Question

SFAS No. 115 prescribes the accounting treatment for investments in equity securities having readily determined fair values for which the equity method and consolidation do not apply. IAS No. 39 prescribes international accounting practice for similar securities.

Required:
a. Compare and contrast U. S. GAAP for investments in equity securities under SFAS No. 115 with the provisions of IAS No. 39.
b. Discuss whether U. S. GAAP under SFAS No. 115 or the requirements of IAS No. 25 are more consistent with the following concepts:
i. Conservatism
ii. Comparability
iii. Relevance
iv. Neutrality
v. Representational faithfulness vi. Physical capital maintenance



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  • CreatedDecember 17, 2014
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