US GAAP vs. PRC GAAP 1. Overview of US GAAP Components of US GAAP - Financial Accounting Standards Board / Financial Accounting Standards - Accounting Research Bulletin - Accounting Principles Board - Emerging Issues Task Force - Statements of Position from AICPA (American Institute of Certified Public Accountants) - SEC (Securities and Exchange Commission) rules Hierarchy of pronouncements under US GAAP - FASB‚ APB & ARB - FASB Technical Bulletin‚ AICPA Statements
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| MEXICAN GAAP (MEXICAN FRS) | US GAAP | Inflation | Effects of inflation should be recorded on the financial statement.Included in the results of operations is a gain or loss from monetary position that represents the inflation gain or loss from maintaining net monetary liabilities or assets‚ respectively. | In the U.S. GAAP no gain or loss on monetary position is recognized in the financial statements. | Deferred Taxes | Mexican GAAP recognizesDeferred tax effects for all transactions that
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These items should be sufficiently detailed to enable identification of material components under US GAAP. In contrast the Financial Instruments and Exchange Act requires Japanese GAAP to present items in a more detailed manner compared to IFRS and US GAAP. Thus Bridgestone‚ following JP GAAP have more accounts on the face of the balance sheet than Goodyear under US GAAP. Further‚ both US GAAP and JP GAAP requires the balance sheet items to be grouped or categorized as current assets‚ property plant
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U.S. GAAP vs. IFRS Scott Bailey Acc 311 Debruine Every company in the world must raise funds in order to finance its operations and expansion. The most common form of this funding is through the use of long-term debt. Depending on where the company does business and who uses their financial statements‚ there are different ways of recording this debt through the use of United States Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). The
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world - particularly in the accounting field - a major issue has surfaced in recent years relating to the differences between Generally Accepted Accounting Principals (GAAP) and the International Financial Reporting Standards (IFRS) (Squadroni‚ 2010). Today majority of countries in the world follow International Financial Reporting Standards guidelines; however‚ the United States still uses Generally Accepted Accounting Principals. There have been discussions to adopt IFRS fully in the near future
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The impact of changing from Chinese GAAP to IFRS Name: Si Chen H00121138 Module: Coursework Assessment Abstract In the 21st century‚ economic globalization has become an investible trend. With the rapid growth of economic globalization and the growth of international capital markets‚ international accounting convergence has become an irreversibly realistic issue for countries
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Commercial Accounting and Generally Accepted Accounting Principles Dan Markwell ACC/290 12/18/12 Anita Renee’ Johnson Commercial Accounting and Generally Accepted Accounting Principles 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
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DIFFERENCES BETWEEN GAAP AND IFRS 1 Differences Between GAAP and IFRS Accounting Practices Sharon Woodards Liberty University Intermediate Accounting II 302 Professor Ashley Harper November 7‚ 2014 DIFFERENCES BETWEEN GAAP AND IFRS 2 Both the IFRS ( International Financial Reporting Standards ) and the GAAP ( Generally Accepted Accounting Principles ) are a set of accounting rules that companies either can or must follow when preparing
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Generally Accepted Accounting Principles (US GAAP) The common set of accounting principles‚ standards and procedures that companies use to compile their financial statements are called Generally Accepted Accounting Principles. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information. “Published accounts have to follow the GAAP for the particular country. Some global companies that are listed on
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IFRS and GAAP Convergence Paper Intermediate Accounting II January 2‚ 2011 IFRS and GAAP Convergence Introduction Company’s need an accurate and reliable financial accounting systems not matter if globally or in the United States. Companies should report income‚ liability‚ equity‚ and assets. Many people (stockholders‚ investors‚ etc.) who have a stake in the company want to know this information before providing a service. In this paper‚ International Financial Reporting Standards
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