...Comparing IFRS to GAAP Essay Joshua Tracey ACC /2291 March 22nd, 2016 Mr. Bob Wells Comparing IFRS to GAAP Essay The past few weeks, the team and I have been discussing each of the questions and have come to some very good answers to each. We tried to compile a list so that each can put into our own words and input our opinions and examples that we have direct experiences with. Each question is outlined below and has a brief excerpt of each of our discussions. IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed? Under either system, companies will be required to report assets at either book value or fair value, depending on the situation. Fair value measurements provide users of financial statements with an accurate picture of the value of a company’s assets. Both IFRS and GAAP require firms to include information regarding fair value measurement practices in the notes of financial statements. As a general rule of thumb, all assets in the same class must receive the same valuation treatment. In regards to the value of receivables, IRFS uses a two-tiered method that first analyzes individual receivables, and then looks at receivables as a whole to determine if there is any impairment. IFRS 9-1: What is component depreciation, and when must it be used? Component depreciation happens when an asset has fundamentally different parts that should...
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...Acceptable Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). Both the FASB and the IASB have been working together to bring more of a uniform set of regulations between the two standards. GAAP has tradionally always provided the guidelines that companies in the United States follow when putting their financial statements together and the IFRS has been the standard that international companies have followed. IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? The IFRS doesn't say that there has to be a certain order of accounts on the financial statement. Most of the time companies will report their assets in an order of liquidity. GAAP mandates that every account be listed in their degree of liquidity. Cash is reported first and then assets that aren't current will be reported last. IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. The IFRS and GAAP have similar ways of viewing the financial data. Both of them state that the data should be accurate, relevant and truthful. Information that is considered considered relevant is anything that an investor would want to see. IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet? The Financial Position Statement is...
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...Comparing IFRS to GAAP Donald Cleveland University of Phoenix Kurt Meyer ACC/290 Author Note [Include any grant/funding information and a complete correspondence address.] Abstract [The abstract should be one paragraph of between 150 and 250 words. It is not indented. Section titles, such as the word Abstract above, are not considered headings so they don’t use bold heading format. Instead, use the Section Title style. This style automatically starts your section on a new page, so you don’t have to add page breaks. Note that all of the styles for this template are available on the Home tab of the ribbon, in the Styles gallery.] Keywords: [Click here to add keywords.] Comparing IFRS to GAAP In the financial industry there is a well-known difference between how the United States operates, and how the rest of the world conducts accounting practices. Generally Accepted Accounting Principles (GAAP) is the accounting standard practiced in the US. International Financial Reporting Standards (IFRS) is the accounting standard used around the world. GAAP is known to have more rules, while IFRS is based more on principle and general acceptance. In this paper GAAP and IFRS will be compared and contrasted in a brief overview. IFRS 2-1 The main difference between the formatting of IFRS and GAAP statement of financial of position and a GAAP balance sheet is the ordering of liquidity. IFRS does not require a particular order or any classification of accounts. It is common for companies...
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...whether it be private or public. IFRS and GAAP are two major accounting instruments that play a huge role in the accounting industry. IFRS stands for International Financial Reporting Standards. IFRS defines the accounting standards that are developed and approved by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The IASB is a private sector that was established in the year of 2011 and currently has 16 members. While GAAP, Generally Accepted Accounting Principles, is a combination of authoritative standards and simply the commonly accepted ways of recording and reporting accounting information. Both remain of high importance and hold differences as to why they are each valuable to the accounting process. STATEMENT OF FINANCIAL The format of a statement of financial or position under IFRS often differs from a balance sheet presented under Generally Accepted Accounting Principals. (Wiley, 2015, "The Accounting Information System") The reason being is that GAAP requires that the assets be listed in order depending of the measurement of liquidity. It is mandatory that GAAP's particular accounts be listed in a specific order depending on its hierarchy. The shareholders equity will be the last item recorded. In order to make things easier when recording future reports, cash must always be listed first. By listing the cash first, it will be considered the highest asset. On the other hand, IFRS does not give a specific order for...
