Questions from Financial Accounting

Q: Discuss the similarities and differences between the FASB and IASB conceptual frameworks

Discuss the similarities and differences between the FASB and IASB conceptual frameworks with respect to the definitions of the elements of financial statements.

Q: In 2007, the SEC modified its position on the Form 20

In 2007, the SEC modified its position on the Form 20-F requirement when it issued; “Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with International Financial...

Q: The IASB outlined its requirements for the presentation of the income statement

The IASB outlined its requirements for the presentation of the income statement in IAS No. 1, “Framework for the Preparation and Presentation of Financial Statements” Required: a. What is the object...

Q: Discuss how a company’s primary financial statements are useful to potential investors

Discuss how a company’s primary financial statements are useful to potential investors who are trying to decide whether to buy stock in the company. Support your discussion by citing objectives outlin...

Q: You are in charge of reviewing the classification of unusual items that

You are in charge of reviewing the classification of unusual items that have occurred during for your CPA firm during the current year. The following material items have come to your attention: 1. A d...

Q: In Phase B of the joint FASB-IASB financial statement presentation

In Phase B of the joint FASB-IASB financial statement presentation project, the Boards are planning to release a plan to recast financial statements into a new format. One possible result is the elimi...

Q: IAS No. 8 states that when a Standard or an Interpretation

IAS No. 8 states that when a Standard or an Interpretation specifically applies to a transaction, other event or condition, the accounting policy or policies applied to that item must be determined by...

Q: In Phase B of the joint FASB-IASB financial statement presentation

In Phase B of the joint FASB-IASB financial statement presentation project, the Boards are planning to release a plan to recast financial statements into a new format. The proposed new format of the s...

Q: The directors of Lenox Corporation are considering issuing a stock dividend.

The directors of Lenox Corporation are considering issuing a stock dividend. Required: a. What is a stock dividend? How is a stock dividend distinguished from a stock split from a legal standpoint? Fr...

Q: A company is required to report a liability in its balance sheet when

A company is required to report a liability in its balance sheet when it expects to lose a law suit and the amount of the expected loss can be reasonably estimated.  Conversely, a company is prohibite...