Questions from Advanced Accounting

Q: Why were several original standards issued by the IASC revised in 1993

Why were several original standards issued by the IASC revised in 1993?

Q: For which of the following does IFRS for SMEs not provide a

For which of the following does IFRS for SMEs not provide a simplification of full IFRS? a. Goodwill. b. Borrowing costs. c. Development costs. d. Inventory.

Q: What are variable interests in an entity and how might they provide

What are variable interests in an entity and how might they provide financial control over an entity?

Q: When is a firm required to consolidate the financial statements of a

When is a firm required to consolidate the financial statements of a VIE with its own financial statements?

Q: What is disaggregated financial information?

What is disaggregated financial information?

Q: A parent company acquires from a third party bonds that had been

A parent company acquires from a third party bonds that had been issued originally by one of its subsidiaries. What accounting problems are created by this purchase?

Q: In question (4), why is the consolidation process simpler if

In question (4), why is the consolidation process simpler if the bonds had been acquired directly from the subsidiary than from a third party? In question (4) A parent company acquires from a third p...

Q: When a company acquires an affiliated company’s debt instruments from a third

When a company acquires an affiliated company’s debt instruments from a third party, how is the gain or loss on extinguishment of the debt calculated? When should this balance be recognized?

Q: Several years ago, Bennett, Inc., bought a portion of

Several years ago, Bennett, Inc., bought a portion of the outstanding bonds of Smith Corporation, a subsidiary organization. The acquisition was made from an outside party. In the current year, how sh...

Q: Identify each of the following as they pertain to the SEC.

Identify each of the following as they pertain to the SEC. a. Blue sky laws. b. S–8 Statement. c. Letter of comments. d. Public Company Accounting Oversight Board. e. Prospectus.