...Comparing IFRS to GAAP Paper ACC/291 Comparing IFRS to GAAP Essay RECONCILING FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Different assets, liabilities, and equity instruments are measured at fair value. The standards in U.S. GAAP and IFRS that require or permit fair value measurements are different. As a consequence, an asset, liability, or equity instrument that is measured at fair value in U.S. GAAP might not be measured at fair value in IFRS and vice versa. The Boards have separate projects to address the measurement basis in other standards (for example, the projects to address the accounting for financial instruments and leases). There will be different accounting requirements in U.S. GAAP and IFRS for measuring the fair value of investments in investment company entities. Some the disclosures about fair value measurements will be different for U.S. GAAP and IFRS. For example, IFRS do not distinguish between recurring and nonrecurring fair value measurements. In addition, because IFRS generally do not allow net presentation for derivatives, the amounts disclosed for fair value measurements categorized within Level 3 of the fair value hierarchy might differ. COMPONENT DEPRECIATION Component depreciation happens when an asset has fundamentally different parts that should be depreciated...
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...Comparing IFRS to GAAP Paper In this paper, I will be talking about what the International Financial Accounting Standards (IFRS) is, and General Accepted Accounting Principles (GAAP) are and what differences as well as similarities. IFRS is a set of international accounting standards that regulate what type of events and transactions should be reported in a financial statement. GAAP is accounting rules that keep a detailed logistical account of what is declared by the company. FRS 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? Although the IFRS does not have a specific order that it must be listed on the statement, companies tend to report in reverse order of liquidity such as: Long Term Assets Current Assets Shareholder Equity Long Term Liabilities Current Liabilities GAAP requires that accounts are ordered based on the degree of liquidity which report cash first and non-current assets last such as: Current Assets Long Term Assets Current Liabilities Long Term Liabilities Shareholder Equity IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. IFRS and GAAP do not differ in the terms of financial reporting. Both GAAP and IFRS have very similar viewpoints as to financial reporting data should be relevant and represented correctly and accurately. Any related information is all that may be necessary...
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...An illustration denoting the timeless elegance of created by Mavra Almas, 2005 Suraj Miani Sahib in Multan. Annual Report of Packages Limited 2012 Naqsh School Foundation in of 2003, Arts was established by the Babar Ali with the purpose to revive the traditional arts of miniature, naqashi (the art of arabesques) and calligraphy. Naqsh artists and students have excelled in the art of naqashi, which has been inspired from the rich historical monuments of the Packages Limited the years. We Annual Report Mughal is proud to have been a patron of Naqsh over are happy to dedicate the theme of this year’s to the revival of traditional naqashi, using some of the artworks produced by the A era. On the Naqsh School Cover Page: magnificent display of true arabesque patterns coming to life – Jahangir’s tomb Afshan Ijaz, n.d. a masterpiece inspired by created by in Lahore. of Arts. Ottoman Majesty The strikingly intricate beauty of a 16th century ceiling artwork. the mausoleum of Shah Rukn-e-Alam in Multan. A spectacularly intricate painting depicting Created 2 by Sadia Jamil, 2012 Annual Report of Packages Limited 2012 Contents 04 Company Profile 06 Company Information 08 Organogram 10 Business Divisions 21 Entity Rating Governance 22 24 26 30 31 Board of Directors Management Committees Vision, Mission...
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...Comparing IFRS to GAAP ACC/290 June 5, 2016 Arin Smith Comparing IFRS to GAAP As international business increase those with financial responsibilities should be well versed in the two primary accounting methods: GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). The Financial Accounting Standards Board set the GAAP which is primarily used in the United States and the IFRS is used in several other countries. It has been reported that the United States Security and Exchange Commission is planning to switch to IFRS in 2015 (Logue, 2011). While the two accounting methods share some similarities, there are some differences that could result in different reporting. Having a good understanding of both methods will allow companies to make business decisions that are effective and compliant. 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? In my understanding, the IFRS does not give any specific order for the statement of financial position. If anything the, IFRS requires separation of current and noncurrent assets and liabilities. For a lot of the companies today they just report their assets in reverse order based off their liquidity. Now, the GAAP recommends separation of current and noncurrent assets and liabilities and also. require that all the accounts be in a specific ordered based on the liquidities hierarchy. IFRS 2-2: Do...
