What benefit does a country get out of remaining insularly and isolated in their accounting policies? (i.e. import policies, not following IFRS, etc.)
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What benefit does a country get out of remaining insularly and isolated in their accounting policies? (i.e. import policies, not following IFRS, etc.)
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- How is U.S. GAAP accounting different from international accounting? What are the key differences? And what rationale drives these differences?What are the difficulties or dangers inherent in analyzing foreign financial statements? Consider the following instances.Which factor explaining why accounting practices differ across countries do you think is most important? Explain why.
- Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others?a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others? Choose the correct.a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.The U.S. system of accounting for worldwide income is not the norm in the rest of the world. Do you think that's a good thing or a bad thing or indifferent?
- Why do U.S. companies keep using LIFO while IFRS prohibits it? a. LIFO provides a more realistic income statement since the most recent items purchased are what is measured on the income statement. b. LIFO assigns less weight to the balance sheet. c. The taxing authority in the U.S. has conformity provisions.What does it mean by "Financial Services" when pertaining to the North American Free Trade Area?What is the major difference between the approach of international financial reporting standards versus U.S. GAAP accounting? What are the advantages and disadvantages of each?