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...Academic essay on Annie Proulx's "Job Story" Choices are something we all make. Not necessarily important choices, but there will always be a time to make them. It's not always good choices, but they have to be made. There will always be consequences, whether it's bad or good. Throughout the story, Leeland Lee has to make a lot of choices. Where to live, where to work and when to work. All the different choices he made, put him in the position he is now. Leeland Lee is an awkward-looking young boy. His face is heavily boned, which he has gotten from his mom, his neck is quite thick and he has red-gold hair. His eyes are as pouchy as a middle-aged alcoholic. His nose is broad and lays close to his face. Lori Bovee is Leeland Lee's wife. She has an undistinguished oval face, and hair of medium length. Leeland Lee is the protagonist of the story, because he is the main character. I would say Leeland is a flat and static character as he is an endless optimist. He doesn't give up when it comes to finding a new job, and despite his wife dying he still gets a job at Unique Eats. The reason he is a static character is because he doesn't change at all. After getting several different jobs he doesn't change anything, after his mom and wife dies he doesn't change one single thing except the fact he isn't listening to the radio anymore, but since that have been an important factor of the story all along, it can also show a lot about how he has changed. The story starts November...
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...Essay on “Job History” written by Annie Proulx In the short story “Job History” written by Annie Proulx, we follow Leeland Lee from the time of his birth, until he is about fifty years old. In the short story we follow Leeland through his harsh life, with ups and downs, in the form of thoughts, feelings, incidents, etc. Leeland is born in a ranch in Wyoming, and lives there with his wife Lori. Leeland does not look particularly good, in fact he is a very unattractive man; (page 91, line 12)“Leeland’s face shows heavy bones from his mother’s side. His neck is thick and his red-gold hair plastered down in bangs. Even as a child his eyes are as pouchy as those of a middle-age alcoholic, the brows rod-straight above wandering out-of-line eyes. His nose lies broad and close to his face, his mouth seems to have been cut with a single chisel blow into easy flesh” And in the top of that, we see how Leeland through his life, tries to find a successful career, but fails consistently. He moves various times from place to place, too seek occupation and good business. But it is hard when you’re a high school dropout, without a career. Leeland have to changes his job constantly, because of his lack of luck, and since he can’t get along white his bosses. He is never able to stay at one job or place for long, which lead to problems in the family. He has a hard time supporting his wife, and their children financially. Throughout the story the author, Annie Proulx manages...
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...An essay is a piece of writing which is often written from an author's personal[->0] point of view[->1]. Essays can consist of a number of elements, including: literary criticism[->2], political manifestos[->3], learned arguments[->4], observations of daily life, recollections, and reflections of the author. The definition of an essay is vague, overlapping with those of an article[->5] and a short story[->6]. Almost all modern essays are written in prose[->7], but works in verse[->8] have been dubbed essays (e.g. Alexander Pope[->9]'s An Essay on Criticism[->10] and An Essay on Man[->11]). While brevity usually defines an essay, voluminous works like John Locke[->12]'s An Essay Concerning Human Understanding[->13] and Thomas Malthus[->14]'s An Essay on the Principle of Population[->15] are counterexamples. In some countries (e.g., the United States and Canada), essays have become a major part of formal education[->16]. Secondary students are taught structured essay formats to improve their writing skills, and admission essays[->17] are often used by universities[->18] in selecting applicants and, in the humanities and social sciences, as a way of assessing the performance of students during final exams. The concept of an "essay" has been extended to other mediums beyond writing. A film essay is a movie that often incorporates documentary film making styles and which focuses more on the evolution of a theme or an idea. A photographic essay[->19] is an attempt to cover a topic...
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...We all know love. We have all loved in some kind of way. We love our parents, significant others and even our friends. But we can also love other things like animals or material things. But what is the difference between loving and liking? And is it better not to love and feel pain or to love and be hurt in the progress? Jonathan Franzen seeks to answer these questions in his essay “Liking Is for Cowards. Go for What Hurts”. The essay “Liking Is for Cowards. Go for What Hurts” is, as mentioned, written by Jonathan Franzen and published in The New York Times, May 28, 2011. Jonathan Franzen is born in 1959, and he is an acclaimed American novelist and essayist. The essay is based on the commencement speech he delivered at Kenyon College in Ohio, USA. “Our technology has become extremely adept in creating products that correspond to our fantasy ideal of an erotic relationship, in which the beloved object asks for nothing and gives everything, instantly. (…)” As Franzen claims in his essay, many people can feel like they love their technological object. It gives them a satisfaction, which human interaction maybe wouldn’t. Franzen however thinks, that people in general don’t love material things: they like them. There is a major difference between loving and liking – even though it might appear small. “Liking, in general, is commercial culture’s substitute for loving.” Products are made to be likeable, but if that concept in transferred to a person, you would instantly see...
