Intermediate Accounting Kieso Solution Manual

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...