International Accounting
5th Edition
ISBN: 9781259747984
Author: Doupnik, Timothy S., Finn, Mark T., Gotti, Giorgio
Publisher: Mcgraw-hill Education,
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Question
Chapter 3, Problem 3EP
To determine
List the main issues to be addressed in implementing the use of IFRS.
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a. 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.
You 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 IFRS
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.
Chapter 3 Solutions
International Accounting
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - 8. Are there any major accounting issues that have...Ch. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - What are the conditions to be satisfied if a firm...Ch. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 2EPCh. 3 - Prob. 3EPCh. 3 - Prob. 4EPCh. 3 - Prob. 5EPCh. 3 - 7. The appendix to this chapter describes what is...Ch. 3 - In its 2003 annual report, Honda Motor Company LTD...Ch. 3 - Prob. 10EPCh. 3 - Prob. 11EPCh. 3 - 14. Recently the IASB revised IFRS...Ch. 3 - Prob. 13EPCh. 3 - Prob. 14EPCh. 3 - Prob. 15EPCh. 3 - Prob. 1C
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Similar questions
- Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.arrow_forwardThe purpose of the IFRS Interpretations Committee is to: Consider accounting issues that are likely to receive unintended or unacceptable treatment in the absence of any other form of guidance Ensure accurate translation from English into the other principal languages utilised by the IASB Provide initial technical advice and service for companies wishing to adopt International Accounting Standards Provide a compliance function to ensure the timely and accurate adoption of new International Accounting Standards by companies with listed securities.arrow_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_forward
- Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.arrow_forwardAnswer the following question, giving detailed examples to justify your answer;- Based on the book in the link below and other accounting materials, please identify and discuss the major challenges and opportunities associated with international accounting standards convergence. Analyse the implications of differences in accounting practices across countries and propose strategies for addressing these challenges. Here is the book, page 246 chapter 13 Global Convergence of Accounting Standards. http://ndl.ethernet.edu.et/bitstream/123456789/22231/1/56.pdf.pdf#page=269arrow_forwardConvergence of accounting standards of a country with that of IASB is a better alternative to full adoption of IFRS. please explainarrow_forward
- What should you tell your friend about the presence of accounting standards in the UnitedStates and the rest of the world? Who has the authority for standard setting? Who has theresponsibility?arrow_forwardYour country has recently adopted IPSAS 1. This concept is new to the Accountant at the Ministry of Finance. She, therefore, request that you provide a summary of IPSAS 1 and explain using practical examples of information/data that should be included in each statement.arrow_forwardThe process for developing an International Financial Reporting Standard involves a number of stages. Following receipt and review of comments on a Discussion Paper, what will be the next step undertaken by the IASB? A Publication of an Exposure Draft B Establishment of an Advisory Committee C Consultation with the Advisory Committee D Issue of a final IFRSarrow_forward
- Which of the following is the regulation on Auditors at the International Level? (i) Setting minimum standards and requirements for auditors (ii) Providing guidance for those countries with well-developed national regulatory framework (iii) Aiding intra-country recognition of professional accountancy qualification Only i Only ii Both i and iii Both i and iiarrow_forwardDiscuss the following:1 Cultural impact on translating IFRS into different languages. Be sure to include some examples. Your discussion also should include the cultural differences per Hofstede's cultural dimensions that affect accounting interpretations/judgments across countries.2 How to cope with cultural impact on: (a) translating IFRS into different languages and (b) interpretation of IFRS across countries.arrow_forwardDiscuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries.arrow_forward
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