Ifrs Vs Gaap Revenue Recognition

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    On the Global Acceptance of Ias/Ifrs Accounting Standards: the Logic and Implications of the Principles-Based System

    homepage: www.elsevier.com/locate/jaccpubpol On the global acceptance of IAS/IFRS accounting standards: The logic and implications of the principles-based system q Salvador Carmona *, Marco Trombetta IE Business School, Calle Pinar, 15-1B, 28006 Madrid, Spain a r t i c l e i n f o a b s t r a c t The widespread acceptance of International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) makes it timely to examine their technical determinants as well as their

    Words: 4961 - Pages: 20

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    Delts

    use of professionals with direct experience in the aviation industry. KPMG member firms serve many of the market leaders within the airline sector. We are leading providers of external audit services with 33% market share of the top 50 airlines by revenue. We also provide other services to over half of these top 50 airlines. KPMG member firms’ strength lies in our professionals and their knowledge and experience gathered from working with a large and diverse client base. KPMG’s airline industry experience

    Words: 11825 - Pages: 48

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    Acctg 301 Study Guide

    CHAPTER 5 Revenue Recognition after Delivery * Assumes we are able to make reasonable estimates of amounts due from customers that potentially might be uncollectible. * For product sales this also includes amounts not collectible due to customers returning the products they purchased. Installment Sales * Increasing the length of time allowed for payment usually increases the uncertainty about whether the store actually will collect a receivable * The increased uncertainty concerning

    Words: 5638 - Pages: 23

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    Does Mandatory Adoption of Ifrs Improve Accounting Quality Preliminary Evidence

    Adoption of IFRS Improve Accounting Quality? Preliminary Evidence* ANWER S. AHMED, Texas A&M University MICHAEL NEEL, University of Houston DECHUN WANG, Texas A&M University 1. Introduction We provide evidence on the preliminary effects of mandatory adoption of International Financial Reporting Standards (IFRS) on accounting quality for a relatively broad set of firms from 20 countries that adopted IFRS in 2005 relative to a benchmark group of firms from countries that did not adopt IFRS matched

    Words: 15821 - Pages: 64

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    You'Re and Entrepreneur

    ACC557 – Financial Accounting   The following will describe the mobile car wash, the benefits it has, and provide a chart of accounts explaining the need for each item to be purchased. The type of business that I will create is a mobile car wash. A mobile car wash will solve several business problems. The first business issue that a mobile car wash solves is that “mobile car washes often use less water than traditional car washes” (Sinclair, 2012). Mobile car washes can be performed

    Words: 1390 - Pages: 6

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    6805 Syll

    ACG 6805 Accounting Theory Fall 2015 Professor: Greg Trompeter Office: 323 BA I Phone: 407.823.2150 Office hours: Tuesday before class; as announced in class; and by appointment. Required texts: Readings available as noted below. • Trueblood cases from Deloitte. Available at: http://www.deloitte.com/view/en_US/us/About/university-relations/Deloitte-Foundation/0ac1264f0b0fb110VgnVCM100000ba42f00aRCRD.htm • FASB codification—password

    Words: 8209 - Pages: 33

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    Acc/291

    IFRS: FASB and IASB Fair value measurements provide users of financial statements with an accurate picture of the value of a company’s assets. Both IFRS and GAAP require firms to include information regarding fair value measurement practices in the notes of financial statements. Under either system, companies will be required to report assets at either book value or fair value, depending on the situation. As a general rule of thumb, all assets in the same class must receive the same valuation treatment

    Words: 9113 - Pages: 37

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    Accounting

    assumption – stable Interntional Financial Reporting Standards(IFRS) Many countries have own versions of generally accepted accounting principles (GAAP) Reports had to be restated to convert accounting data from one country to another IFRS developed and are used by most countries in the world US still follows on GAAP US GAAP overseen by the Securities and Exchange Commission (SEC) SEC tentaviley set date for U.S adoption of IFRS in 2015 Will make it easier to compare financial statements

    Words: 3535 - Pages: 15

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    Kieso15E Testbank Ch11

    CHAPTER 11 DEPRECIATION, IMPAIRMENTS, AND DEPLETION IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description T 1. Nature of depreciation. F 2. Nature of depreciation. T 3. Depreciation, depletion, and amortization. T 4. Definition of depreciation base. F 5. Factors involved in depreciation process. F 6. Definition of inadequacy. T 7. Objection to straight-line method. F 8. Units-of-production approach. F 9. Accelerated depreciation

    Words: 10876 - Pages: 44

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    Accounting

    accounting change. T 8. Retrospective application impracticality. F 9. Reporting changes in accounting estimates. T 10. Change in principle vs. change in estimate. F 11. Accounting for change in depreciation method. F 12. Accounting for change in reporting entities. T 13. Example of a change in reporting entities. F 14. Accounting error vs. change in estimate. T 15. Accounting for corrections of errors. T 16. New principle created by FASB standard. T 17. Correcting entries for

    Words: 10941 - Pages: 44

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