Chapter 15 Decision-Making Models and Knowledge 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 AlS 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? 7. Sofware acquisition decision using $BT ittare coma is an in-home pet care company based in St.
A.Obstacles associated with adopting IFRS:
IFRS are formulated by international accounting standard board.However,tge responsibility of convergence with IFRS vest with local government and accounting and regulatory bodies such as ICAI in India. Thus ICAI need to invest in infrastructure to ensure compliance with IFRS. INDIA has several constraints and practical challenges to adoption and compliance with IFRS.So there is some need to change some laws and regulations governing financial accounting and reporting.
Therefore there are several challenges that will be faced on the way of IFRS convergence.
B.Yes,the provisions of the Sarbanes-Oxley Act be extended to non public corporations.Because the integrity of the game is in question for now.
Some companies do whatever they want to do to make sure they do not miss a consensus earnings estimate.and there are many examples like this.
c. Yes
D.yes
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