Corporate Reporting and Compliance

FR – Nov 2024 – L2 – Q5a – Barriers to Harmonisation of Accounting Standards

Identifying five barriers to the harmonisation of accounting standards across different countries.

Question

Harmonisation of accounting standards is a topical issue and is needed due to the increasing globalisation and competitiveness of governments and services. Harmonisation ensures reliable and high-quality financial reporting. However, not all countries have been able to harmonise their accounting standards in line with the International Financial Reporting Standards.

Required:
State FIVE barriers to the harmonisation of accounting standards faced by these countries.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Standards, Barriers, Compliance, Harmonisation, IFRS, International Accounting
Level: Level 2

Topic: Corporate Reporting and Compliance
Series: Nov 2024

AT – Nov 2014 – L3 – SB – Q2b – Corporate Tax Compliance and Reporting

Explain why tax charges differ from applicable rates and why tax payments differ between cash flows and profit statements.

Question

Mr. Ojoowuro, the director of a grocery store, has noticed that the tax charge for his company is N15 million on profits before tax of N105 million, resulting in an effective tax rate of 14.3%. Another company, Irin Plc, has an income tax charge of N30 million on a profit before tax of N90 million, resulting in an effective rate of 33.3%, yet both companies state that the rate of income tax applicable to them is 25%. Mr. Ojoowuro has also noticed that in the statements of cash flows, both companies have paid the same amount of tax of N24 million.

Required:
Advise Mr. Ojoowuro on the possible reasons why the income tax charge in the financial statements as a percentage of the profit before tax may not be the same as the applicable income tax rate and why the tax paid in the statement of cash flows may not be the same as the tax charge in the statement of profit or loss and other comprehensive income.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Flow Statement, Effective Tax Rate, Income Tax Rates, Tax Accounting
Level: Level 3

Topic: Corporate Reporting and Compliance
Series: NOV 2014

FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance

Identify the advantages and disadvantages of international harmonisation of accounting standards for multinational companies.

Question

Generally, there are advantages of global harmonisation of financial reporting standards to countries around the world, including Ghana.

Required:
Identify THREE advantages and THREE disadvantages of international harmonisation of accounting standards to multinational companies operating in Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Standards, Financial Reporting, IFRS, International Harmonisation, Multi-national Companies
Level: Level 2

Topic: Corporate Reporting and Compliance
Series: MAY 2017

FR – Nov 2024 – L2 – Q5a – Barriers to Harmonisation of Accounting Standards

Identifying five barriers to the harmonisation of accounting standards across different countries.

Question

Required:
State FIVE barriers to the harmonisation of accounting standards faced by these countries.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Standards, Barriers, Compliance, Harmonisation, IFRS, International Accounting
Level: Level 2

Topic: Corporate Reporting and Compliance
Series: Nov 2024

AT – Nov 2014 – L3 – SB – Q2b – Corporate Tax Compliance and Reporting

Explain why tax charges differ from applicable rates and why tax payments differ between cash flows and profit statements.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Flow Statement, Effective Tax Rate, Income Tax Rates, Tax Accounting
Level: Level 3

Topic: Corporate Reporting and Compliance
Series: NOV 2014

FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance

Identify the advantages and disadvantages of international harmonisation of accounting standards for multinational companies.

Question

Generally, there are advantages of global harmonisation of financial reporting standards to countries around the world, including Ghana.

Required:
Identify THREE advantages and THREE disadvantages of international harmonisation of accounting standards to multinational companies operating in Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Standards, Financial Reporting, IFRS, International Harmonisation, Multi-national Companies
Level: Level 2

Topic: Corporate Reporting and Compliance
Series: MAY 2017

Topic: Corporate Reporting and Compliance

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FR – Nov 2024 – L2 – Q5a – Barriers to Harmonisation of Accounting Standards

Identifying five barriers to the harmonisation of accounting standards across different countries.

AT – Nov 2014 – L3 – SB – Q2b – Corporate Tax Compliance and Reporting

Explain why tax charges differ from applicable rates and why tax payments differ between cash flows and profit statements.

FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance

Identify the advantages and disadvantages of international harmonisation of accounting standards for multinational companies.

FR – Nov 2024 – L2 – Q5a – Barriers to Harmonisation of Accounting Standards

Identifying five barriers to the harmonisation of accounting standards across different countries.

AT – Nov 2014 – L3 – SB – Q2b – Corporate Tax Compliance and Reporting

Explain why tax charges differ from applicable rates and why tax payments differ between cash flows and profit statements.

FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance

Identify the advantages and disadvantages of international harmonisation of accounting standards for multinational companies.

Our offerings

Contact Info

Customer

Get In Touch

Topic: Corporate Reporting and Compliance

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FR – Nov 2024 – L2 – Q5a – Barriers to Harmonisation of Accounting Standards

Identifying five barriers to the harmonisation of accounting standards across different countries.

You're reporting an error for "FR – Nov 2024 – L2 – Q5a – Barriers to Harmonisation of Accounting Standards"

AT – Nov 2014 – L3 – SB – Q2b – Corporate Tax Compliance and Reporting

Explain why tax charges differ from applicable rates and why tax payments differ between cash flows and profit statements.

You're reporting an error for "AT – Nov 2014 – L3 – SB – Q2b – Corporate Tax Compliance and Reporting"

FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance

Identify the advantages and disadvantages of international harmonisation of accounting standards for multinational companies.

You're reporting an error for "FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance"

FR – Nov 2024 – L2 – Q5a – Barriers to Harmonisation of Accounting Standards

Identifying five barriers to the harmonisation of accounting standards across different countries.

You're reporting an error for "FR – Nov 2024 – L2 – Q5a – Barriers to Harmonisation of Accounting Standards"

AT – Nov 2014 – L3 – SB – Q2b – Corporate Tax Compliance and Reporting

Explain why tax charges differ from applicable rates and why tax payments differ between cash flows and profit statements.

You're reporting an error for "AT – Nov 2014 – L3 – SB – Q2b – Corporate Tax Compliance and Reporting"

FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance

Identify the advantages and disadvantages of international harmonisation of accounting standards for multinational companies.

You're reporting an error for "FR – May 2017 – L2 – Q5c – Corporate Reporting and Compliance"

Our offerings

Contact Info

Customer

Get In Touch

admin