Financial Statements IFRS vs. GAAP Kathrine D. Nepon Strayer University John Ware ACC 401 November 27‚ 2011 ABSTRACT For those in the business world‚ particularly in the accounting field‚ a major issue has surfaced in recent years relating to the differences between Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). Currently‚ the majority of countries in the world follow International Financial Reporting Standards guidelines; however
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. What is PRC GAAP? | Generally accepted accounting principles ("GAAP") of the People’s Republic of China ("PRC") come from a number of sources‚ majority of which represent the laws and regulations issued by the Ministry of Finance ("MOF")‚ and‚ listed company disclosures issued by the China Securities Regulatory Commission ("CSRC"). | | 2. What is IFRS? | International Financial Reporting Standards ("IFRS")‚ often known the original International Accounting Standards ("IAS")‚ are a set
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The HK Exchange discusses the listing requirements of an IPO for two types of issuers‚ Growth Enterprise Market (GEM) and the Main board‚ this report will focus on the requirement for main board only: The Profits/Revenue/Cash Flow requirement of a main board company: For a company to be listed in HK exchange‚ the company should have at least three years trading financial records as well as meet one of the following three financial criteria: 1. Profit test: the profit attributed to shareholders
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Running Title: Full Disclosure Principle Full Disclosure Principle Full Disclosure Principle Full disclosure plays an important role in the preparation of a company or business financial statements. Full disclosure benefits the user‚ company‚ or business. This principle tries to prevent companies or businesses from provided their user with false or over stated financial information about the company or business financial position. This essay will discuss
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Chapter 3 – Jurisdiction State Court: Subject Matter Jurisdiction Personal Jurisdiction: Defendant voluntarily subject themselves by: Forum Selection Clause No challenge of lawsuit OR Defendant is a resident (can be sued at permanent place of residence/business) OR Defendant is served with process while in the state (plaintiff files complaint‚ defendant receives summons = process once received‚ clock starts ticking) OR Defendant did business‚ entered/breached a K or committed a tort in
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Lease Accounting Practice of Leasing Companies in Bangladesh: A Lessor’s Disclosure Perspective Taslima Nasreen Mosammet Asma Jahan Abstract: As the development process in financial sector proceeds‚ Non-Bank Financial Institutions (NBFIs) became prominent alongside the banking sector. The major business of most NBFIs in Bangladesh is leasing. Lease accounting is a form-driven standard. The Institute of Chartered Accountants of Bangladesh (ICAB) recently adopted a revised accounting standard
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Commercial accounting is an accurate account of business transactions‚ it can only be acquired if both cash and credit transactions are performed‚ recorded‚ and recognized in such a way that there can be no duplication and the transactions are recorded under commercial accounting. The system known as double entry book keeping or the commercial accounting system that records both aspects of transactions‚ also it records credit transactions in cash accounting the day of the receipt. The single entry in accounting
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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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IS IFRS a better Accounting Standard than US GAAP for achieving good financial reports? This research paper delivers an analysis of determining whether the International Financial Reporting Standards‚ hereafter known as IFRS‚ is a better reporting standard than the US Generally Accepted Accounting Principle (GAAP). Financial Statements have to provide high quality financial reporting information with regards to economic entities‚ primarily financial in nature‚ which are useful for economic decision
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personal jurisdiction and subject matter jurisdiction will help to determine which location a lawsuit should be filed in. Defining interstate commerce and which level of government has the right to place restrictions on the commerce is important when discussing a lawsuit. Understanding how lawsuits work as well as what lawyers will try to introduce within the court will allow the defendant to be able to better predict the outcome of the lawsuit. Personal Jurisdiction Personal jurisdiction also known
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