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AC 558 Unit 1 Assignment Exercises
In Chapter 7, you will learn more about the IASB. To familiarize yourself with this organization, do the following:
Go to the IASB’s website at www.iasb.org, find the purpose of the IASB, and summarize it in one paragraph.
Consider the economic, political, and cultural realities the world is facing today. Based on these considerations, do you think the IASB will accomplish its mission?
What are the major threats this organization faces?
Consider the following statement:
“Globalization refers to the deepening relationships and broadening interdependence among people from different countries. … The growth of globalization creates both opportunities and threats for individuals, companies, and countries.”
What are some of the opportunities created by globalization?
What are some of the threats posed by globalization?
Because of the accounting scandals of the early twenty-first century, new laws like Sarbanes-Oxley have been enacted. What societal and accounting values do the laws attempt to change?
How have the social values, accounting values, and accounting system traits in the United States been impacted by recent globalization? What is a good measure of a country’s accounting system inertia (the amount that a country’s accounting system affects more than is affected by globalization of accounting systems and standards)?
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