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...Reaction – “Salvation” The nonfiction short essay “Salvation” written by Langston Hughes in 1940, presents a theme on the literal and often manipulated perception of children. Hughes narrates the essay as he recounts his disappointing attempt at salvation. Hughes aunt told him that when she was saved by Jesus she saw a light, and felt something happen within herself. As children will do, Hughes took her story literally and was heartbroken as he sat in front of the church and watched other children “saved” while he was not. He believed that Jesus must not want him because he did not see or feel anything. In the end, Hughes is forced to lie about accepting Jesus and in turn rejects the Christian faith all together. I related to Hughes story on many accounts. I am a mother of three young children who perceive everything in life literally, and as a young girl I was raised in a very religious environment. I could visualize and almost feel Hughes devastation as he sat at the front of the church crushed by the thoughts of God not wanting him. “Still I kept waiting to see Jesus” (Barnet, Cain, & Burto, 2011, pp. 351). One of the churches that my family attended for a short time during my childhood practiced speaking in tongs. I specifically remember feeling just like Hughes during a service when other children were speaking in unnatural languages perceived to be sent from God himself. I could not understand why I was not chosen to talk for God and intern was hurt and...
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...write an essay on drugs for this topic. Drugs are very harmful and keep the capability of dragging an individual towards death and destruction. People all over the world want to eradicate the adverse situation of drug addiction from this world and this is the reason why they are busy in writing essays on drugs. Essays on drugs are of many types such as war on drugs essay, essay on performance enhancing drugs in sports, essay on drug abuse, essay on illegal drugs, essay on drug addiction, essay on drug use, essay on drugs and alcohol and essay on drug testing, etc. The essays on drugs should be initiated by bringing in the information related to the topic of the essay on drug. You should know what drugs are. In an essay on drugs, you will have to write about drugs, their affects and the reasons due to which people use them, you have to include the information about why the drugs are so famous and how harmful are they. A persuasive essay on drugs will be one, which will be according to the topic of the essay on drugs. It should have a full-fledged introduction, which should introduce the topic completely. The introduction should also have a thesis statement that should be the main idea of the essay on drugs. A thesis statement should be based on the essay question to which your essay on drugs is an answer. A thesis statement of an essay on drugs can be one sentence or more than one sentence but it is suggested that it should be only one sentence. Essays on drug abuse or essays on drug...
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...Dog Food Fried, Flipped and Devoured Eating dog food may not be seen as the easiest thing to stomach because the smell, texture and by-products found within the mixture are thought of as awful and revolting. In Ann Hodgman’s “No Wonder They Call Me a Bitch”, although the title may suggest otherwise, different types of dog food are discussed. In this essay, Hodgman aims to inform her readers about the inequality in different types of dog food, as well as to entertain and amuse. Hodgman is writing to a broad audience, one of dog lovers and owners, as well as those that may be curious as to what is really in dog food, or more generally the packaging and processing of mass-produced food of any kind. Language, description and humor are techniques Hodgman skillfully uses to create a strong, convincing essay. Within this essay, Hodgman continually uses diction and syntax that a diverse audience can understand and relate to. In the beginning, the reader feels repulsed by what is written. However, through a light tone of voice and sentence structure, the levity of the experiences and feelings occurring throughout the experiment is conveyed. The personal anecdotes and thoughts make the tone feel less formal and much more story-like. In this way, Hodgman produces a piece that connects the information and readers Shortly after capturing interest through stating questions, Hodgman begins using large amounts of description. Each type of dog food is explained and illustrated so well that...
