Comparing IFRS to GAAP Essay Felicia Williams ACC/291 10/13/2014 Brian Friedel Comparing IFRS to GAAP Essay In the Accounting industry‚ there are various principles and guidelines by which financial accountants‚ analysts‚ and organizations need to abide by. The International Accounting Standards Board (IASB) issues standards (IFRS) that have been adopted by the United States and several countries outside of the U.S. (Kimmel‚ Weygandt & Kieso‚ 2010). The IFRS along with Generally Accepted Accounting
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complete after the exchange of cash for goods. In commercial accounting the date in which the transaction was made needs to be recorded regardless to whether it was paid or it wasn’t. Generally Accepted Accounting Principles better known as (GAAP) is the collection of standards and practices that are required to be used by business’s to record and present the results of their financial activities and their records of what they owe‚ established by the Financial Accounting Standards Board (FASB)
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Comparing IFRS to GAAP Essay Johnny Leng ACC/291 September 22‚ 2014 James Gardner Comparing IFRS to GAAP Paper The International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) are designed to help standardize accounting practices for the internal and external users to understand. Though GAAP actually has the term “principles” within the title‚ the IFRS is perceived to be based more on principles while GAAP is regarded as being based on set rules. By
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Comparing IFRS to GAAP Fair value accounting‚ sometimes known as mark to market accounting‚ has been around for many years and has applied to many types of assets and liabilities accounts. But‚ special attention has been placed on fair value reporting due to expanding use( or misuse) of financial instruments. FASB and IASB have issued exposure drafts focused on differences between international and U.S. Generally accepted accounting principles with respect to fair value accounting. Different
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institutions whose accounting standards are used for financial reporting‚ Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). The IFRS‚ whose rules are established and maintained by the International Accounting Standards Board (IASB)‚ is the most widely used of the two institutions but the primary choice for the United States continues to be GAAP‚ whose standards are established and maintained by the Financial Accounting Standards Board (FASB). Although
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GAAP and Economic Consequences a) The “due process” procedure includes consultations from financial analysts‚ accountants‚ stock exchanges‚ FASB members and other users. Thereafter‚ the Board issues an Exposure Draft based upon the meetings and consultations held earlier. The Board calls for public recommendations and discussions on the Draft‚ after analysis of which the final standard is issued. b) The term “economic consequences” signifies the adverse impact on the economy and on businesses of
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Differences Between GAAP and IFRS The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working together to eliminate a variety of difference between the United States generally accepted accounting procedures (U.S. GAAP or GAAP) and International Financial Reporting Standards (IFRS). This convergence project grew out of an agreement reached by the two boards in 2002 (Deloitte‚ 2004). On February 24‚ the SEC unanimously agreed to publish a statement
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to report under Canadian GAAP and instead use IFRS. This paper discusses three accounting topics to compare Canadian GAAP with IFRS. The three topics cover (1) conceptual framework‚ (2) property‚ plant and equipment‚ and (3) financial statement presentation. Conceptual Framework Both IFRS and Canadian GAAP are based on similar conceptual frameworks. Many of the basic concepts in IFRS (e.g.‚ the going concern assumption‚ accrual accounting) are similar to Canadian GAAP. Many recognition and measurement
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ACC 5470 Speech Outline: Why the United States should continue using US GAAP and not adopt IFRS I. The adoption of IFRS is unlikely to have any major impact on reporting quality. a) U.S. firms currently optimize their reporting strategies‚ therefore they are expected to resist changes that are not in their interest by using the flexibility inherent in the standards. b) It is also unlikely to lower the reporting quality‚ as firms can always go beyond the required disclosures
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Academic Research Expose Effective Tax Rate[1]– A Comparison between IFRS[2] and US-GAAP[3] Identification of the Subject The topic I have chosen refers to the relative effective taxes on profits from concerns. To calculate the effective tax rate‚ divide the total tax liability divided in current and deferred taxes by the total taxable plus non-taxable income and multiply it with 100 to get a percentage[4]. MotivationThe main focus of my studies is on accounting‚ finance and taxation. Nowadays
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