FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.
What contemporary factors are contributing to the internationalization of the subject of accounting?
Explain the major factors influencing the international development of accounting systems.
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- What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?arrow_forward1.Why do different countries have different accounting standards? Explain your answer withsuitable example.2. What are the advantages of a single set of international accounting standards?arrow_forwardHow do differences in accounting standards and regulations across countries pose challenges for the accurate and consistent analysis of international transactions, and what strategies can be employed to address these challenges?arrow_forward
- Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.arrow_forwardHow is U.S. GAAP accounting different from international accounting? What are the key differences? And what rationale drives these differences?arrow_forwardDiscuss the impact of globalization on financial reporting, including the challenges and opportunities presented by international accounting standards and the need for harmonization of financial reporting practices.arrow_forward
- 2) What is the relation of harmonization in international accounting?arrow_forwardDiscuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards and the convergence of accounting standards.arrow_forwardHow do international accounting standards and cultural differences impact financial reporting practices in different regions of the world?arrow_forward
- Discuss the principles and characteristics of the International Financial Reporting Standards (IFRS) and how they differ from Generally Accepted Accounting Principles (GAAP). What are the advantages and challenges of implementing IFRS globally?arrow_forwardSeveral organizations are actively involved in international standard setting. 2. Discuss the position of the SEC with respect to convergence to International Accounting Standards.arrow_forwardWhat is the disadvantage of international accounting ? Select one : a . uniformity practice b . Harmonization c . Mobilising global resources d . Market riskarrow_forward
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