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发表于 2010-4-17 20:36 | 只看该作者

Reading 31: Financial Reporting Standards LOS c习题精选

reporting, standards, accounting, 2010
LOS c: Discuss the ongoing barriers to developing one universally accepted set of financial reporting standards.

The process of developing one universally accepted set of accounting standards is best described as:

A)
 unification.
B)
 convergence.
C)
 IASB.


Developing one universally accepted set of accounting standards is referred to as “convergence.” The IASB is an accounting standard setting body involved in the process.

 

 

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honeycfa

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发表于 2010-4-17 20:36 | 只看该作者

Which of the following is most likely to be considered a barrier to developing one universally recognized set of reporting standards?

A)
 Different standard-setting bodies of different countries disagree on the best treatment of a particular issue.
B)
 Reluctance of firms to adhere to a single set of reporting standards.
C)
 GATT already requires sufficient agreement.


A principal obstacle to agreement on a single set of reporting standards is that various standard-setting bodies and regulatory authorities disagree on what the standards should be. Firms generally support the idea because it would reduce the cost of reporting. GATT is the General Agreement on Tariffs and Trade and does not relate to financial reporting.

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honeycfa

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发表于 2010-4-17 20:36 | 只看该作者

The term “convergence” is most accurately used to describe:

A)
 the reduction of the premium on a bond as it nears maturity.
B)
 when expected return and required return are equal.
C)
 the process of developing one universally accepted set of accounting standards.


Moving towards agreement on a single set of accounting standards is referred to as “convergence.”

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