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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?

Economic consequences of accounting standard-setting means:

(a) standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard.

(b) standard-setters must ensure that no new costs are incurred when a new standard is issued.

(c) the objective of financial reporting should be politically motivated to ensure acceptance by the general public.

(d) accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.

How does accounting help the capital allocation process?

What are the sources of pressure that change and influence the development of GAAP?

Question: What was the Committee on Accounting Procedure, and what were its accomplishments and failings?
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