Ifrs Vs Gaap

Page 8 of 31 - About 309 Essays
  • Premium Essay

    Kansas City

    Which decision you take depends on the objective Public vs. private accounting • When reporting to the public, a firm must follow GAAP. • In resolving internal disputes this may not always be true. Inventory 7 Overview In today’s class we will cover inventories: • Understanding the Inventory Equation • LIFO and FIFO cost-flow assumptions • LIFO tax conformity rule • Inventory accounting: IFRS vs. GAAP • Disclosures regarding cost flow assumptions 8

    Words: 2286 - Pages: 10

  • Premium Essay

    Goodwill

    comparable information about goodwill, the Financial Accounting Standards Board (FASB) has established Generally Accepted Accounting Standards (GAAP) that are used to measure and valuate the impairment of goodwill for companies operating their businesses in the US. Also the International Accounting Standards Board (ISAB) has established international standards known as IFRS. Both the FASB and the ISAB have created accounting standards to help companies determine the valuation and impairment of goodwill.

    Words: 1831 - Pages: 8

  • Premium Essay

    Ifrs to Gaap

    COMPARING IFRS TO GAAP Lucien Goode University of Phoenix ACC/291 12/7/2015 IFRS VS GAAP There are over twenty-eight million businesses in the United States alone and less than one percent of those companies are incorporated. Corporations have been doing international business for hundreds of years and with the tech boom error growing over twelve times more than the early nineties, the way the world does business has changed tremendously. With the United States having so many businesses

    Words: 1015 - Pages: 5

  • Premium Essay

    Ifrs V. Gaap: Business Combinations

    subject: IFRS v. US GAAP: Business COMBINATIONS and Financial Statements. date: April 21, 2015 ------------------------------------------------- Dr. Stanley, When acquiring a foreign subsidiary, there are accounting differences that one must consider. Looking at the big picture U.S. GAAP is more rule based and IFRS is more principles based. Under IFRS, more emphasis is on the substance of transactions and more judgment is used. In this memo, I have identified key differences in U.S. GAPP v. IFRS with

    Words: 1829 - Pages: 8

  • Premium Essay

    Property, Plant and Equipment

    Property, Plant and Equipment Property, Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets, such as equipment, furniture, tools, machinery, buildings, and land. These fixed assets are long-term or relatively permanent assets. Also, they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are

    Words: 4741 - Pages: 19

  • Premium Essay

    Cases

    CASE: Reporting Comprehensive Income: IFRS vs. US GAAP a) Messrs. Cope and Foster dissent from this Statement because it permits an enterprise to display the items of other comprehensive income identified in this Statement with less prominence and to characterize them differently from other items of comprehensive income that are currently included in net income. Messrs. Cope and Foster believe that a primary objective in undertaking a project on reporting comprehensive income was to significantly

    Words: 1112 - Pages: 5

  • Premium Essay

    Accounting Issue Outline

    section within the statement of stockholder’s equity. * GAAP vs IFRS * GAAP * Does not require a consecutive presentation of statement of income and comprehensive income. * Presents three alternatives of presenting comprehensive income * Separate statement * Combined statement with income statement * As part of the statement of changes in stockholders equity * IFRS * Presents two alternatives of presenting comprehensive

    Words: 340 - Pages: 2

  • Premium Essay

    Differences Between Gaap and Ifrs Accounting Practices

    Running Head: DIFFERENCES BETWEEN GAAP AND IFRS 1 Differences Between GAAP and IFRS Accounting Practices Sharon Woodards Liberty University Intermediate Accounting II 302 Professor Ashley Harper November 7, 2014 DIFFERENCES BETWEEN GAAP AND IFRS 2 Both the IFRS ( International Financial Reporting Standards ) and the GAAP ( Generally Accepted Accounting Principles ) are a set of accounting rules that companies either can or must

    Words: 2308 - Pages: 10

  • Premium Essay

    Ifrs

    International Financial Reporting Standards (IFRS) MBA 691: Managerial Accounting Professor: Prepared by: April 19, 2009 Bibliography: • Ernst & Young, “U.S. GAAP vs. IFRS: The basics”, January 2009. • Securities & Exchange Commission, “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers”, www.sec.gov/spotlight/ifrsroadmap.htm (Release No. 33-8982;

    Words: 2112 - Pages: 9

  • Premium Essay

    Cons and Prons of Gasp and Fasb

    Advantages of IFRS compared to GAAP reporting standards 1.1 Focus on investors One of the significant advantages of IFRS compared to GAAP is its focus on investors in the following ways: 1. The first factor is that IFRS promise more accurate, timely and comprehensive financial statement information that is relevant to the national standards. And the information provided by financial statements prepared under IFRS tends to be more understandable for investors as they can understand the financial

    Words: 1805 - Pages: 8

Page   1 5 6 7 8 9 10 11 12 31