Accounting

CHAPTER 1
Financial Reporting and Accounting Standards
ASSIGNMENT CLASSIFICATION TABLE
Topics 1. 2. 3. 4. 5. 6. *7. Global markets. Environment of accounting. Objective of financial reporting. Standard-setting organizations. Financial reporting challenges. Ethical issues. Authoritative U.S. pronouncements and policy-setting bodies. Questions 1 2, 3, 4 5, 6, 7, 8, 9, 10 11, 12, 13, 14, 15, 16, 17, 18 19, 20, 21, 22, 23, 24, 25 26 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38 4, 5, 7 2 1, 3, 6 8, 9, 10 11, 12, 16 13, 14, 15 Cases

*These questions and cases address material in the appendix to the chapter.

Copyright © 2011 John Wiley & Sons, Inc.

Kieso, IFRS, 1/e, Solutions Manual

(For Instructor Use Only)

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ASSIGNMENT CHARACTERISTICS TABLE
Item CA1-1 CA1-2 CA1-3 CA1-4 CA1-5 CA1-6 CA1-7 CA1-8 CA1-9 CA1-10 CA1-11 CA1-12 *CA1-13 *CA1-14 *CA1-15 CA1-16 Description IFRS and standard-setting. IFRS and standard-setting. Financial reporting and accounting standards. Financial accounting. Need for IASB. IASB role in standard-setting. Accounting numbers and the environment. Politicalization of IFRS. Models for setting IFRS. Economic consequences. Rule-making Issues. Financial reporting pressures. GAAP terminology. Accounting organizations and documents issued. Accounting pronouncements. GAAP and economic consequences. Level of Difficulty Simple Simple Simple Simple Simple Simple Simple Complex Simple Moderate Complex Moderate Moderate Simple Simple Moderate Time (minutes) 5–10 5–10 15–20 15–20 15–20 15–20 10–15 15–20 10–15 25–35 20–25 25–35 20–30 3–5 5–7 25–35

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Copyright © 2011 John Wiley & Sons, Inc.

Kieso, IFRS, 1/e, Solutions Manual

(For Instructor Use Only)

ANSWERS TO QUESTIONS
1. World markets are becoming increasingly intertwined. The tremendous variety and volume of both exported and imported goods indicates the extensive involvement in international trade. As a result, the move towards adoption of international financial... [continues]

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