Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 24, Problem 16RQ
To determine
Explain the term “non-GAAP (Generally Accepted Accounting Principles) measure” and summarize the requirements related with the inclusion of non-GAAP measures in financial statements filed with the SEC.
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For each class of financial assets and liabilities, the entity shall disclose the fair value of that class of financial assets and liabilities in a manner that allows comparison with the corresponding carrying amount on the balance sheet. Why do you think that these disclosures contribute to improving the quality of information for users of financial statements? Comment critically
Describe the SEC’s role in establishing generally accepted accounting principles (GAAP).
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Chapter 24 Solutions
Auditing And Assurance Services
Ch. 24 - Prob. 1RQCh. 24 - Explain why an auditor is interested in a clients...Ch. 24 - Prob. 3RQCh. 24 - Prob. 4RQCh. 24 - Prob. 5RQCh. 24 - Prob. 6RQCh. 24 - Prob. 7RQCh. 24 - Prob. 8RQCh. 24 - What major considerations should the auditor take...Ch. 24 - Identify five audit procedures normally done as a...
Ch. 24 - Prob. 11RQCh. 24 - Prob. 12RQCh. 24 - Prob. 13RQCh. 24 - Prob. 14RQCh. 24 - Prob. 15RQCh. 24 - Prob. 16RQCh. 24 - Prob. 17RQCh. 24 - Prob. 18RQCh. 24 - Prob. 19RQCh. 24 - Prob. 20.1MCQCh. 24 - Prob. 20.2MCQCh. 24 - Prob. 20.3MCQCh. 24 - Prob. 21.1MCQCh. 24 - Prob. 21.2MCQCh. 24 - Prob. 21.3MCQCh. 24 - Prob. 22.1MCQCh. 24 - Prob. 22.2MCQCh. 24 - Prob. 22.3MCQCh. 24 - Prob. 23.1MCQCh. 24 - Prob. 23.2MCQCh. 24 - Prob. 23.3MCQCh. 24 - Prob. 24DQPCh. 24 - Prob. 25DQPCh. 24 - Prob. 26DQPCh. 24 - Prob. 28DQPCh. 24 - Prob. 29DQPCh. 24 - Prob. 32DQPCh. 24 - Prob. 33DQP
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- What is an asset and liability per the IASB framework definition for the preparation and presentation of financial statement?arrow_forwardExplain the roles of the SEC and the FASB in the setting of accounting standards.arrow_forwardWhat are some of the reasons in support of financial reporting regulations?arrow_forward
- The US GAAP provides rules and guidance for what two primary financial reporting purposes? A. Recognition and measurement B. Risk assessment and presentation C. Recognition and presentation D. Initial and subsequent measurementarrow_forwardDescribe the FASB–IASB convergence process and SEC recognition of IFRS.arrow_forwardAASB 101 indicates that when presenting a statement of financial position, an entity should: present all assets and liabilities as two groups and disclose their specific classifications in notes as per paragraphs 57-67. only present items on the basis of liquidity if that information is reliable and more relevant. If this is the case, assets should be discretely grouped into current and non-current classifications. present items broadly in order of liquidity if that information is reliable and more relevant than following paragraphs 66-76. always classify items as current and non-current.arrow_forward
- A special purpose framework that is a non-GAAP financial reporting framework, that employs either a cash, tax, regulatory, contractual, or other basis of accounting. For example, a tax basis of accounting is used to file an organization’s tax return for the period covered by its financial statements. After performing a special purpose framework as decribed above, what level of assurance is provided to the financial statements?arrow_forwardThe US GAAP provides rules and guidance for what two primary financial reporting purposes? A. Recognition and measurement B. Risk assessment and presentation C. Recognition and presentation D. Initial and subsequent meaarrow_forwardGAAP is comprised of: a. FASB standards, interpretations, and concepts statements. b. FASB financial standards. c. FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. d. any accounting guidance included in the FASB Codification.arrow_forward
- 1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts? 2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?arrow_forwardWhat are the disclosure requirements for provisions and contingent liabilities in financial statements?arrow_forward(a) Explain and give an example of the effect on a set of published financial statements if the going concern convention is held not to apply. (b) Explain in general terms what the IASB Conceptual Framework is trying toarrow_forward
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