The SEC has mentioned that they may allow U.S. companies to choose between presenting their financial statements

Fantastic news! We've Found the answer you've been seeking!

Question:

The SEC has mentioned that they may allow U.S. companies to choose between presenting their financial statements using IFRS or U.S. GAAP. What are some of the benefits (advantages) and costs (disadvantages) of the SEC allowing companies to choose?

Related Book For answer-question

Core concepts of accounting information systems

ISBN: 978-1118742938

13th edition

Authors: Jacob M. Rose, Mark G. Simkin, Carolyn Strand Norman

See More Books

Posted Date: Jan 12, 2021 08:25 PM

See More Questions

What are some of the benefits of a centralized database architecture? What are some of the difficulties in moving from multiple databases or files to a centralized database structure?
What are some of the benefits of setting up a project plan for routine, frequent projects?
What are some of the benefits to obtaining a degree in accounting? What is the difference between a career in public accounting and private accounting? What are some of the traditional careers of...
Data for Sabanci Holding can be found in the table below. Theincome statement items correspond to revenues or costs during theyear ending in either 2018 or 2019. The balance sheet itemscorrespond t 2...
Explain whether you think the Rule for Sample Means applies to each of the following situations. If it does apply, specify the population of interest and the measurement of interest. If it does not...
You are negotiating with a customer the sale of some equipment whose worth today is $6m. The customer offers to pay 10 percent cash today and make five identical payments x, in the next five years....
Selected account balances for Jills Java at the end of the month are listed below in random order: Identify or compute the following amounts for Jills Java: a. Total current assets b. Total current...
Gazelle Corporation, a merchandiser, recently completed its calendar- year 2013 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts...
Refer to the part of the Tax Act that is related to the following discussions. Use the reference level as specific as possible (e.g., if you know the specific paragraph, list the paragraph, rather...
A certain newspaper provides the net asset value, the year-to-date percent return, and the three-year percent return for 882 mutual funds at the end of 2017. Assume that a simple random sample of 12...
N Solve y"+y-2y=4, y(0)=2, y(0)=1, by Laplace transform
The data flowing through the Smart Grid's communication networks offers manifold utilities [4]. Utility companies can leverage this data for demand forecasting, ensuring grid reliability, and...
1. Why do you think that industrial leaders of the late 19th century and early 20th century were so against labor movement? 2. Are labor unions still relevant today? Explain
Bowman Specialists Incorporated ( BSI ) manufactures specialized equipment for polishing optical lenses. There are two models one ( A 2 5 ) principally used for fine eyewear and the other ( A 1 0 )...
Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor - hours. At the beginning of the year, it estimated that 2 9 , 0 0 0 direct labor - hours would...
A new class that represent the computer's hardware. Add a brief comment at the top of the program that describes your class. The class should have the following fields: The GPU clock speed The CPU...
How developing clear framework will help in strategic integration of SDG?
Distinguish between the work performed by public accountants and the work performed by accountants in commerce and industry and in not-for-profit organisations.
Take a survey of the students in your class to nd out what jobs their parents hold. How many are employed in manufacturing? How many are employed in service industries? How many could be classied as...
The West End Boutiques company was founded by Libbie Williams in 1990 with a single store in College Station, Texas, and the company now has 21 shops located in the triangle of Dallas, San Antonio,...
What is hypertext markup language? How does it differ from XML and XBRL?
Explain why you would prefer to receive $1 million today rather than 5 years from now.
Explain the terms face value, contractual interest rate and market interest rate.
What entry is made to record the issue of unsecured notes payable of $1 million at 100?

The SEC has mentioned that they may allow U.S. companies to choose between presenting their financial statements

Question:

Expert Answer:

a Advantages GAAP guidelines assist businesses in maintaining consistency in financial ... View the full answer

Core concepts of accounting information systems

Students also viewed these accounting questions