Chapter 15 Decision-Making Models and Knouledge Management 295 6. Analyzing curr

Question

Chapter 15 Decision-Making Models and Knouledge Management 295 6. Analyzing current issues in accounting. Consider the list of current and classic issues in accounting presented below (or others specified by your instructor). With your instructor's help and guidance, form a team of students to investigate one of the issues. Use the Steps for Better Thinking to analyze the issue and prepare a short oral report for the class. a. What are the obstacles associated with adopting International Financial Reporting Standards? b. Should the provisions of the Sarbanes-Oxley Act be extended to nonpublic corporations? c. Will principles-based accounting become the norm for U.S. GAAP? d. Has the 150-hour requirement for becoming a CPA been a success? e. What systems documentation techniques should be taught in AIS courses? f. Has the conceptual framework of accounting fulfilled its purpose? g. What issues should managers consider with regard to corporate governance? h. Should social and environmental reporting be mandatory? i. How, if at all, should fair-value accounting be implemented? ACquisition decision using SBT n ie an in-home pet care company based in St.

Explanation / Answer

Answer A

Answer B

No, as it will lead to increase in the business running and administrative costs for the small business. the main objective of SOX was to help stakeholders of the public listed company in getting correct information for their decision making and make persons accountable for wrong disclosures. There is no such immidiate need for the non public companeis as they are managed generally by the small group of persons who are the main stakeholders of the company.

Answer C

Its a question whose answer can be yes or no. However, in my view principal based accounting will not become norm for US GAAP because it is based upon the rules which need to be followed and not following them will lead to consequences under SOX and other relevant laws.

Answer D

Yes, because:

150 hour trainng has lead to satisfaction of these requirements.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.