In recent months, virtually every topic that has come to the attention of the standard-setters has been undertaken as a joint effort of the FASB and the IASB rather than as an individual effort by one of the two boards. List and discuss some of the joint projects that fall into this category.
Answer to relevant QuestionsWhy is the SEC, once so reluctant to accept IAS, now very willing to allow firms using IFRS to issue securities in the U.S. stock market without reconciling to U.S. GAAP?What is the rationale for the harmonization of international accounting standards?Air France reports the following balance sheet for the year ended March 31, 2007.Required:A. In what order are assets listed on the balance sheet?B. Comment on other differences (IFRS relative to U.S. GAAP) that you might ...Define currency exchange rates and distinguish between "direct" and "indirect" quotations.List some of the criteria laid out by the FASB that are required for a gain or loss on forecasted trans actions (a cash flow hedge) to be excluded from the income statement. If these criteria are satisfied, where are the ...
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