IFRS vs GAAP: Concerns about LIFO General accepted accounting principles (GAAP) allows the use of LIFO (Last-in First-out) under ASC 330-10-30-9 to determine inventory costs. However, IFRS (International Financial Reporting Standards) does not allow the use. Many companies choose to use the LIFO method because it allows the higher value inventory to be included into the cost of sales. This results in a smaller profit margin that further results in less tax. IFRS doesn’t allow the use of LIFO for
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Análisis de Estados Financieros e Indicadores de Gestión Revisión analítica de Corporación Interamericana de Entretenimiento, S.A.B. de C.V. Alumno: Sergio Iván Sánchez Pérez Matricula: 278450 Maestro: Dr. Enrique Flores Pérez 1. Review the meaning of the terms and concepts listed in Key Terms and Concepts. Balance sheet: Statement of financial position that shows Total Assets 5 Total Liabilities 1 Owners’ Equity. The balance sheet usually classifies Total Assets as (1) current assets
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“The European Union (EU) Parliament mandated the adoption of IFRS to improve the integration of capital markets”(Cormier et. al., 2009) in 2005, and this “adoption has made IFRS the most widely accepted financial accounting model in the world” (Paananen et. al, 2009). Therefore, it is no surprise that the two German auto makers, Daimler and BMW that have been selected for this report follow IFRS, and their two latest annual reports date back to 2009 and 2010. Both of those companies are traded on
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Tax IFRS Readiness Series The uncertain future of LIFO* The uncertain future of LIFO This paper was authored by Christine Turgeon, a partner; Scott Rabinowitz, a director; Helen Poplock, a director; and Sean Pheils, a senior associate with PricewaterhouseCoopers’ Washington National Tax Services (WNTS) practice. For over 70 years, US taxpayers have been able to value the cost of their inventories using the last-in, first-out inventory method of accounting (LIFO). In general, to use LIFO
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Course Meeting Day/Time: Monday - 6:00 – 10.00 p.m. Professor Information: Dr. Jones Olajide E-mail: jones.olajide@strayer.edu Phone: 240-217-0141 Welcome, students! I have the privilege of being your Financial Accounting course instructor for this term. I’m excited about the opportunity to get to know you, and I’m looking forward to a happy and productive summer 2014 Quarter. I will always be available to meet with individual student before or after class on Mondays
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expected to eventually mandate the adoption of International Financial Reporting Standards (IFRS). U.S. standards setters have been working toward this eventuality through a process of convergence. The SEC issued a statement in early 2010 that updated its timeline and indicated that companies could be required to adopt IFRS as early as 2015 (see SEC, "Commission Statement in Support of Convergence and Global Accounting Standards," Release Nos. 33-9109; 34-61578, February 24, 2010, at www.sec.gov/nles/other/2010/33-9109
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of the IFRS Foundation and the FASB for discussion at a public meeting of the FASB or IASB. It does not purport to represent the views of any individual members of either board. Comments on the application of US GAAP or IFRSs do not purport to set out acceptable or unacceptable application of U.S. GAAP or IFRSs. The FASB and the IASB report their decisions made at public meetings in FASB Action Alert or in IASB Update. Objective 1. The purpose of this paper is to discuss the accounting for options
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The accounting profession in the 20th century developed around, at first, state requirements for financial statement audits, and then around Federal requirements created by securities acts passed in 1933 and 1934 (which created the Securities and Exchange Commission), according to a July 1999 article in The CPA Journal. In the 1970s, Congress and SEC demands for more reliable and comparable financial reporting led to the founding of the Financial Accounting Standards Board (FASB) in 1973. The
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used for longterm purposes; borrowing money and repaying amounts borrowed, or otherwise settling the obligation; and obtaining and paying for other resources obtained from creditors on longterm credit”( FASB Accounting Standard codification, 2301045). As it also mentioned in FASB Accounting Standard Codification 230104514 and 230104515, then, “Proceeds from issuing bonds, mortgages, notes, and from other shortor longterm borrowing” and “payments of dividends or other distributions to owners
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Business Ethics and Corporate Responsibility Introduction Corporate Responsibility or Corporate Social Responsibility (CSR) has been a term coined in the previous century in order to define the social responsibilities of corporate heads and their corporations in securing the trust of its community by determining and fulfilling its roles towards the betterment of society. Simply following the rules set down by legislation would not do; corporate authorities and workers alike were demanded to be
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