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...• Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity other than those relating to distributions to shareholders. • Note that under IFRS expenses include both those costs incurred in the normal course of operations, as well as losses that are not part of normal operations. This is in contrast to GAAP, which defines each separately. • • • IFRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX. • Pro: Since the implementation of the SOX legislation it is very obvious that investors and stock buyers have gained trust in the openly and publicly traded companies. This is not a bad thing in any way. By mandating that the publicly traded companies participate in more external and internal audits along with keep a strong and organized internal system, this brings much more confidence in the companies as it makes them transparent. If only our government had to do the same thing!!! • • Con: We all know that by implementing new rules, regulations and legislation, it will always cost the company who it is being forced upon. Then the cost is past on to the consumer of the products, US! Even if there is rules stating that the company can not past the cost increase...
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...Comparing IFRS to GAAP Essay ACC/291 10/12/15 James Ferguson Comparing IFRS to GAAP Essay The International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) have some similarities and differences when it comes to accounting for liabilities. There are steps that are taken by both the FASB and IASB to move to fair value measurement for financial instruments. There are some differences between these approaches. 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 approaches differed? It doesn’t matter if the FASB or IASB is followed; the steps taken to move to fair value measurement for financial instruments are to be noted in the financial statements regarding fair value measurement practices. Under each system, a company must report the assets at book value or fair value situational depending. Every asset in the same class of assets must get the same valuation. When valuing receivables, the IFRS operates under a two-tiered method that will analyze individual receivables first then takes a look at receivables as a whole to see if there is any impairment. IFRS 9-1 What component depreciation, and when must it be used? Component depreciation should be used when parts of the assets are fundamentally different. It is when the asset has different components with varying lifespans. Under IFRS, companies are required to use component depreciation...
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...writing. In fact, the three universities that I have attended in the past have all required me to use the APA style of writing. As I recall my high school years, the APA style of writing also seemed to be a favorite amongst my high school teachers. They all required that term papers be written in APA style as well. This type of writing actually does not differ much from the ones included in the text reading. The text mentioned the APA style of writing several times. In my opinion, it appears to be the most popular style of writing, especially amongst college students. Based on the results of the quizzes, my grammar skills were actually a little better than average. I actually had expected to do better, but I guess my grammar skills are not as good as I thought they were. In any event I feel very confident when it comes to spelling, as I have always been a great speller. Even in grade school, I was a good speller. I learned at a very young age to challenge myself when it comes to spelling. Challenging my-self in that area really paid off as I became older, as I’ve never had a problem with spelling. However, I feel that I need more help with run on sentences and with thought patterns. Though I proof read my paper several times, it’s hard for me to see that I have several run on sentences until after I get my grade back. In general, I feel that my writing is just mediocre. However, I also believe that when it comes to writing, I am my own worst critic. Reason being, I am never...
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...computer and communications equipment (owned by MIS) magnetic media (owned by Manager) power supplies and plant, such as air-conditioning units (owned by MIS) Software assets (owned by MIS) • • • • application software system software development tools utilities Information assets (owned by Manager or MIS) ‘Information’ means information held by the Company on its own behalf and that entrusted to it by others. The following are examples of the media which may contain or comprise information assets. • • • • • • • • • • databases and data files system documentation user manuals training material operational or support procedures continuity plans and fallback arrangements back-up media on-line magnetic media off-line magnetic media paper Services • • computing and communications services (owned by MIS) heating, lighting and power (owned by Manager or Building Services Manager) 1 17/01/03 First•Base Technologies Town Hall Chambers High Street Shoreham-by-Sea West Sussex BN43 5DD UK Tel: +44 (01273 454 525 Fax: +44 (0)1273 454 526 info@firstbase.co.uk Guidance on Information Classification Categories for classifying document security Category 1 : Routine (non-confidential) documents Description: All documents of a routine nature. Effects of disclosure: No measurable damage to the company or a department. Examples: Normal memos, routine reports, circulars. Estimated occurrence of this classification: More than 80% of all documents would be within this class...
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...TO: FROM: SUBJECT: DATE: CC: [CLICK HERE AND TYPE NAME] SAMUEL NEWMAN-BREMANG [CLICK HERE AND TYPE SUBJECT] OCTOBER 22, 2013 [CLICK HERE AND TYPE NAME] C R E A T I N G W A T E R M A R KS I N M I C R O S O F T W O R D [Note: Some steps may vary in Word 97. For additional help, search for “watermark” in the product help or on the Microsoft support site at http://support.microsoft.com.] A watermark is any text or graphic image (such as the “Draft” in the background of this document) that is printed to overlap existing text in a document. A logo printed lightly behind a letter or the word "Confidential" printed lightly on a contract are other examples of watermarks. The rotated “Draft” watermark on this page was created using the Word Art feature. You can insert pictures (such as a logo) from a file or using Clip Art. All three features can be found by clicking on Picture in the Insert menu. To view a watermark as it will appear on the printed page, click Print Layout on the View menu or click Print Preview on the File menu. The watermark will print on every page of this document, just like headers and footers. To edit the watermark or insert a new one, you need to click Header and Footer on the View menu. TO FORMAT A WORDART WATERMARK (LIKE THIS “DRAFT” EXAMPLE): Use the WordArt… command on the Format menu to choose your desired settings for your watermark. There are multiple tabs in that dialog. Use the “Colors and Lines” tab to set the color and transparency. (This “draft”...
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...How to Write a Good Academic Paper? That is a question which most students ask and most of them are new to academic writing. Academic writing if taken as a whole, then it would help you figure its significance and what is more important is, it would help you understand the purpose of it. Any good academic writer’s quality is his/her mind is loaded with creative set of ideas that help him navigate through the whole topic of academic paper. Ideas lead you to somewhere and only a few good students are gifted by nature and if you are not then you can also build up a good rhythm of academic writing. Secondly, you should also have a good sense of your audience; you should know what element of your academic writing would entice them and also create some space for your write-up for reading in their schedule. You then research for resources and data that would be of great use to enlighten your readers. Knowing what you audience wants, should be in your priority because readers enjoy what they seek in your writing. Usually what they look out for is something that could either bring them a smile or get them to think over the subject. Having creative ideas doesn’t guarantee a good and well-researched academic writing. You need to able to figure out ways of putting your research in a proper format so that readers don’t feel deviated from the focal point of your write-up. You should use your sources with proper attentiveness else it would completely ruin your efforts from top to bottom....
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...Hey Jessica, I’m glad your interested in attending the University of Phoenix let me tell you about some of the great resources that are available. First of all they have all kinds of hands on workshops that you can sign up for. They have ones for writing, math, computer skills, exam prep and plenty more. Some other resources are the Center for writing excellence and the Center for mathematics, there are grammar tutorials and plagiarism tutorials and a plagiarism checker as well to help make sure your papers have the proper grammar and the plagiarism checker reviews your paper and tells you how much similarities there is with your paper and other papers so you don’t accidentally plagiarize your paper. Riverpoint writer is a tool to help make sure you are citing your papers properly. In the center for mathematics center they have running start which gives you a review of math concepts to help you brush up on your skills, build math confidence gives you tips to deal with math anxiety it also has study tips, test tips, worksheets and videos. They also have live online math coaching which is only available two weeks before your math class starts through the end of your class. Hope reading about all these resources makes you want to come to the University even more. gotta go talk later. Hello Everyone, I want to review some of the great resources available here at the University of Phoenix. First off I want to go over the workshops that are available to you. There are all...
