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    Financial Reporting Case: Instructions

    Uploaded by

    Moe Channel
    Lola is confused by the different bodies that set accounting standards and their levels of authority. She decides to review the accounting standards environment to increase her understanding. Her accounting education briefly covered this but without emphasis. The document provides instructions to help Lola by identifying key international accounting rule-making organizations and explaining the concept of authoritative support for accounting standards.

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    Download as PDF, TXT or read online from Scribd

    Financial Reporting Case: Instructions

    Uploaded by

    Moe Channel
    10 views1 page
    Lola is confused by the different bodies that set accounting standards and their levels of authority. She decides to review the accounting standards environment to increase her understanding. Her accounting education briefly covered this but without emphasis. The document provides instructions to help Lola by identifying key international accounting rule-making organizations and explaining the concept of authoritative support for accounting standards.

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    akm_Part92

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    Lola is confused by the different bodies that set accounting standards and their levels of authority. She decides to review the accounting standards environment to increase her understanding. Her accounting education briefly covered this but without emphasis. The document provides instructions to help Lola by identifying key international accounting rule-making organizations and explaining the concept of authoritative support for accounting standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    10 views1 page

    Financial Reporting Case: Instructions

    Uploaded by

    Moe Channel
    Lola is confused by the different bodies that set accounting standards and their levels of authority. She decides to review the accounting standards environment to increase her understanding. Her accounting education briefly covered this but without emphasis. The document provides instructions to help Lola by identifying key international accounting rule-making organizations and explaining the concept of authoritative support for accounting standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    is confused by the number of bodies issuing financial reporting

    standards of one kind or another and the level of authoritative


    support that can be attached to these reporting standards. Lola
    decides that she must review the environment in which accounting
    standards are set, if she is to increase her understanding of the
    accounting profession.
    Lola recalls that during her accounting education there was a chapter
    or two regarding the environment of financial accounting and the
    development of IFRS. However, she remembers that her instructor
    placed little emphasis on these chapters.
    Instructions

    a. Help Lola by identifying key organizations involved in


    accounting rule-making at the international level.
    b. Lola asks for guidance regarding authoritative support. Please
    assist her by explaining what is meant by authoritative
    support.

    Financial Reporting Case

    The following comments were made at an Annual Conference of the


    Financial Executives Institute (FEI).
    There is an irreversible movement toward a single set of rules for
    financial reporting throughout the world. The international capital
    markets require an end to:

    92

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