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What are at least three International Accounting Standards?

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1.-What are at least three International Accounting Standards? Are these standards the same as U.S. standards? Explain your response. Is it necessary to have global standards? Explain your response.

2.-What are some nonfinancial performance measures? What do they tell us about the performance of an organization? Why is it important for managers to include nonfinancial performance standards in their analysis of their operations?

3.-What are examples of business decisions made with information from the financial statements?

4.-What are examples of business decisions that cannot be made from just the financial statements. What are examples of other information needed?

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Solution Summary

What are at least three International Accounting Standards? Are these standards the same as U.S. standards? Explain your response. Is it necessary to have global standards? Explain your response.

2.-What are some nonfinancial performance measures? What do they tell us about the performance of an organization? Why is it important for managers to include nonfinancial performance standards in their analysis of their operations?

3.-What are examples of business decisions made with information from the financial statements?

4.-What are examples of business decisions that cannot be made from just the financial statements. What are examples of other information needed?

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What are at least three International Accounting Standards? Are these standards the same as U.S. standards? Explain your response. Is it necessary to have global standards? Explain your response.

2.-What are some nonfinancial performance measures? What do they tell us about the performance of an organization? Why is it important for managers to include nonfinancial performance standards in their analysis of their operations?

3.-What are examples of business decisions made with information from the financial statements?

4.-What are examples of business decisions that cannot be made from just the financial statements. What are examples of other information needed?

Solution:

1.-What are at least three International Accounting Standards? Are these standards the same as U.S. standards? Explain your response. Is it necessary to have global standards? Explain your response.

One of the biggest changes is in financial statement presentation. The IASB presents each part of the statement differently, and with names that are different from how GAAP currently presents information.

Under IASB accounting methods, indirect methods when preparing a Statement of Cash Flows are not permitted, as they are in GAAP.

A third standard is that on an income statement, everything above net income is divided into the same categories that the balance sheet is classified in - an operating section, an investing section, financing section, income taxes, ...

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