Questions from Intermediate Accounting

Q: What follows is part of the testimony from Troy Normand in the

What follows is part of the testimony from Troy Normand in the WorldCom case. He was a manager in the corporate reporting department and is one of five individuals who pleaded guilty. He testified in...

Q: In 2012, Hans Hoogervorst, Chairman of the IASB, gave

In 2012, Hans Hoogervorst, Chairman of the IASB, gave a speech at the FEE Conference on Corporate Reporting of the Future entitled “The Concept of Prudence: Dead or Alive?”. The speech can be found on...

Q: What are some of the developments or events that occurred between 1900

What are some of the developments or events that occurred between 1900 and 1930 that helped bring about changes in accounting theory or practice?

Q: The chairman of the Financial Accounting Standards Board (FASB) at

The chairman of the Financial Accounting Standards Board (FASB) at one time noted that “the flow of standards can only be slowed if (1) producers focus less on quarterly earnings per share and tax ben...

Q: Which organization is currently dominant in the world for setting accounting standards

Which organization is currently dominant in the world for setting accounting standards?

Q: Explain the role of the Canadian Accounting Standards Board (AcSB)

Explain the role of the Canadian Accounting Standards Board (AcSB) in establishing generally accepted accounting principles.

Q: What is the role of the Ontario Securities Commission (OSC)

What is the role of the Ontario Securities Commission (OSC) in standard setting?

Q: What are some possible reasons why another organization, such as the

What are some possible reasons why another organization, such as the OSC or the Securities and Exchange Commission (SEC), should not issue financial reporting standards?

Q: Some individuals have argued that the ACSB and the International Accounting Standards

Some individuals have argued that the ACSB and the International Accounting Standards Board (IASB) need to be aware of the economic consequences of their pronouncements. What is meant by “economic con...

Q: What is the difference between principles-based and rules-based

What is the difference between principles-based and rules-based accounting standards? In which category does IFRS belong? ASPE? Explain.