What guidance does the Codification provide concerning the format of accounting disclosures?

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the  development of…

A: U.S. GAAP    The Generally Accepted Accounting Principles in the US (US GAAP) refer to the…

Q: Generally accepted accounting principles

A: These include accounting principles, Statutes , guidelines issued by various authorities  Generally…

Q: What is concern of external users of accounting information in GAAP?

A: Accounting information includes all financial statements like Balance Sheet, Income statements and…

Q: describe the importance of fi nancial statement notes and supplementary information—including…

A: The importance of financial statement notes and supplementary information thatincluding disclosures…

Q: Which function do accounting information systems provide in current accounting procedures

A: An accounting information system (AIS) constitutes of gathering, storage, and processing of…

Q: In order to report on changes in accounting rules, the FASB needs a certain technique.

A: Changes in accounting rules, the FASB needs a certain technique will b e explained:

Q: Explain the accounting principle of adequate disclosure.

A: Accounting Principles: When reporting its financial data, companies are required to mandatorily…

Q: Explain generally accepted accounting principles (GAAPs).

A: GAAP stands for Generally accepted principles.

Q: The revenue recognition principle dictates that revenue should be recognized in the accounting…

A: Revenue recognition principle says the revenues should be recorded only when the goods are sold or…

Q: How are changes in accounting policies accounted for and disclosed?

A: Accounting policy: These are basically the rules, conventions and principles that are applied by the…

Q: Compare and contrast the different types of accounting regulation that exist.

A: Accounting Regulation: Accounting regulations are being developed to allow investors , managers and…

Q: Generally Accepted Accounting Principles

A: Generally accepted accounting principles (GAAP) seek advice from a standard set of accounting…

Q: What are the accounting and disclosure procedures for accounting policy changes

A: The accounting and disclosure procedures for accounting policy changes will be explained :

Q: Explain the meaning of generally accepted accounting principles (GAAP) and the role of the…

A: GAAP:

Q: Distinguish between Opinions of the Accounting Principle Board and Accounting Standards Updates.

A:

Q: What are the primary advantages of having a Codification of generally accepted accounting…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Discuss how a change in accounting policy is handled when it is impracticable to determine previous…

A:

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: 4. What is the specific citation that describes the disclosure requirements in the notes to the…

A: The specific citation that describes the disclosure requirements in the notes to the financial…

Q: Explain the relevant accounting assumption or principle which is an exception to Full Disclosure…

A: Full Disclosure Principle states that any entity is required to record all the important information…

Q: Financial statement disclosures are used to convey additional information about the account balances…

A: Given statement is: Financial statement disclosures are used to convey additional information about…

Q: What does it mean to recognize an accountingtransaction?

A: The accounting transactions that directly or indirectly alters the financial aspect of the…

Q: In what way is the Securities and Exchange Commission concerned about and supportive of accounting…

A: Securities and Exchange commission (SEC): It is a government body established to safeguard the…

Q: Describe the SEC’s role in establishing generally accepted accounting principles (GAAP).

A: The Generally Accepted Accounting Principles (GAAP) are the accounting principles issued by the…

Q: Describe the recognition, measurement, and disclosure concepts that guide accounting practice.

A: Accounting concepts are referred to the basic assumptions, principle and rules which guides the…

Q: these are the current set of GAAP or Generally Accepted Accounting Principles. what is it?

A: Generally accepted accounting principles(GAAP) refers to a set of accounting principles issued by…

Q: Discuss the disclosure requirements for related-party transactions, post-balance-sheet events, major…

A: Segment reporting: Segment reporting refers to the process of preparing accounting report by segment…

Q: When is it permissible to violate generally accepted accounting principles (GAAP)

A: Certain types of information must be disclosed in a company's audited financial statements in…

Q: For what purposes did the AICPA create the Accounting Principles Board?

A: Accounting principles board: It is an authoritative body of American Institute of Public…

Q: How does the concept of consistency aid in the analysis of financial statements? Why type of…

A: General accepted accounting principles means those set of standards which is followed while…

Q: Explanation on the disclosure requirements for the accounting treatment of the MFRS 138. Clear…

A: MRFS 138 deals with Intangible Assets. MRFS are the Malaysian Financial Reporting Standards for…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: Where can authoritative IFRS related to accounting changes be found?

A: Accounting changes include the change in methods or ways of accounting by the company, which will…

Q: What is the function of the Accounting Information System in current accounting?

A: Accounting Information Systems are the systems that help the organizations to record their…

Q: What can be interpreted from Accounting Standards Codification (ASC), of FASB?

A: