(1) The article on global accounting convergence by Hail, Leuz, and Wysocki (Part 1) examines several factors to consider regarding the potential adoption of IFRS by the United States. Overall, based on the article, do you think the adoption of IFRS by the United States is a net gain for the US marketplace? Give three reasons to support your position (be specific). Please include specifically what groups will be affected and why IFRS would be better or worse than US GAAP. 1 2 I believe that
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ISSUES IN ACCOUNTING EDUCATION Vol. 22, No. 4 November 2007 pp. 685–708 China Eastern Airlines: People’s Republic of China Accounting Standards, International Financial Reporting Standards, or U.S. Generally Accepted Accounting Principles? John L. Haverty ABSTRACT: China Eastern Airlines, headquartered in the People’s Republic of China, has been listed and traded on the New York Stock Exchange since 1997. In its 2005 annual report, China Eastern Airlines presents two sets of financial statements:
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The IFRS is a better accounting standard system than GAAP because it is used internationally as the primary standard accounting system and it has more enhancing qualities First the IFRS is use internationally as the primary standard accounting system for at least 151 countries (European Union) consisting of two organizations overseeing practices (IFRS and IASB). The IFRS were created plans as a common worldwide language for business affairs. So companies accounts were able to be understandable
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are still many differences in accounting treatment between International financial reporting standards (IFRS) and the U.S Generally Accepted Accounting Principles (GAAP). While IFRS are widely used by many countries around the world, FASB of the U.S still working on the intention of either adopt the IFRS or converge towards it. Until the convergence actually happens, there are still many critics about the accounting treatment at the same subject under U.S GAAP and IFRS. Example of this is the argument
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Comparing GAAP and IFRS Essay Sharelle Lee ACC/291 - PRINCIPLES OF ACCOUNTING II Monday, July 4, 2016 BRIAN FRIEDEL Introduction Generally Accepted Accounting Principles other known as GAAP is an accounting standard used in the United States and the International Financial Reporting Standards better known as IFRS is an accounting standard in countries all around the world. The biggest difference between the two is GAAP is
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key principle of IFRS 1 is full retrospective application of all IFRS standards that are effective as of the closing balance sheet or reporting date of the first IFRS financial statements. IFRS 1 requires companies to: • Identify the first IFRS financial statements; • Prepare an opening balance sheet at the date of transition to IFRS; • Select accounting policies that comply with IFRS and to apply those policies retrospectively to all of the periods presented in the first IFRS financial statements;
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reported under IFRS. Be as specific as possible and discuss any costs and benefits to the company. There are many similarities in US GAAP and IFRS. Convergence continued to be a high priority for both the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). However, the convergence process is designed to address only the most significant differences. While standards will be more similar, differences will continue to exist. In general, US GAAP tends to
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Comparing IFRS to GAAP As we are so often, America as a business entity can be very stubborn when it comes to maintaining the way we do things against external pressure. Whether it is differences between the American standard of measurement and the metric system or differences in accounting standards, the United States likes to be its own boss so to speak. As stated before, one of the premier differences in business practices between the United States and the rest of the world is the difference
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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
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Comparing IFRS to GAAP Essay 9- 21-15 Sherrick Johnson Introduction Comparing IFRS and GAAP, and understanding how the fair value measurement help organizations keep accurate reporting of the company’s assets. Organizations under GAAP and IFRS have different requirements when using Component depreciation methods. The revaluation of plant assets changes when the economic market changes. Explaining the difference between development cost and development expenses, and how the GAAP and IFRS report
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