Questions from Intermediate Accounting

Q: While it is a goal of standard setters to develop accounting standards

While it is a goal of standard setters to develop accounting standards that will provide comparability across organizations and over time, there are instances when professional judgement must be used...

Q: The integrated reporting initiative discussed in this chapter focuses on extending the

The integrated reporting initiative discussed in this chapter focuses on extending the disclosure of financial statements to include more information about a company and its objectives and performance...

Q: Explain the difference between primary and other sources of GAAP.

Explain the difference between primary and other sources of GAAP.

Q: The IASB has instituted four principles related to its funding to ensure

The IASB has instituted four principles related to its funding to ensure that funding does not lead to politicization of standard setting. The standards specify that funding should be broad-based, com...

Q: How does information asymmetry hurt investors in the capital marketplace?

How does information asymmetry hurt investors in the capital marketplace?

Q: The IASB released an Exposure Draft (ED) in May 2012

The IASB released an Exposure Draft (ED) in May 2012 titled Annual Improvements to IFRSs: 2010 – 2012 Cycle. This IASB publication is intended to invite comment on changes that might improve various s...

Q: Michael Sharpe, then deputy chairman of the International Accounting Standards Committee

Michael Sharpe, then deputy chairman of the International Accounting Standards Committee, made the following comments before the Financial Executives International 63rd Annual Conference: There is an...

Q: The Canadian Coalition for Good Governance was formed in 2002 and represents

The Canadian Coalition for Good Governance was formed in 2002 and represents a significant number of institutional investors in Canada. Instructions (a) How does an institutional investor differ from...

Q: In 2002, the Sarbanes-Oxley Act was passed in the

In 2002, the Sarbanes-Oxley Act was passed in the United States to strengthen the capital market- place. In the following year, there were many debates in Canada about whether the securities com-missi...

Q: Find the FASB website and locate the “Update Report to the

Find the FASB website and locate the “Update Report to the FSB Plenary on Accounting Convergence” that was issued in 2012. Convergence between the standards in the United States and IFRS is an ongoing...