4. Discuss the environmental factors that impact on the development of a country's accounting system.5. Discuss the approaches a company might take when issuing financial reports to users in foreigncountries.6. What is the purpose of the International Accounting Standards Board? How are IASB standardsused by various countries?

An accounting system enables a company to keep a record of all kinds of financial transactions, such…

Answered: 4. Discuss the environmental factors…

Business

Accounting

4. Discuss the environmental factors that impact on the development of a country’s accounting system.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 4MCQ

See similar textbooks

Related questions

Q: Discuss the history of Accounting?

A: Italy, birthplace of many of the world's most important historical figures like Michelangelo,…

Q: How does accounting provide useful information about economic activities?

A: Whenever a company wants to make decisions that include money that decision comes under the economic…

Q: Why is GAAP Important? and how it will be used in understanding accounting

A: GAAP is a basic set of generally accepted accounting principles which work as a basic guideline in…

Q: What is the importance of Accounting Information System in the modern practice of Accounting?

A: Accounting Information System refers to the system where financial and accounting data is collected,…

Q: Explain why the accounting standards are necessary in financial reporting.

A: Accounting Standards are the rules and guidelines that are used for preparation of financial…

Q: Question 2 Critically discuss SIX causes of differences in accounting practices used in different…

A: Accounting practices are not the same in all countries. Countries follow different accounting…

Q: n the role of the accounting system according to the agency theory

A: Agency theory is one of the common problem in the organization form of the system and that exist due…

Q: What is the relevance of the Accounting Information System in the modern practice of accounting?

A: Accounting Information System: When a company employs an accounting information system (AIS), it…

Q: What is the relevance of the Accounting Information System in the present practice of accounting?

A: Accounting Information System: An accounting information system (AIS) is a framework that a company…

Q: 1. Explain the difference between the social role of accounting and the traditional role of…

A: Accounting is being a vast concept, effected by various internal and external users. Traditionally…

Q: What is the relevance of the Accounting Information System in today's accounting practice, and how…

A: SOLUTION THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM IS TO COLLECT ,STORE AND PROCESS FINANCIAL AND…

Q: 3) How the political system factors influencing to development of accounting system? (short…

A: The accounting system allows a business organization to keep track of all the financial…

Q: What is the Accounting Information System in today's accounting practice?

A: The answer for the theory question on role of Accounting information system in today's accounting…

Q: When it comes to accrual accounting, what do you name the principles and goals that influence the…

A: It is required that a cost be recorded in the same period as the corresponding income is collected…

Q: What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A major focus of this course is the process of financial reporting.a. What is meant by the term…

A: Requirement a:

Q: The basic purpose of accounting is to provide information about economic activities intended to be…

A: Accounting is a system meant for measuring business activities, processing of information into…

Q: 9-The users of accounting information such as investors, financiers, suppliers and government are…

A: the accounting information is helpful to various parties in making decisions such as external and…

Q: In history's accounting practise, what function does an Accounting Information System play?

A: Accounting information system (AIS) is a collective mechanism wherein information or data related to…

Q: Which of the following is a major challenge facing the accounting profession? O A. Accounting for…

A: Major challenges facing the accounting profession are :- Non financial measurements Forward looking…

Q: What have been the roles played by professional accounting bodies in the development of accounting…

A: Professional accounting bodies play a major role in safeguarding the integrity of the reporting of…

Q: 2. Explain why companies must follow accounting standards in presenting financial statements.

A: Accounting standards considered to be common set of standards. These are common set of procedures…

Q: Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…

A: Full form of GAAP is generally accepted accounting principles. This is the collection of commonly…

Q: When it comes to the contemporary practice of accounting, what is the significance of the Accounting…

A: Here is the Answer

Q: To understand and use accounting information in makingeconomic decisions, you must understand: a.…

Q: 1) Name the parties involved in the development of Generally Accepted Accounting Principles (GAAP)…

A: As there are many questions as per the policy only 1st question shall be answered.

Q: The reporting of accounting theory is related to ........ Select one : a . Principles b .…

A: Accounting refers to the process of systematic recording of the transactions of the business. Such a…

Q: Using practical examples describe how International Accounting Standard 23 would apply to Assets in…

A: Using practical examples describe how International Accounting Standard 23 would apply to Assets in…

Q: f the Accounting Information S

A: Accounting information system: It is the system prepared to collect, record, manage, and process the…

Q: 1. Which of the following was the first private sector entity that set accounting standards in the…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Which came first? Accounting regulations or the need for accounting regulations? Explain.

A: Accounting regulations are important part of accounting and regulation of accounting make accounting…

Q: Critically discuss SIX causes of differences in accounting practices used in different countries.…

A: Accounting Practices:-Accounting practices defined as those practices which is necessary to follow…

Q: 3. Why are accounting standards important in the accounting profession?

A: Lets understand the basics. Accounting standard are set of basic rules and policies which needs to…

Q: Which of the following statement is true about purpose of accounting? Select one: a. The purpose…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Question

100%

4. Discuss the environmental factors that impact on the development of a country's accounting system.
5. Discuss the approaches a company might take when issuing financial reports to users in foreign
countries.
6. What is the purpose of the International Accounting Standards Board? How are IASB standards
used by various countries?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual framework
What should you tell your friend about the presence of accounting standards in the UnitedStates and the rest of the world? Who has the authority for standard setting? Who has theresponsibility?
discuss the challenges faced by the International Accounting Standard Board (IASB) in the development of International Financial Reporting Standards (IFRSs), which form the basis of Hong Kong Financial Reporting Standards (HKFRSs).
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?
What is the main goal for accounting rules in the UnitedStates and around the world? What characteristics mustfinancial information possess to reach that goal?
5. Discuss the approaches a company might take when issuing financial reports to users in foreign countries.
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?
1.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?
What type of circumstances would drive an organization to comply with US Generally Accepted Accounting Principles (GAAP)? Choose all that apply. Lender reporting requirements International Financial Reporting Standards (IFRS) requirements Equity investor reporting requirements An audit by the internal revenue services (IRS)
What should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?
What organizations are the two key international players in the development of international accounting standards? Explain their role.
6. What is the purpose of the International Accounting Standards Board? How are IASB standards used by various countries?