Intermediate Accounting 300 unit 3 help

Intermediate Accounting 300 unit 3 help - 2.The purposes of...

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2.The purposes of the joint long-term project of the FASB and IASB to converge revenue recognition principles include all of the following except eliminate inconsistencies in conceptual guidance on revenues replace principle-based accounting with rule-based accounting for revenues establish a single comprehensive standard on revenue recognition fill voids in revenue recognition guidance 4. Conversion to IFRS reporting by all U.S. companies would be best accomplished with a transition plan for all of the following reasons except it would have to be a multi-year process it needs to be an orderly process with a minimum of cost and disruption to the participants certain IFRS need further improvement through continued convergence efforts careful planning would enable maximum manipulation of the IFRS for the financial benefit of the United States 5. Representational faithfulness is a relationship between the reported accounting measurements or descriptions and the economic resources, obligations, and the transactions and events causing changes in these items. This is important because the bias associated with financial measurements can be reduced
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This note was uploaded on 11/21/2011 for the course KAPLAN UNI MT 140 taught by Professor Thum during the Spring '10 term at Kaplan University.

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Intermediate Accounting 300 unit 3 help - 2.The purposes of...

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