Accounting Standards in the U.S. Federal Government and Foreign Currency Transactions

Go the FASAB Website, located at www.FASAB.gov. Navigate to and review the “Our Mission” section under the “About” tab, the minutes of recent meetings from the “Board Activities” tab, and the current “Standards” section and chapter 17 of the text to prepare to discuss the following topics:
Describe the purpose of the Board that disseminates federal accounting standards and how they contribute to financial reporting of the U.S. Federal Government.
Separate accounting standards exist for the U.S. Federal Government in contrast to state and local governments; discuss why this is necessary.
The Bureau of Fiscal Service, Office of Management and Budget, and the Government Accounting Office all play unique roles in federal accounting and reporting. Describe the key roles each of the aforementioned government agencies and how they integrate to provide federal financial reporting
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“Foreign Currency Transactions and International Financial Reporting Standards (IFRS)” Please respond to the following:
Analyze the main reasons why a company might prefer a foreign currency option over a forward contract in hedging a foreign currency firm commitment. In contrast, analyze the main reasons why a company might prefer a forward contract over an option in hedging a foreign currency asset or liability. Determine the option (i.e., a foreign currency option or a forward contract) that you consider to be more effective. Provide a rationale for your response.
Assume that all the companies in the world use International Financial Reporting Standards (IFRS). Determine at least two (2) obstacles to the worldwide comparability of financial statements, and provide one (1) strategy to overcome the obstacles in question. Provide support for your rationale.
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