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Chapter 1: Q3IFRS (page 35)

Question: What is the benefit of a single set of high-quality accounting standards?

Short Answer

Expert verified

Answer

A single set of high-quality accounting standards ensures comparability.

Step by step solution

01

Definition of Accounting Standards

Accounting standards are known as accounting standards and procedures that a business entity uses while reporting its accounting information in the financial statements.

02

Benefits of a single set of high-quality accounting standards

A single set of high-quality accounting standards helps the investors make better investment decisions by ensuring comparability. When the different business entities use the same accounting standards, it will be easy for investors to compare them. For example, Company A operating in the U.S, can be compared to its international competitor, company B, if both of them use a single set of accounting standards.

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Most popular questions from this chapter

ETHICS (Rule-Making Issues) When the FASB issues new pronouncements, the implementation date is usually 12 months from date of issuance, with early implementation encouraged. Karen Weller, controller, discusses with her financial vice president the need for early implementation of a rule that would result in a fairer presentation of the company鈥檚 financial condition and earnings. When the financial vice president determines that early implementation of the rule will adversely affect the reported net income for the year, he discourages Weller from implementing the rule until it is required.

Instructions:Answer the following questions.(c) What does Weller have to gain by advocacy of early implementation?

The Sarbanes-Oxley Act was enacted to combat fraud and curb poor reporting practices. What are some key provisions of this legislation?

What is the likely limitation of 鈥済eneral-purpose financial statements鈥�?

How are FASB preliminary views and FASB exposure drafts related to FASB 鈥渟tatements鈥�?

Question: The authoritative status of The Conceptual Framework for Financial Reporting is as follows:

(a) It is used when there is no standard or interpretation related to the reporting issues under consideration.

(b) It is not as authoritative as a standard but takes precedence over any interpretation related to the reporting issue.

(c) It takes precedence over all other authoritative literature.

(d) It has no authoritative status.
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