Comparing IFRS to GAAP Comparing and Contrasting IFRS differs a lot from GAAP. IFRS does not demand a specific order of accounts on the statement of financial position. When reporting assets, IFRS reports them in reverse order of liquidity. Doing so, allows the people that use the financial statements a better understanding of the structure of the company’s assets. GAAP is the opposite of IFRS. GAAP lists assets in the order of the assets with the highest liquidity first. For example, cash
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International Accounting Standard Board (IASB or collectively the boards) and the Financial Accounting Standards Board of US (FASB or collectively the boards) have been working together on a project to revise and converge IFRS and US GAAP on revenue. Consequently, the Boards have jointly issued two exposure drafts outlining proposed changes. The latest one was published in November 2011 with public comments received in March 2012. If adopted, it will substitute all revenue standards prescribed by IFRS including
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IFRS versus. GAAP Your name ACC/290 February 22, 2016 Jon Mohr IFRS versus GAAP Write a 700- to 1,050-word summary of your team's discussion regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following: Introduction Please enter your Introduction here IFRS 2-1: In what ways does the format
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used in accounting, to include Generally Accepted Accounting Principles (GAAP), double entry accounting, historical cost, accrual basis vs. cash basis accounting and current assets and liabilities vs. non-current items. I will also describe the general organization of the following three companies; Apple, Inc., Swatch Group, and Nikon. In doing so, I will attempt to determine and demonstrate what is more useful – net income or cash from operating activities. Part I The field of accounting can be
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will also discuss the differences of the income statement in regards to the specific industries of the companies that we have chosen as well as the differences in accounting practices of the International Financial Reporting Standards (IFRS), the Financial Accounting Standard Board (FASB) and the Generally Accepted Accounting Principles (GAAP). Industry Differences Although most income statements are essentially the same, the income statement of a company in the retail or manufacturing
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Running Head: GLOBAL FINANCIAL REPORTING: Global Financial Reporting: Why Move Toward Global Financial Reporting Connie Cerruto Student ID 3247960261 Accounting Capstone: Senior Seminar in Accounting ACC 499 005016 Winter Semester 2008 Submitted to Professor Tee Thein March 16, 2008 Dedication and Acknowledgement I would like to take this time to thank my husband, George, for all his support over this last ten weeks. For graciously doing
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When we say German GAAP, we refer to principles that are based on German Commercial Code (Nandelsgesetbuch, or HGB), and German Accounting Standards (GAS) that are set by German Accounting Standards Committee (GASC). GASC has similar function as Financial Accounting Standard Board (FASB) in United States – to develop and set accounting reporting standards, the process which includes publication of draft of standards, comments period, revision of draft period, public discussion, and finally, adoption
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IFRS Convergence: Challenges and Implementation Approaches for Banks in India KPMG IN INDIA Foreword I am very happy to note that KPMG in India is releasing a specific publication for the Indian banking sector titled 'IFRS Convergence: Challenges and Implementation Approaches for Banks in India', on the occasion of the IBA/KPMG conference on 'IFRS: Developing a Roadmap to Convergence for the Indian Banking Industry'. The proposed convergence with IFRS is likely to create significant challenges
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businesses expand and operate internationally, differences in standards of accounting practices between countries have made it difficult to compare financial statements. (Chakrabarty, 2011; Gill, 2007; University of Pennsylvania, 2002) This is prohibitive in getting a clear picture regarding the financial status of an organization. (Chakrabarty, 2011; Gill, 2007) In the US, Generally Accepted Accounting Principles (GAAP) “are the accounting rules used to prepare and standardize the reporting of financial statements
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creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.” Now let’s look at Swatch, according to Swatch it, “is the world's leading supplier of watch movements and finished watches, accounting for as much as 25 percent of total world production, while capturing more than ten percent of all watch sales. The Swatch Group is more than its flagship Swatch brand--which alone accounts for half of the company's profits, and, in the late 1990s
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