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...Business Essay Format and its Structure What Makes Business Essay Format? Those students, who study different business courses, for example management, marketing, have to write many different business essays. This type of essay as well as the others (argumentative essay, classification essay, cause and effect essay, persuasive essay, comparative essay, etc) has peculiar features that should be observed carefully in order to produce an essay in conformity with all instructions of research paper writing. One of these features to be observed at writing is business essay format as there is no doubt that format of the essay plays the same important role as the content of business essay. When student has made comprehensive research of the object and has found interesting ideas and sources to support hisher position, it does not mean that heshe has coped with a writing task. The writer should make the next step that is to organize hisher research paper writing in a proper way. It means that attention should be paid to the business essay format. In general, there are different formats of research paper – ChicagoTurabian, Harvard, APA, AMA, MLA format paper; which of them suits you the most depends on the business essay topic, subject, requirements set by the professor. When the student has chosen the format of the business essay it is very important to follow it and not use any elements of the other essay format. In case when you do not get any instruction as for the business...
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...is comprised of two parts: Part A has six questions; you are to answer four (4) questions only. Each question is worth 8 marks (total of 32 marks). Each answer should be approximately half to one page long. Part B has two essay questions; you are to answer one (1) question only. This question is worth 18 marks. Each answer should be two to three pages long. It will be a closed book examination- NO MATERIAL (other than Foreign Language Dictionaries) shall be allowed inside the Exam Venue. You may wish to take a calculator into the exam if you wish. This Exam provides you with an opportunity to demonstrate knowledge application. Although diagrams, analytical modelling and calculations may help to support your answer, this will not be a key focus of the questions. PART A For Part A – Short Answer Questions - while all topics are examinable you should focus on the following themes/chapters: * Operations Management, Performance and Strategy * The Nature of Planning and Control * Capacity Planning * ERP * People, Jobs and Organisation * Lean Synchronisation * Operations Improvement Each answer should be approximately half to one page long. Using relevant examples will help support your answer. PART B For Part B – Essay Question This question will enable you to use the themes listed in Part A and additional material that you have learnt in the course more broadly to write a comprehensive answer to the question. Each answer should be approximately...
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...Mennesker i verden. How can I write a critical essay? Actually, writing such an article is very simple if you know the main characteristics of an essay. For sure, you have learned how to write the introduction, the body and the conclusion parts. Now, it is time to get familiar with the critical essay which considerably differs from other types of writing that are likely to be assigned during the studying process. Actually, its main goal is to provide an analysis of the article that you wish to work with in the future. Let us summarize the main steps in writing a critical essay and learn a tip or two to perfect your writing skills. 1. Study your topic interest. This gives you an edge to prepare in writing an essay because you can learn more about the article that you wish to “criticize”. In any case, you are still going to read an article before writing a critique about it so you might as well understand clearly what the subject is all about. 2. Look for information. Writing an essay will always involve the search for information. At the very least, looking for other sources of knowledge that are to affirm a notion in an essay is always necessary. 3. Create a thesis statement. Once you have finished with the article in reference, you can create a thesis statement that will serve as the guiding medium for you to write your critical essay. The main philosophy behind it is to make a thesis statement that will present a notion of either you agree with the author’s discussions...
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...How to determine custom essay editing company that is legitimate This is the company you will find great editors to provide you with custom essay editing service. Students whose first language is not English may find speaking and writing in English as a difficult task for them. Most of these students are international students who have enrolled in various universities in America and in the UK. The main teaching language is English, American and Standard English respectively. It is essential for students to master well the language of instruction because it is a medium through which they are required to write their assignments and speak in classroom. Competence and fluency in English language will help students to read and understand the teaching material provided to them. It is important therefore for students to ask for support from custom essay editing services which deal with the tips of writing good essays among other academic papers and also to write for them assignment essays. Our writing and editing services is created both for students and professionals. We deal with both the non academic and academic editing and writing services to fulfill your needs. At our custom essay editing, you will find editors who are qualified in linguistics and English language. We are ready to provide you the custom essay editing service at any time of the day or night because we operate as a 24/7 service. Our custom essay editing service comprises of creative thinkers, skillful editors...
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