EBK FINANCIAL ACCOUNTING THEORY AND ANA
12th Edition
ISBN: 9781119299646
Author: CATHEY
Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 3.3C
a.
To determine
Introduction:International Accounting Standards Board refers to accounting standard body that is set-up under International Financial Reporting Standards with 14 members and all the members possessing technical expertise in international business and its environment.
To state: Objectives of International Accounting Standards Board.
b.
To determine
Introduction: International Accounting Standards Board refers to accounting standard body that is set-up under International Financial Reporting Standards with 14 members and all the members possessing technical expertise in international business and its environment.
To justify:Role of International Accounting Standards Committee in achieving these objectives.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
How do you think accounting standards should be set? Is that the approach currently taken by the IASB?
Why is there a need for a change in the structure of the International Accounting Standards Committee? What is the role of the IASB in the field of accounting?
How is the conceptual framework applied to IAS 1, IAS 8, and IAS 21?
IAS is "International Accounting Standards"
Chapter 3 Solutions
EBK FINANCIAL ACCOUNTING THEORY AND ANA
Knowledge Booster
Similar questions
- Why is there a need for a change in the structure of the International Accounting Standards Committee?arrow_forwardFor what purposes did the AICPA create the Accounting Principles Board?arrow_forwardChoose 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_forward
- Why does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive accounting standard?arrow_forwardIf a single set of worldwide accounting standards were to be developed, should it be principles-based or rules-based? please provide references/examples as appropriate.arrow_forwardExplain the relevance of the international accounting standards board in today's reporting environment.arrow_forward
- 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_forwardCase Study: Navigating the FASB Accounting Standards Codification (ASC)** *Introduction:* The FASB Accounting Standards Codification (ASC) serves as the authoritative source for U.S. generally accepted accounting principles (GAAP). It is a comprehensive system designed to organize and present accounting standards in a logical and accessible manner. In this case study, we explore the components included and excluded from the FASB ASC. *Components of FASB ASC:* 1. **AICPA Statements of Position (SOP):** - SOPs issued by the American Institute of Certified Public Accountants (AICPA) were included in the FASB ASC during its initial implementation. However, updates to the ASC may have modified this inclusion. 2. **FASB Statements:** - FASB Statements are a core part of the FASB ASC. These statements represent authoritative guidance on various accounting topics, ensuring consistency in financial reporting. 3. **Accounting Research Bulletins (ARB):** - ARBs were issued by…arrow_forwardDiscuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards and the convergence of accounting standards.arrow_forward
- 6. What is the purpose of the International Accounting Standards Board? How are IASB standards used by various countries?arrow_forwardWhy do we use the Accounting Standards Codification (ASC)? (RAB 9) To summarize key pronouncements of the AICPA To provide access to current GAAP To organize rules from the SEC To prioritize the key information tested on the CPA examarrow_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
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning