Accounting Principles. GAAP is used primarily by businesses reporting their financial results in the United States. (Bragg, 2011) GAAP is rules based. IFRS stands for International Financial Reporting Standards. IFRS is used everywhere expect the United States, but there is talk about the U.S. going to the IFRS. IFRS is more principle based, which is much easier to understand. It requires businesses to report their financial position by using same rules. (Bragg, 2011) IFRS8-1: What are some steps
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ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? The format of a statement of finical or position under IFRS differ a balance sheet presented under GAAP in the following ways. IFRS does not require a certain order or classification of accounts on the statement of finical position. Companies are recommended to report assists in reverse order of liquidity. Making sure the users of finical statements have a clear understanding
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BUS 591(Financial Accounting & Analysis) Complete Course IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://hwnerd.com/BUS-591-Financial-Accounting-Analysis-Complete-Course-1423.htm?categoryId=-1 If You Face Any Problem E- Mail Us At Contact.Hwnerd@Gmail.Com Week 1 Homework Problems. Complete the following Workbook Template Week One or you may complete the Problem 1-3B on page 36, 1-4B on page 37 (Chapter 1) and Problem 2-7B on page 90 (Chapter 2)
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JWCL165_c14_674-725.qxd 8/16/09 7:46 AM Page 674 14 Financial Statement Analysis Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1 Discuss the need for comparative analysis. 2 Identify the tools of financial statement analysis. 3 Explain and apply horizontal analysis. 4 Describe and apply vertical analysis. 5 Identify and compute ratios used in analyzing a firm’s liquidity, profitability, and solvency. 6 Understand the concept of earning
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| | 3. | (SO 2)Which statement about users of accounting information is incorrect? a. Management is considered an internal user. b. Taxing authorities are considered external users. c. Present creditors are considered external users. d. Regulatory authorities are considered internal users. | | | 4. | (SO 2)Which of the following did not result from the Sarbanes-Oxley Act? a. Top management must now certify the accuracy of financial information. b. Penalties for fraudulent
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of History The International Accounting Standard number 7 – Statement of Cash Flows (IAS7 or the standard) is the current authority issued by the International Accounting Standards Board (IASB) requiring the preparation and presentation of a Statement of Cash Flows, providing through it the historical changes in cash and cash equivalents of an entity. The standard was first issued in 1977 as IAS 7 – Statement of Changes in Financial Position by the International Accounting Standards Committee
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Annual reports are intended to give shareholders and other interested people information about the company's activities and financial performance. The annual report is a report issued to a company's shareholders, creditors, and regulatory organizations following the end of its fiscal year. The report typically contains at least an income statement, balance sheet, statement of cash flows, and accompanying footnotes. It may also contain management comments, an audit report, and various supporting schedules
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You have been named the Chief Financial Officer (CFO) of a two year old company, CUNY Analytics. Financials have been prepared by a bookkeeper. As CFO, you responsible for the preparation of accurate financials, analysis and review of the financials before they are released and communication of the results of your company to banks, investors, creditors and the government, as necessary. Please complete the following: a. What are the four major financial statements and, in depth, discuss their
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TRUE-FALSE STATEMENTS 1. Analysts are interested in sustainable income, which is equal to the past year’s net income. Ans: F, SO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC: None, IMA: Performance Measurement 2. One objective of the income statement is to separate the results of continuing operations from those of discontinued operations. Ans: T, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA
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Financial Statement Differentiation ACC/561 Financial Statement Differentiation There are four different kinds of financial statements. These include the income statement, the statement of cash flow, the balance sheet, and the retained earnings statement. Each statement has a different focus and are used by investors, managers, and creditors to help make decisions about a business. Knowing which statements need to be used and when will help make any business more aware of where their funds
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