International Financial Reporting Standards ( IFRS) are:Select one:a. Income tax regulations of the Internal Revenue Service.O b. None of the answers are correctO c. Principles that have been proven correct by academic researchers.O d. Standards that indicate how to report economic events.e. Theories that are based on physical laws of the universe.

The international financial reporting standards are prepared by the Internal Accounting Standard…

International Financial Reporting Standards (IFRS) are: Select one: a. Income tax regulations of the Internal Revenue Service. O b. None of the answers are correct O . Principles that have been proven correct by academic researchers. d. Standards that indicate how to report economic events. e. Theories that are based on physical laws of the universe.

International Financial Reporting Standards (IFRS) are: Select one: a. Income tax regulations of the Internal Revenue Service. O b. None of the answers are correct O . Principles that have been proven correct by academic researchers. d. Standards that indicate how to report economic events. e. Theories that are based on physical laws of the universe.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 21GI

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Similar questions

Questions ? 1. What assumptions are made in financial reporting 2. What are characteristics that make financial statements useful to its users ? 3. What are the constraints faced in providing useful information ?
What are the measurement issues in the standard IFRS16? Which basis of measurement is allowed? Why do you think that measurement basis is preferred (explain by referring to qualitative characteristics of financial information)?
Which fundamental characteristic of requires that financial statements are prepared in a similar way year after year? Select one: a. Faithful representation b. Understandability c. Comparability d. Relevance
The international financial reporting environment includes challenges in financial reporting including all of the following except: Ethics. Decision-usefulness. Expectations gap. O Political environment.
As to why financial statements of the same size might be advantageous. How do they vary from standard financial statements in terms of how they're calculated?
identify the main issues that separate GAAP standards and international standards. Explain them to someone who knows NOTHING about finance or accounting.
The conceptual framework is a statement of accepted theoretical principles, and is the ________________________of financial reporting. a. Frame of reference b. Back bone c. None of the above d. Foundation
Globally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation. Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the international financial reporting standards (IFRS)
Globally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation. Required: Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)
What is probably the greatest single reason conventional financial statements are inadequate for analysis? a. Accrual accounting b. Historical cost c. Matching rule d. Going concern concept
2. The following statements are correct, except: It is expected that IFRS will be beneficial to investors for this will reduce cost of comparing alternative investments. b. The Conceptual Framework is a set of principle-based international standards stating how particular types of transactions should be reported in the financial statements. The Conceptual Framework is used to set standards, enhance consistency across standards, and provide a benchmark for judgments. C. d. Preparers of financial statements use the Conceptual Framework to develop accounting policies in the absence of specific standard or interpretation.
MULTIPLE CHOICE. Choose the best answer among the following choices. 6. The financial statements should be stated in terms of a common financial denominator. A. Accrual B. Going Concern C. Time Period D. Stable Monetary Unit 7. The principle of objectivity includes the concept of A. Summarization B. Verifiability C. Classification D. Conservatism 8. The financial accounting information is directed toward the common needs of users and is independent of presumptions about particular needs and desires of specific users. A. Completeness B. Verifiability C. Relevance D. Neutrality 9. The attribute of relevance include ALL EXCEPT: A. Predictive value B. Feedback value C. Materiality D. Neutrality 10. The assumption that an entity will continue to operate for the foreseeable future is called A. Accrual basis B. Comparability C. Going concern D. Cash basis