1A. Benefits that SEC believes will result from global accounting standardization through convergence: The SEC encourages the convergence of IFRS and GAAP because it believes that doing so will benefit U.S investors. The incorporation of IFRS in GAAP will protect the investors, maintain the fair representation of financial statements and increase comparability and material information for investors to make better decisions. The primary benefit will be the reduction in discrepancies in financial
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GAAP & IFRS Convergence Eileen Walker Strayer University 3/1/2013 Professor Lightweis ACC304 By definition, convergence is the “coming together from different directions, especially a uniting or merging of groups or tendencies that were originally opposed or very different” (Bloomsbury Publishing, 2009). As it applies to accounting, convergence is the “collaborative efforts of the FASB and the International Accounting Standards Board (IASB) to both improve U.S. generally accepted
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Porter Gervais Professor Duron 10/21/13 IFRS Rough Draft Ch.20 IFRS vs. GAAP When accounting for pensions and post-retirement benefits, IFRS and GAAP have similarities as well as differences. There are two pension plans that are frequently used in accounting for pensions. These two plans are known as, defined contribution plan and defined benefit plan. Both GAAP and IFRS separate their pension plans, but their accounting for defined benefit plans differ. Another major difference occurs
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CHAPTER 5 COMPARATIVE ACCOUNTING Chapter Outline China I. There are some unique features in the accounting profession in China. They include the following: A. Until the 1980s, those who carried out accounting work were not held in high regard in society, and this has had an adverse effect on the development of the accounting profession in China. B. Accounting and auditing in China have taken different paths in their development processes. Auditing firms audited mainly
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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
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IFRS VS. GAAP Gregory Abraham ACC/290 August 17, 2015 Sherrick Johnson IFRS VS. GAAP In accounting, there are sets of standards, accounting principles, and procedures that businesses use to assemble their financial statements. IFRS and GAAP are two common sets that companies use to comply their statements. IFRS, International Financial Reporting Standards, are a set of accounting standards established by the IASB, the International Accounting Standards Board, which is becoming
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Accounting Standards Boards Paper Cynthia Danford Accounting Theory & Research ACC/541 Christine Errico April 30, 2012 Accounting Standards Boards Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting
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INTRODUCTION International Financial Reporting Standards (IFRS) In 2011, international financial reporting standards (IFRS) will replace generally accepted accounting principles (GAAP). This means Canadian publicly-traded companies will be required to present financial statements in accordance with IFRS. This change will not only affect those involved in the development of financial information but also those who use this information. Economic globalization brings increased demand for high quality
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Comparing IFRS to GAAP Paper Ashley Connors ACC/290 Sharon Powers Comparing IFRS to GAAP Paper The comparison between the IFRS and GAAP and how they differ from one another. The accounting industry has many guidelines that need to be followed by accountants, analysts, and organizations. The internal Accounting Standards Board issued standards (IFRS) that have been adopted by the United States and several countries out of the U.S. In what ways does the format of a statement of financial
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Contents: 1. A. Description of Expanded accounting equation for Hal Burton Web consulting for the period of 1-30, 2015 B. Basic and consolidated financial statements of Hal Burton Web consulting for the period of 1-30, 2015 1. Income Statement. 2. Statement of financial position 3. Statement of owner’s equity 4. Statement of Cash Flows. 2. A. Requirements of International Accounting Standards (IAS-1) and its comparison with US-GAAP for the presentation of financial statements
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