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 is
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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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. 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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2012 Globalization: The Game Changer for GAAP and IFRS Globalization‚ from a business aspect‚ is the process by which businesses or other organizations develop international influence or start operating on an international scale. Countries have long been involved in business; however‚ there is a concern regarding the lack of consistency in standards that businesses are to follow. The rapid advancement of technology and conducting business from country to country has become common practice
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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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Financial Reporting under IFRS and US GAAP | | | University of Economics in Prague | | | Financial Reporting under IFRS and US GAAP | Property‚ Plant and Equipment Content Introduction - The companies 2 Specific Questions 5 Sources 19 Introduction - The companies AUTOMOTIVE INDUSTRY GENERAL MOTORS as representative of U.S. GAAP General Motors from the U.S. Detroit is‚ together with Toyota‚ the largest car manufacturer in the world. The company was established in 1908
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October 9‚ 2012 US GAAP vs. IFRS The Financial Accounting Standards Board (FASB) developed the United States Generally Accepted Accounting Principles (GAAP) has been used in US corporations for over 75 years. It allows financial statements from all corporations to be compared accurately and efficiently‚ and serves as a guideline for accountants. GAAP is slowly being taken out for the International Financial Reporting Standards (IFRS) as global business goes across the world. GAAP applies only to
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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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Fiat Group’s first-time adoption of IFRS Course: Corporate valuation Authors: Hanlin Wang David Řeha Jin Zhang Joy Nguyen On Wednesday‚ February 24‚ 2010 the SEC reiterated its support for International Financial Reporting Standards (IFRS)‚ this was conditional upon the accomplishment of a number of milestones. The SEC staff had developed a comprehensive work plan that would help to keep the process moving forward. Including Fiat‚more and more huge cooperations are adopting IFRS
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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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