Comparison of reporting discrepancies between IFRS and GAAP Kaci Amon‚ Poonam Aujla‚ Daniel Aurora‚ Yuanyan Fang‚ Mark Gonzalez Accounting 306 C1 Professor Xuhong Luo August 12‚ 2012 Executive Summary The generally accepted accounting principal (GAAP) and international financial reporting standard (IFRS) are standards governing how economic events are reported. In the United States‚ the Securities and Exchange Commission (SEC) relies on the FASB‚ the accounting standard-setting body of
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MGT 6030 IFRS vs. US GAAP assignment In this assignment‚ I will talk about four ways in which financial reporting can differ between US GAAP and IFRS. The first issue is the way in which inventory is carried from period to period. Another is the revaluation of Property‚ Plant‚ and Equipment‚ which is allowed under IFRS. US GAAP does not allow such flexibility. The next difference I found interesting was that US GAAP has specific guidelines surrounding when to expense Advertising Costs. Given how
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converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. 2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference‚ take a position on which method would be most beneficial to financial statement users. 3. Predict three (3) possible problems that U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three
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The Holocaust and the Depravation of a Group’s Rights and Responsibilities The Holocaust and many events such as the Nuremberg Race Laws began additional movements and opposing differences throughout Nazi Germany. Uniformly‚ these events also contributed to the amount of rights that were deprived among the various groups and various races ’ beliefs throughout the Nazi controlled areas. Subsequently‚ the Holocaust and events within were direct results of Adolf Hitler ’s theory surrounding superiority
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Product: Fiat 500 Car Publication: Glamour magazine Issue: March 2017 page: 139 This advertisement is part of a campaign featured in glamour magazine called the glamour beauty festival. The festival is sponsored by car manufacturer Fiat. This advertisement is for a fiat car and appears on the pages following skin care tips and prior to the pages that contain voting for Glamour woman of the year. The advertisement in question is for the fiat 500 car model. Notoriously this car has been aimed at
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IFRS vs. GAAP Teddrick Smith ACC/ 291 Professor Marlo October 27‚ 2014 IFRS vs. GAAP In the world of finance recording‚ reporting‚ and responsibility for both are a few of the most important standards to uphold. These ideas or standards are recognized throughout the business world as a necessity to doing business properly. There are two groups or associations that have set up an all-inclusive list of these standards. They are Generally Accepted Accounting Principles (GAAP) and the
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Learning To Swim For the First Time Swimming is one of my favorite sports. Swimming is one of the best pastimes that people have Learning how to swim is indeed very exciting. People said to be much easier when teaching a young child under the age of five. Swimming is exciting‚ good experience and good for health. First of all‚ swimming is exciting for several reasons. Swimming is exciting because it is completely different from any other sports out there. Swimming is also exciting because of
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Vets First Choice is a Portland-based company that specializes in the medical demands of domesticated animals through the use of providing their customers with differentiating management opportunities. By providing assistance through keeping track of medical records‚ reminding patients of appointments‚ shipping medications to patients‚ and sending messages via text to help remind patients to take medicine‚ co-founder and CEO Ben Shaw has developed a technologically advanced system. With the combination
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and processing times at the workstation are independent with an unspecified distribution‚ so that the queue operates as an M/G/1 system. The arrival rate to the queue is 20 items per hour‚ and the mean processing time at the workstation is 2.4 minutes. It is observed that the number of items in the system‚ N‚ has a mean of 2.8 items‚ and a standard deviation of 2.3 items. (a) What is the standard deviation of the processing times at the workstation (in minutes)? Let T denote time in system for
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Big Time Toymaker Scenario Angela Brinnen LAW 421 August 4‚ 2014 Barry Preston Big Time Toymaker Scenario At what point‚ if ever‚ did the parties have a contract? After carefully reviewing all of the information about the case of Big Time Toymaker (BTT) and Chou‚ I have found that there were two different contracts in place. In the text it describes a contract as “a promise or set of promises enforceable by law” (Melvin‚ 2014)‚ these contracts can be oral or written. The first contract in place is
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