Answered: scuss the Financial Accounting Standard…

Business

Accounting

scuss the Financial Accounting Standard Board’s (FASB’s) Conceptual Framework Proj

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7MC: These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial...

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Discuss the Financial Accounting Standard Board’s (FASB’s) Conceptual Framework Project;

2) Discuss the Advantages and Disadvantages of Harmonizing Accounting Standards

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These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
Distinguish between IASB standards and the Conceptual Framework for Financial Reporting
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What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in developing IFRSs b. the hierarchy of sources of accounting standards and principles c. the true concept of "present fairly in accordance with IFRSs' d. IFRS
2. Discuss how accounting convergence efforts addressing liabilities are related to the IASB/FASB conceptual framework project.
describe the International Accounting Standards Board’s conceptual framework, including the objective and qualitative characteristics of fi nancial statements, required reporting elements, and constraints and assumptions in preparing fi nancial statement
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Explain the IASB Conceptual Framework of Accounting.
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 bodies
Discuss the primary differences between U.S. GAAP and IFRS with respect to the development of accounting standards and the conceptual framework underlying accounting standards.
Advantages and Disadvantages of Harmonization of Accounting Standards
How would you approach the implementation and application of new accounting standards?