Question

What are the main reasons why US GAAP and IFRS differ? A) US GAAP was developed...

What are the main reasons why US GAAP and IFRS differ?

A) US GAAP was developed to primarily satisfy the need of tax authorities and government planners.

C) US GAAP was developed to primarily satisfy the need of investors and creditors.

D )None of the above

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What is the biggest difference between IFRS & US GAAP? 1) IFRS provides less detailed guidelines...
What is the biggest difference between IFRS & US GAAP? 1) IFRS provides less detailed guidelines 2)US GAAP provides less detailed guidelines 3)IFRS provides more industry specific intstruction 4) None Under US GAAP reversal of impairments are prohibited 1) True 2) False
Addison Company acquires a frontloader for $500,000. The useful life of the frontloader is 10 years....
Addison Company acquires a frontloader for $500,000. The useful life of the frontloader is 10 years. The treads with a value of $50,000 will need to be replaced every five years. The blade has a value of $20,000 and needs to be replaced every two years. At the end of year one what would be the minimum difference in depreciation expense using IFRS and the normal practice followed in US GAAP? a. None of the above. b. The depreciation expense...
One of the main reasons why lenders and borrowers in the sup-prime mortgage market were willing...
One of the main reasons why lenders and borrowers in the sup-prime mortgage market were willing to exchange risky loans prior to the 2008 financial crisis in the US was: a) low housing prices b) willingness to own a house c) lack of regulations d) the expectations of higher housing prices
Multiple Choice Questions 1. Which of the following main issues are included in the definition of...
Multiple Choice Questions 1. Which of the following main issues are included in the definition of accounting? a) recognizing, recording, classifying, and summarizing business transactions b) measuring, analyzing, processing, and interpreting operating results c) reporting and presenting the financial position d) all of the above 2. The American Accounting Association defines accounting to be: a) the process of measuring, analyzing, processing, interpreting result of operation, reporting and presenting financial Position b) the process of identifying, measuring and communicating economic information...
Financial Reporting and Analysis Assignment #1 Q1. What is IFRS? ? What is the IASB? ?...
Financial Reporting and Analysis Assignment #1 Q1. What is IFRS? ? What is the IASB? ? How widespread is the adoption of IFRS around the world? ? What is the possibility of the Securities and Exchange Commission substituting IFRS for GAAP? ? What are the advantages of converting to IFRS? ? What could be the disadvantages of converting to IFRS? ? What is the difference between convergence and adoption? ? When comparing IFRS and GAAP, what are some overall key...
1. Explain two main reasons why we need to study public finance 2. Distinguish between the...
1. Explain two main reasons why we need to study public finance 2. Distinguish between the “organic view” and “mechanistic view” of the existence of government 3. Explain the concept of market failure and discuss five reasons why there is market failure 4. What is meant by market failure? Identify and discuss four conditions under which the market fails to optimally allocate resources. 5. What is meant by the term government failure and explain five reasons why there may be...
Included among the reasons why less developed economies tend to have more informal activity than more...
Included among the reasons why less developed economies tend to have more informal activity than more developed economies is: Select one: a. developing economies’ formal institutions are more economically efficient. b. lower levels of income make complying with rules, regulations, laws, and social norms relatively easier in developing economies. c. informal institutions are more likely to clash with formal institutions because developing countries’ formal institutions have been recently established while their informal institutions are based on ancient traditions and customs....
Which of the following are the reasons why an NPV analyses is important? A. If provides...
Which of the following are the reasons why an NPV analyses is important? A. If provides a historical look at past performance of the business B. It provides insights to current reasons for customer satisfaction C. It provides a way to assess future "what-if" effects under various business operating conditions D. All of the above E. None of the above 19: You have calculated LTV values for customers over a period of 3 years, including NPV adjustments for each year....
1. Read the following two articles and TYPE up clear answers the questions below. Use full...
1. Read the following two articles and TYPE up clear answers the questions below. Use full sentences and draw half-page diagrams where required. https://www.economist.com/news/united-states/21736554-threat-inflation-less-worrying-some-investors-think-what-will-result https://www.wsj.com/articles/the-other-risk-from-rising-wages-1519641000 (a) What kind of output gap exists in the USA currently? Provide evidence from one or both of articles above that support your position. (b) Depict the USA's market for loanable funds diagrammatically. What impacts will the new tax plan and increased government spending have on the national savings (NS) and/or investment demand (ID) curves?...
If a stars absolute magnitude is numerically equal to its apparent magnitude, what do we know...
If a stars absolute magnitude is numerically equal to its apparent magnitude, what do we know about the star? A. It is 1 parsec from us. B. It is 10 parsecs from us. C. It is 1 light year from us. D. The star is a main sequence star. E. [The question is misleading; it is impossible for the two magnitudes to be equal.] ----------------------------------------- A star has an apparent magnitude of 6.5 and an absolute magnitude of 4. Ignoring...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT