Solution-Should the united states give up its gaap

Should the united states give up its gaap

Assignment Help Financial Accounting

Reference no: EM13134645

The FASB and the IASB have made progress towards convergence. The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP. As of 2007, the IFRSs filled approximately 2,000 pages of accounting regulations.∗ When an IFRS or interpretation does not exist, then judgment must be used when applying an accounting policy.
As of 2007, U.S. GAAP comprised over 2,000 separate pronouncements.† Many of the U.S. pronouncements were dozens of pages, issued by numerous bodies.

a. “The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP.” Comment on the implications of this statement, including the legal implications.

b. U.S. GAAP has been considered by many to be the best GAAP in the world. Should the United States give up its GAAP?

Reference no: EM13134645

Questions Cloud

How many different tetrapeptides containing molecules : How many different tetrapeptides containing 2 molecules of alanine and 2 molecules of valine could theoretically exist?

What is target rate of return on assets : Target Corporation in 2007 reported net income of $2.9 billion, net sales of $61.5 billion, and average total assets of $41.0 billion. What is Target’s asset turnover ratio? What is Target’s rate of return on assets?

Determining compact subsets : Define a new metric d on X = (0, 1/2)^2 by d((a,b), (r,s)) = 1 if a is not equal to r Or |b - s| if a = r.

Confidence interval for true mean cholesterol content of egg : Cholesterol was 186 milligrams with s = 19.0 milligrams. Construct a 95% confidence interval for the true mean cholesterol content of all such eggs.

Should the united states give up its gaap : “The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP.” Comment on the implications of this statement, including the legal implications. U.S. GAAP has been considered by many to be the best GAAP in the world...

Dimensions of the court : The perimeter of a regulation singles tennis court is 210 feet and the length is 3 feet less than three times the width. What are the dimensions of the court?

Explain what is the configuration of molecule : Draw the enantiomer of cis-1-chloro-3-methylcyclopentane which is R at C-1. 1) What is the configuration of this molecule at C-3 (R and S)?

Solve-topology induced : Find the interior, the closure, the accumulation points, the isolated point and the boundary points of the following sets.

What depreciation would broadway record for the year : Broadway changed to sum-of-years'-digits depreciation for this equipment. What depreciation would Broadway record for the year 2011 on this equipment?

User Account

All Pages

Should the united states give up its gaap

Reference no: EM13134645

Reference no: EM13134645

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT