MIA766 International Accounting Assignment

Assignment Help Financial Accounting

Reference no: EM133094110

MIA766 International Accounting - Asia e University

QUESTION 1

(a) Contrast the development of national accounting ecosystem based on its legal framework.
Discuss at least FIVE (5) points on the differences.

(b) Based on your answer above, which legal framework do you think the Malaysian accountancy profession is based on and why?

QUESTION 2

Exhibit 5.4 (Chapter 5 of International Accounting textbook by Choi, F.D.S. and Meek, G.K., 7th Ed., Prentice Hall) presents the independence assurance report on Roche's Sustainability Reporting. The auditor's engagement was carried out "in accordance with International Standards on Assurance Engagements (ISAE) 3000".

You are required to go to the International Federation of Accountants (IFAC) website (www.ifac.org/IAASB) and answer the following questions.

a) Give FIVE (5) differences between auditing and assurance engagements?
b) Has Roche earned a "clean opinion" on its sustainability reporting?

QUESTION 3

Whither the Withering Standard Setters

(Extracted from Case 8.2, International Accounting textbook by Choi, F.D.S. and Meek, G.K., pg. 280, 7th Ed., Prentice Hall).

Sir David Tweedie, Chairman of the International Accounting Standard Board (IASB), is quoted as saying that the IASB and FASB (Financial Accounting Standard Board) will eventually merge. "US standards and ours will become so close that it will become senseless having two boards, and they will merge eventually.... Ultimately, it doesn't make sense having two standard setters producing the same standards".

Required;
1. Go to the website of the IASB and the FASB. Compare and contrast the two boards in five different points.

2. Explain why is so much attention paid to the convergence between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP)?

3. In your opinion, will the IASB and FASB will eventually have merged?

Attachment:- International Accounting.rar

Reference no: EM133094110

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