A) The IASB does not report to any higher body B) The FASB reports to the US Congress C) The Australian Accounting Standards Board ultimately reports to the Australian government D) No statement is untrue.i.e.all are true statements A) The IASB does not report to any higher body B) The FASB reports to the US Congress C) The Australian Accounting Standards Board ultimately reports to the Australian government D) No statement is untrue.i.e.all are true statements

Exam 14: Emerging Issues in Accounting and Auditing

'Despite the existence of the Roadmap,it is not certain that the United States will adopt IFRS'.J.Godfrey,et el,'Accounting Theory',7^th Ed.p.492.Discuss some advantages that adopting IFRS would have for the US and some of the problems that have yet to be resolved concerning the US adopting International Financial Reporting Standards.

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Question 1

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Adopting IFRS would have several advantages for the United States. First, it would enhance comparability and consistency in financial reporting across different countries, making it easier for investors and stakeholders to analyze and make decisions based on financial information. This would also reduce the cost and complexity of preparing financial statements for multinational companies operating in multiple jurisdictions. Additionally, IFRS is principles-based, which could lead to more transparent and relevant financial reporting.

However, there are several problems that have yet to be resolved concerning the US adopting International Financial Reporting Standards. One major issue is the potential impact on the US regulatory environment, as IFRS adoption would require significant changes to the existing accounting and auditing standards. There are also concerns about the potential loss of sovereignty in setting accounting standards, as the US currently has its own standard-setting body, the Financial Accounting Standards Board (FASB). Furthermore, there are practical challenges in transitioning to IFRS, such as the need for extensive training and education for accountants and auditors, as well as the potential costs associated with the transition.

Overall, while there are clear advantages to adopting IFRS, there are also significant challenges and unresolved issues that need to be addressed before the United States can fully embrace International Financial Reporting Standards.

International auditing standards are issued by the International Accounting Standards Board.

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Question 2

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It is agreed among accountants that a big contributor of the 2008 global financial crisis was the practice of requiring firms to mark their assets to fair value.

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Question 3

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The statement that is not true in relation to the internationalisation of auditing standards is:

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Question 4

In a recent survey KPMG reported which group of countries as having the highest level of formal assurance for their sustainability reports?

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Question 5

Explain how the Extensible Business Reporting Language ( XBRL)system works and discuss the effects that its use is likely to have on financial reporting.

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Question 6

Discuss how social accounting differs from financial accounting.

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Question 7

Discuss some of the problems that auditors face in providing assurance for sustainability reports issued by companies.

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Question 8

The statement that is correct concerning the convergence of IASB and US accounting standards is:

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Question 9

It is not true that:

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Question 10

SFAS 157 explicitly uses exit price as a definition of fair value but IFRS fair value is neither explicitly an exit nor an entry price.

(True/False)

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Question 11

Despite the existence of 'the Roadmap',it is not certain that the United States will adopt IFRS.

(True/False)

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Question 12

The water standards currently under development in Australia will essentially require qualitative rather than quantitative reports.

(True/False)

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Question 13

The Sarbanes-Oxley Act in the United States decided not to restrict auditors' provision of non-audit consulting services to their clients as the evidence that the practice comprised auditor's independence was mixed.

(True/False)

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Question 14

A criticism of the XBRL system is:

(Multiple Choice)

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Question 15

What,in your opinion,was the role of fair value accounting in the Global Financial Crisis?

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Question 16

With respect to the concept of sustainability which of these statements is not true?

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Question 17

Meeting the needs of the present without compromising the ability of future generations to meet their own needs,is a definition of:

(Multiple Choice)

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Question 18

The most widely used set of guidelines for sustainability reporting are published by:

(Multiple Choice)

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Question 19

A difference between water accounting and greenhouse gas emissions accounting is:

(Multiple Choice)

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Question 20

Showing 1 - 20 of 29

International auditing standards are issued by the International Accounting Standards Board.

It is agreed among accountants that a big contributor of the 2008 global financial crisis was the practice of requiring firms to mark their assets to fair value.

The statement that is not true in relation to the internationalisation of auditing standards is:

In a recent survey KPMG reported which group of countries as having the highest level of formal assurance for their sustainability reports?

Explain how the Extensible Business Reporting Language ( XBRL)system works and discuss the effects that its use is likely to have on financial reporting.

Discuss how social accounting differs from financial accounting.

Discuss some of the problems that auditors face in providing assurance for sustainability reports issued by companies.

The statement that is correct concerning the convergence of IASB and US accounting standards is:

It is not true that:

SFAS 157 explicitly uses exit price as a definition of fair value but IFRS fair value is neither explicitly an exit nor an entry price.

Despite the existence of 'the Roadmap',it is not certain that the United States will adopt IFRS.

The water standards currently under development in Australia will essentially require qualitative rather than quantitative reports.

The Sarbanes-Oxley Act in the United States decided not to restrict auditors' provision of non-audit consulting services to their clients as the evidence that the practice comprised auditor's independence was mixed.

A criticism of the XBRL system is:

What,in your opinion,was the role of fair value accounting in the Global Financial Crisis?

With respect to the concept of sustainability which of these statements is not true?

Meeting the needs of the present without compromising the ability of future generations to meet their own needs,is a definition of:

The most widely used set of guidelines for sustainability reporting are published by:

A difference between water accounting and greenhouse gas emissions accounting is:

Introduction

Accounting Theory Construction

Role of Theory in Accounting Regulation

Theory Underpinning Accounting Standards

Measurement

Accounting Measurement Systems

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Positive Theory of Accounting Policy and Disclosure

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