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Category: Accounting
How does the meaning of the term contingent liabilities differ between U.S. GAAP and IFRS?
Coursepivot November 13, 2022 10:56
Answer Contingent liabilities are potential costs to a business that are accounted for based on the probability of that cost occurring. Generally Accepted Accounting Principles (GAAP) have specific rules pertaining (View full solution)
Category: Accounting
What are at least three advantages in all companies around the world using the same accounting standards?
Coursepivot November 13, 2022 10:56
Explanation 1. Comparability If companies around the world use a uniform set of accounting standards, comparability between financial statements is enhanced. Enacting a set of global accounting standards will make (View full solution)
Category: Accounting
What are at least three advantages in all companies around the world using the same accounting standards?
Coursepivot November 13, 2022 10:55
Explanation 1. Comparability If companies around the world use a uniform set of accounting standards, comparability between financial statements is enhanced. Enacting a set of global accounting standards will make (View full solution)
Category: Accounting
What are at least four reasons that accounting standards currently differ between countries?
Coursepivot November 13, 2022 10:53
Explanation Four reasons for accounting standards currently differ between countries - i) The difference in the legal system between the countries. ii) The difference in taxation rules to define the (View full solution)
Category: Accounting
How have accounting standards developed differently in countries that use a common law system as opposed to those using code law?
Coursepivot November 13, 2022 10:53
Explanation Reference Using Financial Accounting Information (8th Edition) chapter A Answer Accounting standards in common law and code law countries Accounting standard: Accounting standard is a set of rules regulation (View full solution)
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