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...Joe Polce English 015 Mrs. Wickman How To Roll Your Own Cigarette Is anyone in your life a cigarette smoker? Do you often notice that they are always complaining about their ever-rising price? According to the U.S Census Bureau, out of the 6.7 billion people in the world, 2 billion are smokers of cigarettes or some other form of tobacco. Almost 75% of these 2 billion spend between $1000 - $1500 yearly on their favorite packs and cartons that they just cannot resist. We know its a habit, right? Its also an expensive habit. I am going to show you a quick and easy way to not only cut the cost of cigarettes in half, but also save you hundred of dollars. A select few smokers of the modern world have been fortunate enough to find the solution to the climbing prices of cigarettes. This solution is actually very simple. Why don’t we, instead of spending the $6 plus on an already produced pack of Marlboro Lights, make and produce our own pack of very similar cigarettes? Herein lies the solution; roll your own cigarettes. Most people shy away from such an idea claiming that they would never know where to start, or have no idea where they would buy the equipment, but on contrary the first steps to this new lifestyle are very easy, and the tools needed are readily available. The benefits of rolling your own cigarettes are numerous. First off, its inexpensive. GS Hammack, a man who writes for a website called AssociatedContact.com, said that “smokers that are looking for...
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...go fuck urself Paper is a thin material mainly used for writing upon, printing upon, drawing or for packaging. It is produced by pressing together moist fibers, typically cellulose pulp derived from wood, rags or grasses, and drying them into flexible sheets. Paper is a versatile material with many uses. Whilst the most common is for writing and printing upon, it is also widely used as a packaging material, in many cleaning products, in a number of industrial and construction processes, and even as a food ingredient – particularly in Asian cultures. Contents [hide] 1 History 2 Papermaking 2.1 Chemical pulping 2.2 Mechanical pulping 2.3 Deinked pulp 2.4 Additives 2.5 Producing paper 2.6 Finishing 3 Applications 4 Types, thickness and weight 5 Paper stability 6 The future of paper 7 See also 8 References and notes 9 External links History Main article: History of paper Further information: Science and technology of the Han Dynasty and List of Chinese inventions Hemp wrapping paper, China, circa 100 BCE.The oldest known archeological fragments of paper date to 2nd century BC China. Papermaking is considered one of the Four Great Inventions of Ancient China, and the pulp papermaking process is ascribed to Cai Lun, a 2nd century AD Han court eunuch.[1] With paper an effective substitute for silk in many applications, China could export silk in greater quantity, contributing to a Golden Age. Paper spread from China through the Islamic...
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...Terrica Thomas Mr. David Makhanlall Eng 090 12-11-11 My journey as a writer is when I do my papers I have to make sure that I have the correct grammar and no misspelled words. Because when write you want to make sure that your papers flows and that you stay on topic. Because you as a writer wants the people to understand what they are reading. Because your paper have to have so meaning to it and it have to have some clarity to. When I revise my papers it make me look at the things I done wrong. Like when I have misspelled words I can correct them and when I have sentences that don’t make sense and I take the out. When I write I make the mistake of writing a lot of write on sentences. I have to make sure that I don’t do that anymore. I have to make sure that I don’t forget the punctuations because I have the habit of not putting them where they belong and stuff. When I was writing my paper on my mother I think that I did a good job but I think that I could have writing about her goals in life. What she has done with her life right now and what she wants to do right now. I could have talk a little more about what she has done for me when I was growing up. What she had to do to raise three girls on her own. The pattern of errors that I need to work on is run on sentences. Because when I write I can write a sentence that can go on and on forever without a period. A sentence fragment when I write I tend to write a sentence that don’t make any sense...
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...reading and writing various forms of academic discourse • To further an awareness of oneself and others through the exposure to, study of, and experiences with the written word Course Breakdown INTRODUCTION Introduction and Diagnostic Exam Grammar Review Elements of Style by Strunk and White RESEARCH Definition of Research Research Topic Problematique and Thesis Statement CRITICAL THINKING Understanding and Evaluating Data Introduction to Reaction Papers BASIC ELEMENTS OF WRITING Audience, Point of View, Levels of Language, Voice, Style Structure of the Essay Proofreading and Editing PRE-WRITING Ideas and Data-Gathering Sources and Kinds of Sources Introduction to Report Writing Organizing Ideas Introduction to Concept Papers TECHNIQUES IN WRITING Kinds of statements Making Assertions Art of Persuasion Documentation and Plagiarism Introduction to Position Papers Requirements: Report 15% Reaction Paper 15% Concept Paper 15% Position Paper 15% Research Paper 20% Research Journal (Blog) 10% Class Participation 10% House Rules: 1. English Only Policy will be observed inside the classroom during class time 2. 6 absences = a grade of 5...
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