all parties to understand and interpret IFRS Standards OD. All of the abovearrow_forward
- In virtually all circumstances, a fair presentation is achieved by compliance with applicable IFRSS. A fair presentation also requires an entity: (choose the incorrect statement) * to select and apply accounting policies in accordance with PAS 8 Accounting Policies, Changes in Accounting Estimtes and Errors. PAS 8 sets out a hierarchy of authoritative guidance that management considers in the absence of a standard or an interpretation that specifically applies to an item. to present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information. to provide additional disclosures when compliance with specific requirement in PFRSS is insufficient to enable users understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance. to establish a system of internal control the responsibility for which is the entity's management. Furthermore, the…arrow_forwardWhat might explain the fact that different accounting standard-setters have developed accounting standards that are sometimes quite different in nature?arrow_forwardUsing IFRS, a change in accounting policy for which a standard does not include specific transitional provisions should be applied a. prospectively. b. practicably. c. in accordance with management’s judgment. d. retrospectively.arrow_forward
- Convergence of accounting standards of a country with that of IASB is a better alternative to full adoption of IFRS. please explainarrow_forwardDo you believe that the current international accounting standard-setting arrangements, based around the IASB, are at risk of regulatory capture? Why or why not?arrow_forwardWhy does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive accounting standard?arrow_forward
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