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Discuss the qualitative concept of comparability

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Question 1) Discuss the qualitative concept of comparability.

In your opinion, would the financial statements of companies operating in one of the foreign countries listed above be comparable to a U. S. company's financial statements? Explain.

Question 2) Discuss the concept of reliability.

In your opinion, would the amounts reported by U. S. companies for property, plant, and equipment be more or less reliable than the current cost amounts reported by companies in England, Mexico, or elsewhere?

Question 3) Discuss the concept of relevance.

In your opinion, would the amounts reported by U. S. companies for property, plant and equipment be more or less relevant than the current cost amounts reported by companies in England, Mexico or elsewhere?

Question 4) Contrast and compare the qualitative characteristics identified by the International Accounting Standards Board (IASB) with the qualitative Characteristics identified by the Financial Accounting Standards of Statement of Financial Accounting Concepts (SFAC) No. 2.

Reference no: EM132486168

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