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Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Which of the following could be considered as enhancing qualitative characteristics of financial reporting?

Comparability

All of these

Timeliness

Understandability

Verifiability

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Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Which of the following could be considered as enhancing qualitative characteristics of financial reporting?

Your answer:

Comparability

Your answer:

Timeliness

Your answer:

Understandability

Your answer:

Verifiability

Correct answer:

All of these

Explanation:

Enhancing qualitative characteristics are the attributes that make financial information useful. Qualitative attributes are the non-numerical characteristics that distinguish more useful information from less useful information. All of the following characteristics are considered to be enhancing qualitative characteristics: comparability (i.e. consistency), verifiability, timeliness, and understandability.

Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Which of the following is not an accurate difference between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (US GAAP)?

The US GAAP uses a principles based approach while the IFRS employs a rules based approach.

The US GAAP uses a two-step impairment approach while the IFRS uses a one-step approach.

The US GAAP has no requirement regarding comparative information while the IFRS does.

The IFRS permits the reevaluation of intangible assets other than goodwill while the US GAAP does not.

None of these

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Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Which of the following is not an accurate difference between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (US GAAP)?

Your answer:

The US GAAP uses a two-step impairment approach while the IFRS uses a one-step approach.

Your answer:

The US GAAP has no requirement regarding comparative information while the IFRS does.

Your answer:

The IFRS permits the reevaluation of intangible assets other than goodwill while the US GAAP does not.

Your answer:

None of these

Correct answer:

The US GAAP uses a principles based approach while the IFRS employs a rules based approach.

Explanation:

"The US GAAP uses a principles based approach while the IFRS employs a rules based approach" is the correct answer. This is not an accurate difference between the IFRS and the USGAAP. The US GAAP typically employs a rules based approach while the IFRS follows a principles based approach. The other choices represent accurate differences between the IFRS and US GAAP according to the International Accounting Standards Committee.

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Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

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Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

Flashcards: Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

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