Project In July, 2006, the Board voted to add to its agenda a project on lease accounting. The project will be conducted jointly with the US Financial Accounting Standards Board (FASB) and is expected to result in the publication of a joint discussion paper in 2008. The project will reconsider all aspects of lease accounting and is expected to fundamentally revise the way lease contracts are recognized in the financial statements of lessees and lessors. The Board directed the staff to establish
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Recognition: IFRS and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008, “We believe that IFRS has the
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IFRS and GAAP Shannon Strickland ACC 290 November 10, 2014 Annette Anigwe IFRS and GAAP Accounting around the world could be considered the same but different. The United States generally falls under GAAP (Generally Accepted Accounting Practices) most other countries use the IFRS (International Financial Reporting Standards). While at their basic fundamentals both are still accounting, there are differences that must be adhered to in order for the accounting practices to work as they should
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Comparing IFRS to GAAP ACC/290 7-14-2015 Howard Pickering Comparing IFRS to GAAP As International business increases, 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 primary used in the United States and the IFRS is used in several other countries. If the United States where
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DAVID (ZHENGDA) GUO 1000 Fulton Ave, Hempstead, NY 11549 Phone: 516-754-5202 Email: david.zhengda@gmail.com PROFILE M.S. Marketing candidate, strong communication, analytical and multi-tasking skills, adequate in social media marketing. To obtain an Internet marketing internship to gain experience in online analytics, social media marketing and SEO. EDUCATION Frank G. Zarb School of Business, Hofstra University ! Master of Science in Marketing ! • Hofstra MBA/MS Marketing Association
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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 Accounting 290 IFRS vs GAAP The world has never been smaller than it is today. Technology has created ways to reach out to the far corners of the world that have never been possible in the past. This has made the transfer of information the easiest and fastest it has ever been. This revelation of information didn’t just make it easier for individuals to connect around the world, but business as well. Internationalization of business has never been stronger
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ACC 610 Milestone One Guidelines and Rubric This is the first of three milestone assignments that will lead to completion of your course project. In this assignment, you will complete Critical Element III: GAAP vs. IFRS. Recall that, due to the sequencing of content for the modules, the critical elements are being prepared out of order. For the complete sequence, see the Final Project Guidelines and Rubric document. This milestone addresses the following course outcome: Differentiate between
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GAAP vs. IFRS Principles Based vs. Rules Based A major difference between GAAP and IFRS is that GAAP is rule-based, whereas IFRS is principle-based. With a principle based framework there is the potential for different interpretations of similar transactions, which could lead to extensive disclosures in the financial statements. Although, the standards setting board in a principle-based system can clarify areas that are unclear. This could lead to fewer exceptions than a rules-based system.
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Comparing IFRS to GAAP Donald Cleveland University of Phoenix Kurt Meyer ACC/290 Author Note [Include any grant/funding information and a complete correspondence address.] Abstract [The abstract should be one paragraph of between 150 and 250 words. It is not indented. Section titles, such as the word Abstract above, are not considered headings so they don’t use bold heading format. Instead, use the Section Title style. This style automatically starts your section on a new page, so you don’t
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