Is the Difference in Accounting Treatment of Post-Retirement Benefits under IFRS Beneficial or Detrimental to the Financial Position of a Company Currently Reporting Under US GAAP? Megan N. Cook, CPA, CFE Accountancy 521 Professor Lawrence March 9, 2009 The first pension plan offered by an American employer was that of American Express in the year 1875. Amex’s plan did not resemble the plans that we see in today’s time; the first “modern” defined benefit plan was created in 1940 by the
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Comparing IFRS to GAAP Essay Joshua Tracey ACC /2291 March 22nd, 2016 Mr. Bob Wells Comparing IFRS to GAAP Essay The past few weeks, the team and I have been discussing each of the questions and have come to some very good answers to each. We tried to compile a list so that each can put into our own words and input our opinions and examples that we have direct experiences with. Each question is outlined below and has a brief excerpt of each of our discussions. IFRS 8-1: What are some
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Australian Accounting Standards Board (AASB) known as the Reduced Disclosure Regime (RDR). The following clarifies what RDR is, its purpose, who it applies to, how it fits within the Corporations Act and any adoption issues which could be considered. In summary, the Reduced Disclosure Regime (RDR) has been created to allow for the preparation of less intricate and more useful general purpose financial reports for non-publicly accountable entities through the removal of unnecessary disclosures. It consists
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Reporting Standards (IFRS) as their accounting framework under which financial statements are prepared. This means the accounting standards Canada had been using generally accepted accounting principles (GAAP) will no longer apply. What will this mean for PAEs and their investors? Will there be more or less decision useful information and will securities markets become more efficient with Canada’s adoption of IFRS or is it the same business, just different accounting? Executive Summary Comparing financial
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SUMMARY “Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors” by Luzi Hail, Christian Leuz and Peter Wysocki: In the world of accounting, abandoning the United States’ Generally Accepted Accounting Principles (U.S. GAAP) in favor of the International Financial Reporting Standards (IFRS) would represent a seismic shift that would require changing what has been the country’s accounting gold standard for decades. This is what
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2012 Technical Summary IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as issued at 1 January 2012. Includes IFRSs with an effective date after 1 January 2012 but not the IFRSs they will replace. This extract has been prepared by IFRS Foundation staff and has not been approved by the IASB. For the requirements reference must be made to International Financial Reporting Standards. The objective of this Standard is to prescribe the criteria for selecting and changing
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Page: | 1 2 | Question 1. | Question : | (TCO A) Which of the following statements is not an objective of financial reporting? | | | Student Answer: | | Provide information that is useful in investment and credit decisions. | | | | Provide information about enterprise resources, claims to those resources, and changes to them. | | | | Provide the liquidation value of a company. | | | | Provide information that is useful in assessing cash flow prospects. |
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capitalisation of borrowing costs November 2008 PricewaterhouseCoopers’ IFRS and corporate governance publications and tools 2008 IFRS technical publications IFRS manual of accounting 2009 PwC’s global IFRS manual provides comprehensive practical guidance on how to prepare financial statements in accordance with IFRS. Includes hundreds of worked examples, extracts from company reports and model financial statements. IFRS 3R: Impact on earnings – the crucial Q&A for decision-makers Guide aimed
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“Grapes for Grapes” comparisons that clearly, fairly, and completely prepares a company financial statements. For years GAAP has been the common set of standards and procedures for the U.S, the core for establishing a principle of reporting but now IFRS an international friendly financial reporting system has become popular for its use globally. In the text Intermediate Accounting by C.P.A Kieso, GAAP also known as generally accepted accounting principles are standardized guidelines and procedures
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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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