Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Question
Chapter 1, Problem 1.9BE
To determine
To organize: The steps in the standard-setting process of FASB in the order from 1 to 7.
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Students have asked these similar questions
Select which refer to Current audit file and Permanent audit file, using the working papers given below:
Engagement letters
Financial statements
Account’s checklists
Board minutes of continuing relevance
New client questionnaire
Management letter
Audit planning memorandum
Accounting systems notes
Why do we use the Accounting
Standards Codification (ASC)? (RAB 9)
To summarize key pronouncements
of the AICPA
To provide access to current GAAP
To organize rules from the SEC
To prioritize the key information
tested on the CPA exam
a. Discuss in detail about accounting standards.
1. History of Accounting standards (IFRS and GAAP)
2. Boards or organization associated IFRS. Structure of the board.
3. Process of developing IFRS or amending for existing IFRS.
4. Detailed discussion of any Two updated IFRS.
b. Discuss about Regulatory authority for monitoring accounting standards and Financial Reporting in Oman and other GCC countries.
c. Write a summary of IFRS 7, and 13 and show sample illustrations for measurement and de-recognition of financial assets and financial liabilities.
Chapter 1 Solutions
Intermediate Accounting
Ch. 1 - Prob. 1.1QCh. 1 - Prob. 1.2QCh. 1 - How is the allocation of capital linked to the...Ch. 1 - Prob. 1.4QCh. 1 - Prob. 1.5QCh. 1 - What is the function of the accounting standard...Ch. 1 - Can U.S. companies listen on U.S. stock exchanges...Ch. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 1 - Prob. 1.11QCh. 1 - Prob. 1.1BECh. 1 - Prob. 1.2BECh. 1 - Financial Statement Users and Other Parties...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.5BECh. 1 - Economic Entity. What is an economic entity?Ch. 1 - Prob. 1.7BECh. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.12BECh. 1 - Financial Accounting. Define financial accounting...Ch. 1 - Prob. 1.2ECh. 1 - Convergence of Accounting Standards, IFRS Vikram...Ch. 1 - History of Standard Setting in the United States....Ch. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Rules-versus Principles-Based Accounting. Review...
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Similar questions
- Using sec.gov, go to Regulations then Staff Interpretations. Locate Staff Accounting Bulletin No. 99 (“SAB 99”) and summarize the issue addressed by this guidancearrow_forwardA number of significant issues face the accounting profession and annual reporting. Select with justification what you consider to be the three (3) most important issues, and for each detail the issue, comment on its current and potential impact and discuss ways that it can be managed.arrow_forwardWhich of the following is an appropriate responsibility of the board? a) Reviewing the CAE-supplied internal audit function’s engagement work schedule. b) Recommending the assignment of speci c internal audit staff members for specific engagements. c) Reviewingtheengagementrecordsoftheexternalauditortodeterminetheircompetence. d) Performing a review of the procurement function of the organization.arrow_forward
- Compilation and Review Procedures. The following numbered items 1–10 state procedures accountants should consider in review engagements and compilation engagements on the annual financial statements of nonissuers (performed in accordance with AICPA Statements on Standards for Accounting and Review Services).Required:For each item (taken separately), tell whether the item is required in all review engagements and/or required in all compilation engagements. For each item, give two responses, one regarding review engagements and the other regarding compilation engagements.1. The accountants should establish an understanding in writing with the entity’s management regarding the nature and limitations of the services to be performed.2. The accountants should make inquiries concerning actions taken at the board of directors’ meetings.3. The accountants, as the entity’s successor accountants, should communicate with the predecessor accountants to obtain access to the predecessors’ audit…arrow_forwardIdentify each of the following as they pertain to the SEC. Choose the correct.a. Blue sky laws.b. S–8 Statement.c. Letter of comments.d. Public Company Accounting Oversight Board.e. Prospectus.arrow_forwardExplain the content of each section of the AICPA audit report. Evaluate the importance of each section with respect to the users of financial reports.arrow_forward
- By reviewing IFRS 15, critically evaluate how accounting regulators and practitioners reflect the qualitative characteristics in practice.arrow_forwardWho is responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence from annual report regarding auditing of financial statements. Also name the different Financial statements that are audited by external auditors at Zamil industrial.arrow_forwardAs a participant of the just ended ICAG workshop on financial reporting standards (IFRS), the Chief Executive Officer of your company has tasked you to prepare a reporting explaining the main objective, scope, recognition, measurement and disclosure of the following standards: a) IAS 41 b) IAS 36 c) IFRS 9 d) IAS 12arrow_forward
- A CPA has been asked to audit the financial statements of a publicly held company for the first time. All preliminary verbal discussions and inquiries among the CPA, the company, the predecessor auditor, and all other necessary parties have been completed. The CPA is now preparing an engagement letter.. Required: a. List the items that should be included in the typical engagement letter in these circumstances. b. Describe the benefits derived from preparing an engagement letter. (AICPA, adapted) 4 2arrow_forwardThe GAAP hierarchy lists which source of authoritative accounting guidance as highest in priority? a. AICPA Practice Bulletins b. GASB Implementation Guides c. GASB Technical Bulletins d. GASB Statementsarrow_forwardThe FASB issues accounting standards in the form of: Financial Accounting Standards. Financial Technical Bulletins. Accounting Standards Updates. Accounting Research Bulletins.arrow_forward
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