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Copyright © 2011 John Wiley & Sons, Inc. Kieso, IFRS, 1/e, Solutions Manual (For Instructor Use Only) 1-1
CHAPTER 1
Financial Reporting and Accounting Standards
ASSIGNMENT CLASSIFICATION TABLE
Topics Questions Cases
1. Global markets. 1
2. Environment of accounting. 2, 3, 4 4, 5, 7
3. Objective of financial reporting. 5, 6, 7, 8, 9, 10 2
4. Standard-setting organizations. 11, 12, 13, 14,
15, 16, 17, 18
1, 3, 6
5. Financial reporting challenges. 19, 20, 21, 22,
23, 24, 25
8, 9, 10
6. Ethical issues. 26 11, 12, 16
*7. Authoritative U.S. pronouncements
and policy-setting bodies.
27, 28, 29, 30, 31,
32, 33, 34, 35, 36,
37, 38
13, 14, 15
*These questions and cases address material in the appendix to the chapter.
1-2 Copyright © 2011 John Wiley & Sons, Inc. Kieso, IFRS, 1/e, Solutions Manual (For Instructor Use Only)
ASSIGNMENT CHARACTERISTICS TABLE
Item Description
Level of
Difficulty
Time
(minutes)
CA1-1 IFRS and standard-setting. Simple 5–10
CA1-2 IFRS and standard-setting. Simple 5–10
CA1-3 Financial reporting and accounting standards. Simple 15–20
CA1-4 Financial accounting. Simple 15–20
CA1-5 Need for IASB. Simple 15–20
CA1-6 IASB role in standard-setting. Simple 15–20
CA1-7 Accounting numbers and the environment. Simple 10–15
CA1-8 Politicalization of IFRS. Complex 15–20
CA1-9 Models for setting IFRS. Simple 10–15
CA1-10 Economic consequences. Moderate 25–35
CA1-11 Rule-making Issues. Complex 20–25
CA1-12 Financial reporting pressures. Moderate 25–35
*CA1-13 GAAP terminology. Moderate 20–30
*CA1-14 Accounting organizations and documents issued. Simple 3–5
*CA1-15 Accounting pronouncements. Simple 5–7
CA1-16 GAAP and economic consequences. Moderate 25–35
Copyright © 2011 John Wiley & Sons, Inc. Kieso, IFRS, 1/e, Solutions Manual (For Instructor Use Only) 1-3
ANSWERS TO QUESTIONS
1. World markets are becoming increasingly intertwined. The tremendous variety and volume of both
exported and imported goods indicates the...