Inc. the accounts are prepared under different regimes. Dell is a US computer distributer and hardware manufacturing company and the accounts are prepared according to the Generally Accepted Accounting Principles (GAAP). By comparison‚ Hartcourt Companies‚ Inc. is a Chinese distributor of computer hardware based in Shanghai and its accounts are prepared according to the accounting practices of the PRC (People’s Republic of China) GAAP. The International Accounting Standards Committee (IASC) that came
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of its incompatibility with US Style Corporate Governance‚ its inefficiency compared to GAAP‚ and its inability to improve the present system. I. Introduction A. Current events about the topic (status quo) B. Definition of Generally Accepted Accounting Principles and International Financial Reporting Standards C. Thesis statement II. Body A. Major detail #1: The major difference between IFRS and GAAP is that IFRS requires more discretion and that GAAP is more principles based and
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IFRS vs. GAAP Teddrick Smith ACC/ 291 Professor Marlo October 27‚ 2014 IFRS vs. GAAP In the world of finance recording‚ reporting‚ and responsibility for both are a few of the most important standards to uphold. These ideas or standards are recognized throughout the business world as a necessity to doing business properly. There are two groups or associations that have set up an all-inclusive list of these standards. They are Generally Accepted Accounting Principles (GAAP) and the
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MGT 6030 IFRS vs. US GAAP assignment In this assignment‚ I will talk about four ways in which financial reporting can differ between US GAAP and IFRS. The first issue is the way in which inventory is carried from period to period. Another is the revaluation of Property‚ Plant‚ and Equipment‚ which is allowed under IFRS. US GAAP does not allow such flexibility. The next difference I found interesting was that US GAAP has specific guidelines surrounding when to expense Advertising Costs. Given how
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In the case “Big GAAP/Little GAAP”‚ we can see that some information is better provided in the notes. For example‚ the bank may not be aware that Forthwright Co. is in a strained financial position now because the financial statements do not show. The accounting profession has adopted a full disclosure principle that calls for financial reporting of any financial facts that are significant enough to influence the judgment of a reader. In this situation‚ several issues are left out of the reports
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GAAP (USA) To achieve basic objectives and implement fundamental qualities GAAP has four basic assumptions‚ four basic principles‚ and four basic constraints. Assumptions • Accounting Entity: assumes that the business is separate from its owners or other businesses. Revenue and expense should be kept separate from personal expenses. • Going Concern: assumes that the business will be in operation indefinitely. This validates the methods of asset capitalization‚ depreciation‚ and amortization
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Generally Accepted Accounting Principles Generally accepted accounting principles is a set of broad guidelines‚ rules‚ and requirements followed by financial preparers’ used in preparing an organization’s financial statements‚ (Cleverley‚ Song‚ & Cleverley‚ 2011). Health care organizations financial statements are the key tools in presenting and projecting current and future economic viability‚ (Finkler‚ Kovner‚ & Jones‚ 2007). The financial prepared by organization’s are as follows:
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GAAP – This is the General Accepted Accounting Principles‚ it is the basic principles of accounting - http://www.investopedia.com/terms/g/gaap.asp Basic Accounting Formula- means that all balances and ledgers must match at all times. If it does not then something was entered wrong in a ledger -http://www.accountingtools.com/basic-accounting-formula Transaction T account – A term used for double entry book keeping‚ a ledger with 2 separate lines separating debits and credits -http://www.investopedia
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2013/5/19 Group Five GAAP VS. IFRS US GAAP Codification Determination of Inventory Costs 330-10-30-9: Cost for inventory purposes may be determined under any one of several assumptions as to the flow of cost factors‚ such as first-in first-out (FIFO)‚ average‚ and last-in first-out (LIFO). The major objective in selecting a method should be to choose the one which‚ under the circumstances‚ most clearly reflects periodic income. May an entity elect LIFO method for inventory cost? IAS 2 Inventories
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under U.S. GAAP‚ include calculations‚ etc. + Pass off to Kathy/Chelsea to talk about Need space case. * Under US GAAP ASC 840-30 it would be treated as a capital lease * Lease term is> 75% of economic life * P.V. of MLP is > 90% of FMV of leased property * Record the asset and obligation at PV of MLP (ASC 840-30-30-1) * Depreciation- ASC 840-30-35-1 (a) and (b) gives guidance on how to depreciate when ownership transfers or not Under U.S. GAAP many things
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