Comparing IFRS to GAAP Paper There are several differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). The IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based"‚ IFRS‚ arguably‚ represents and captures the economics of a transaction better than U.S. GAAP. As a team me collaborated to answer the following seven
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2013/5/19 Group Five GAAP VS. IFRS US GAAP Codification Determination of Inventory Costs 330-10-30-9: Cost for inventory purposes may be determined under any one of several assumptions as to the flow of cost factors‚ such as first-in first-out (FIFO)‚ average‚ and last-in first-out (LIFO). The major objective in selecting a method should be to choose the one which‚ under the circumstances‚ most clearly reflects periodic income. May an entity elect LIFO method for inventory cost? IAS 2 Inventories
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GLASGOW CALEDONIAN UNIVERSITY Department of Law‚ Economics‚ Accountancy & Risk BA (Hons) Accountancy Honours Dissertation – Year 2012/2013 Author: David Mcconnell Title: ‘A critical analysis into the convergence of IFRS and US GAAP in the United States’ “I declare that this dissertation is my own original work and has not been submitted elsewhere‚ wholly or partly‚ in the fulfilment of the requirements of this or any other award. Academic citation standards have been maintained and
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Tax Description Income Tax is a tax on a person’s income‚ emoluments‚ profits arising from property‚ practice of profession‚ conduct of trade or business or on the pertinent items of gross income specified in the Tax Code of 1997 (Tax Code)‚ as amended‚ less the deductions and/or personal and additional exemptions‚ if any‚ authorized for such types of income‚ by the Tax Code‚ as amended‚ or other special laws. Types of Income Tax Personal Income Tax (PIT) is a direct tax levied on income
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Unit 9 Project: The U.S. Should Not Abandon U.S. GAAP to Adopt to IFRS Amethyst McMillian Kaplan University CM220-42 Professor Manning October 1‚ 2013 U.S. Adopting IFRS The United States is coarsely going through a big dilemma. It is deciding whether to adopt International Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a serious decision‚ now would be an opportune time to take
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In order for us to understand this research paper‚ we would first need to understand the IFRS and U.S. GAAP. We will first describe U.S. GAAP and IFRS by investments through property‚ associates equity method‚ and investments in joint ventures. Our research paper will compose of the nature of accounting issues‚ historical background of accounting rules in U.S. and IFRS‚ recognition and measurement rules‚ presentation and disclosure rules‚ and development along with the harmonization efforts of FASB
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US GAAP versus IFRS Due to the controversy economies have had towards which method to use for accounting‚ there has been a compromise to converge the two most commonly used methods – GAAP and IFRS. However‚ these two methods are still very different. The convergence project has yet to be completed; in the meantime‚ more and more countries are running towards the IFRS since it is more reliable and relevant. The main difference between these two methods is the US GAAP is rule-based while the IFRS
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. What is PRC GAAP? | Generally accepted accounting principles ("GAAP") of the People’s Republic of China ("PRC") come from a number of sources‚ majority of which represent the laws and regulations issued by the Ministry of Finance ("MOF")‚ and‚ listed company disclosures issued by the China Securities Regulatory Commission ("CSRC"). | | 2. What is IFRS? | International Financial Reporting Standards ("IFRS")‚ often known the original International Accounting Standards ("IAS")‚ are a set
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Financial Statements IFRS vs. GAAP Kathrine D. Nepon Strayer University John Ware ACC 401 November 27‚ 2011 ABSTRACT For those in the business world‚ particularly in the accounting field‚ a major issue has surfaced in recent years relating to the differences between Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). Currently‚ the majority of countries in the world follow International Financial Reporting Standards guidelines; however
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Fraud Cases: Violations of Generally Accepted Accounting Principles (GAAP) Section 1 In July 2002 the Sarbanes-Oxley Act was passed by the U.S. Senate by a vote of 98 to 0. The bipartisan support for the legislation emanated directly from the investing public’s lack of tolerance for financial statement fraud. Not surprisingly‚ when formulating its post-Sarbanes technical audit guidance‚ the Public Company Accounting Oversight Board (PCAOB) made it clear that detecting fraud must be the focus
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