Comparing IFRS to GAAP Essay Johnny Leng ACC/291 September 22‚ 2014 James Gardner Comparing IFRS to GAAP Paper The International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) are designed to help standardize accounting practices for the internal and external users to understand. Though GAAP actually has the term “principles” within the title‚ the IFRS is perceived to be based more on principles while GAAP is regarded as being based on set rules. By
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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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The impact of changing from Chinese GAAP to IFRS Name: Si Chen H00121138 Module: Coursework Assessment Abstract In the 21st century‚ economic globalization has become an investible trend. With the rapid growth of economic globalization and the growth of international capital markets‚ international accounting convergence has become an irreversibly realistic issue for countries
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OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business. Therefore‚ all general purpose financial statements should
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GAAP/IFRS Financial Statement Comparison Through this course we have been taking a closer look into the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). The book lays out the major similarities and differences between the two separate but equal accounting methods. I say‚ “Equal”‚ in the sense that the IFRS and GAAP accounting methods are two different ways that the any company that could come to the conclude the financial statements
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Differences Between GAAP and IFRS The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working together to eliminate a variety of difference between the United States generally accepted accounting procedures (U.S. GAAP or GAAP) and International Financial Reporting Standards (IFRS). This convergence project grew out of an agreement reached by the two boards in 2002 (Deloitte‚ 2004). On February 24‚ the SEC unanimously agreed to publish a statement
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IFRS vs U.S. GAAP Victoria Harris American Public University Acct 610 There are two sets of accounting standards that are used worldwide. One is the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). There is a huge desire for there to one set of accounting standards worldwide with the increase of companies performing business in many different countries and global expansion. The International Financial Reporting Standards are issued
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From 2011‚ Canadian publicly accountable entities will cease to report under Canadian GAAP and instead use IFRS. This paper discusses three accounting topics to compare Canadian GAAP with IFRS. The three topics cover (1) conceptual framework‚ (2) property‚ plant and equipment‚ and (3) financial statement presentation. Conceptual Framework Both IFRS and Canadian GAAP are based on similar conceptual frameworks. Many of the basic concepts in IFRS (e.g.‚ the going concern assumption‚ accrual accounting)
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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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IFRS vs. GAAP W2 Accounting 561 In the past‚ each country developed its own respective accounting standards and implemented them on a national scale. As the global economy emerged‚ markets converged and accounting systems became more dynamic and were made consubstantial in order to support off-shore business operations and alliances with foreign brands. In recent history‚ the US has made its accounting principles more congruent with that of the IFRS. One of the outstanding differences between
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