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Question - Convergence efforts between US GAAP and IFRS slowed under pressure from the change of us administration in 2008 and the global financial crisis. The target date has been pushed back to 2010. On July 13, 2012, the securities and exchange commission issued the "work plan consider international financial reporting standards in the issuer's financial reporting system", and points out the limitations of some of the major international financial reporting standards, in the end there is no problem advice whether to adopt the international financial reporting standards in the United States (the U.S. securities and exchange commission, 2012). As a result, the SEC has made limited progress or comment on its merger efforts over the past five years. While the joint work of IASB and FASB has resulted in some relatively successful convergence projects (e.g., IFRS 16/ASU 842 leasing, IFRS 15/ASU 606 revenue recognition), the future of the alliance remains uncertain. Outline the reasons why US regulators may accept publicly traded financial reports prepared under IFRS rather than US GAAP. How do you think the agreement to accept IFRS will affect U.S. companies?
Airy Company decided to construct the addition itself at a cost of $435,000. What amount should be recorded in the building account
Are there any maintenance fees associated with the account at either brokerage firm? Now assume that you have a margin account and the balance is $3,000. Calculate the interest rate you would pay if you borrowed money to buy stock.
The beginning balance of retained earnings was $137,000,while the end of the year balance of retained earnings was $175,000.Net income for the year was $63,000. How much was paid in cash dividends during the year?
Bandar Industries Berhad of Malaysia manufactures sporting equipment. What is the standard materials cost allowed (SQ x SP) to make 3,600 helmets
A company regularly sells its receivables to a factor who assesses a 2% service charge on the amount of receivables purchased. Which of the following statements is true for the seller of the receivables?
P-1 The salespeople at Owl Realty sell up to 9 houses per month. The probability distribution of a salesperson selling n houses in a month is as follows:
Net sales, $8,000,000; average receivables, $980,000; and net income, $700,000. Assuming a 360-day year, what was the inventory turnover ratio for 2019?
Straight-line amortization is used for discounts and premiums. On September 1, 2012, $3,000,000 of the bonds are called at 102 plus accrued interest. What gain or loss would be recognized on the called bonds on September 1, 2012?
Little is more important to a business's success than planning. Setting financial goals and documenting those plans is called budgeting
Prepared a detailed Schedule of Costs of Goods Manufactured for FY 2018: (Round dollar values & enter as whole dollars only. Properly title your statement.)
Cash Management refers to how the money (and financial resources) in a business flows; how it is accounted for, invested, and handled.
The diverse measurement techniques developed for different types of assets suggest that standard setters are confused about the nature of the attribute that is to be measured.
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