CHAPTER 20 ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer F T F T T F F T F T F F T F T F T F F T No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Funded pension plan. Qualified pension plans. Defined-contribution plan liability. Defined-benefit plans. Vested benefit obligation. Accumulated benefit obligation. Definition of service cost. Definition of interest
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IFRS and US GAAP: similarities and differences IFRS readiness series October 2012 Table of contents The heart of the matter 2 US financial reporting will change significantly within the next several years An in-depth discussion 4 Examining the implications IFRS affects US businesses in multiple ways What this means for your business 6 Anticipate and manage the change What companies can and should do now October 2012 The heart of the matter US financial
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under U.S. GAAP? What is the amount of “sales in advance of carriage,” as of December 31? How did the amount change from the prior year? Would transactions of this type be handled similarly under U.S. GAAP? Passenger and cargo revenue is recognized when the transportation service is provided. Passenger tickets net of discounts are recorded as current liabilities in the ‘sales in advance of carriage’ account until recognized as revenue. Yes, this would be handled similarly under U.S. GAAP. Amount
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Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers A Comparison of U.S. GAAP and IFRS A Securities and Exchange Commission Staff Paper November 16, 2011 OFFICE OF THE CHIEF ACCOUNTANT UNITED STATES SECURITIES AND EXCHANGE COMMISSION This is a paper by the Staff of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings
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space in Houston. Beverly filed an insurance claim and received $15 million from its insurance carrier. It decided to use those proceeds to fund its pension plan rather than rebuild its warehouse. Beverly must decide which cash flow statement treatment is appropriate. It must also discuss how IFRS apply to cash flow statement and how they compare to U.S. GAAP. While addressing the decision on where to put the borrowing and payment activity on the statement of cash flows, Beverly should refer to ASC 230-10-45-14
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A Comparison of IFRS, US GAAP and Indian GAAP* *connectedthinking November 2007 PricewaterhouseCoopers’ publications and tools PricewaterhouseCoopers has a range of tools and publications to help companies apply IFRS (see also the inside back cover). Illustrat ive Consolidated Fin ancial Statements • Corporate, 2007 • Banking, 2006 • Insurance, 2006 • Investment funds, 2006 • Investment property, 2006 Realistic sets of financial statements – for existing IFRS preparers in the
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US GAAP vs. IFRS The basics March 2010 Table of contents 2 5 7 8 11 13 14 16 18 20 26 28 31 33 35 38 40 42 43 44 46 47 Introduction Financial statement presentation Interim financial reporting Consolidations, joint venture accounting and equity method investees Business combinations Inventory Long-lived assets Intangible assets Impairment of long-lived assets, goodwill and intangible assets Financial instruments Foreign currency matters Leases Income taxes Provisions and contingencies Revenue
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IFRS vs. GAAP: Same or Different ACC407 January 27, 2013 Catherine McBride IFRS vs. GAAP: Same or Different The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on nearly a dozen joint projects designed to improve both U.S. Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS), and ultimately make the standards fully compatible. But in the mean time, the two predominant accounting
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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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IFRS vs. A- IFRS Australia along with New Zealand, The European Union, China and Russia was one of the earliest adopters of the IFRS. Australia adopted an IFRS equivalent which they call A-IFRS starting January 1, 2005. Even though, Australia and the IFRS have converged there are still some difference in the accounting practices allowed by Australian GAAP and the full IFRS. The differences between the two sets of standards are not as glaring as the differences between US GAAP and IFRS but the differences
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