CHAPTER 1 THE CANADIAN FINANCIAL REPORTING ENVIRONMENT Multiple Choice—Conceptual Answer No. Description d 1. Accounting characteristics. a 2. Nature of financial accounting. c 3. Definition of financial accounting. a 4. Financial reporting entity. d 5. Efficient use of resources. d 6. Capital allocation process. c 7. Assessing management stewardship. c 8. Objectives of financial reporting. a 9. Role of AcSB. c 10. Body responsible for setting GAAP. b 11
Words: 2621 - Pages: 11
standards stating how particular types of transactions and other events should be reflected in financial statements. In the past, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC). Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB). 1. Historical background of the accounting standards bodies
Words: 636 - Pages: 3
(GAAP) and International financial reporting standards (IFRS) are the accounting principles that all companies must abide by in the US (GAAP) and internationally (IFRS). Golf-Travel Inc wants gather information about the tax issues related to their foreign subsidiaries. By researching through the codification, we find the different issues pertaining to their earnings from their global operations. Specifically, the answers to the issue that involves the company’s different financial reporting
Words: 590 - Pages: 3
buying from those they have not been able to before. In some parts of the world, some industries use an accounting system called the Generally Accepted Accounting Principles, which is also known as GAAP, and in the others those people use International Financial Reporting Standards, which is sometimes referred to as IFRS. Although these accounting systems have some of the same basic functions, they have the ability to conform to one main system. So, why would a country change their accounting
Words: 896 - Pages: 4
company whether it be private or public. IFRS and GAAP are two major accounting instruments that play a huge role in the accounting industry. IFRS stands for International Financial Reporting Standards. IFRS defines the accounting standards that are developed and approved by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The IASB is a private sector that was established in the year of 2011 and currently has 16 members. While GAAP, Generally
Words: 835 - Pages: 4
Catalog Course Description Preparation and interpretation of complex accounting statements, in particular assets using contemporary reporting techniques. Study of financial statements as well as in-depth analysis of the individual components of statements, with specific emphasis on current FASB statements and International Financial Reporting Standards. Students will utilize computerized spreadsheets to solve problems. Required Textbook Kieso, Weygandt, Warfield. INTERMEDIATE ACCOUNTING 15th
Words: 1319 - Pages: 6
Comparing IFRS to GAAP Business, financial markets and mergers crossing international borders has become the new norm because of the advances in technology. This has led to many people calling for one set of international accounting standards. I will compare the international standard known as IFRS to the U.S. standard known as GAAP. IFRS The International Financial Reporting Standards (IFRS) was developed by the International Accounting Standards Board (IASB). Currently, there
Words: 999 - Pages: 4
Revenue Recognition: Where it Will Take Us By Robert Bloom and Jacob Kamm Financial Executive • SUMMER 2014 FINANCIAL REPORTING Since 2008, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have collaborated on a converged revenue recognition standard. Current U.S. Generally Accepted Accounting Principles (GAAP) standards related to revenue recognition are essentially rules-based, containing over 200 specific requirements related
Words: 2197 - Pages: 9
Solution Instant Download Chapter 1 Multiple Choice: 1. Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States? a. Securities and Exchange Commission b. Financial Accounting Standards Board c. International Accounting Standards Committee d. Internal Revenue Service Answer 2. What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century? a. The Iliad b.
Words: 25893 - Pages: 104
* Manufacturing facilities * Product development * Quality assurance\ * International marketing | | 7. | Chapter two: Financial position * Analysis of financial position * Value Added Statement * Total sales growth * Export sales * Profit before tax * Shareholder’s equity | | 8. | Chapter three: audit Task * Our Audit Planning * Sufficient Appropriate Audit Evidence * Financial Statement Assertions * Test of Control * Test of control done by us * Substantive
Words: 3733 - Pages: 15
