Micro Econ

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

Authoritative U.S. pronouncements
and policy-setting bodies.

27, 28, 29, 30, 31,
32, 33, 34, 35, 36,
37, 38

13, 14, 15

*7.

*These questions and cases address material in the appendix to the chapter.

Copyright © 2011 John Wiley & Sons, Inc.

Kieso, IFRS, 1/e, Solutions Manual

(For Instructor Use Only)

1-1

ASSIGNMENT CHARACTERISTICS TABLE
Item

Description

Level of
Difficulty

Time
(minutes)

CA1-1
CA1-2
CA1-3
CA1-4
CA1-5
CA1-6
CA1-7
CA1-8
CA1-9
CA1-10
CA1-11
CA1-12
*CA1-13
*CA1-14
*CA1-15
CA1-16

IFRS and standard-setting.
IFRS and standard-setting.
Financial reporting and accounting standards.
Financial accounting.
Need for IASB.
IASB role in standard-setting.
Accounting numbers and the environment.
Politicalization of IFRS.
Models for setting IFRS.
Economic consequences.
Rule-making Issues.
Financial reporting pressures.
GAAP terminology.
Accounting organizations and documents issued.
Accounting pronouncements.
GAAP and economic consequences.

Simple
Simple
Simple
Simple
Simple
Simple
Simple
Complex
Simple
Moderate
Complex
Moderate
Moderate
Simple
Simple
Moderate

5–10
5–10
15–20
15–20
15–20
15–20
10–15
15–20
10–15
25–35
20–25
25–35
20–30
3–5
5–7
25–35

1-2

Copyright © 2011 John Wiley & Sons, Inc.

Kieso, IFRS, 1/e, Solutions Manual

(For Instructor Use Only)

ANSWERS TO QUESTIONS
1. World markets are becoming increasingly intertwined. The tremendous variety...