Comparing IFRS to GAAP ACC/ 291 11/3/2014 Lori Haines Comparing IFRS to GAAP GAAP Revenue Recognition GAAP rules for recognition are detailed regarding specific industries‚ such as real estate and software. It uses the "complete contract method" and has special rules for rendering software services. Organizations can recognize revenue from the sale of goods made delivery from a definitive agreement for a fixed fee that they are reasonably sure they will collect. Under GAAP‚ companies must wait until
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Association DOI: 10.2308 / accr.2010.85.1.31 Market Reaction to the Adoption of IFRS in Europe Christopher S. Armstrong University of Pennsylvania Mary E. Barth Alan D. Jagolinzer Stanford University Edward J. Riedl Harvard University ABSTRACT: This study examines European stock market reactions to 16 events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone toward financial reporting convergence yet
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Fiat Chrysler Q2 Earnings Group Performance: FCA has reported a positive overall financial performance for the second quarter of 2015. It earned a net profit of € 333 million that is up 69 % from Q2 2014 net profit of € 197 million. Net revenue for the group increased by 25 % from € 23.3 billion to € 29.2 billion while there was a slight reduction in net industrial debt which now stands at € 8.0 billion. The outstanding improvement in net profit and EBIT was led by a strong improvement in NAFTA
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Introduction The United States is currently going through a big decision. It is deciding on whether to fully adopt International Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a major decision‚ now would be an opportune time to take a look at what the pros and cons would be of switching to this new way of financial reporting‚ and in doing so‚ show why I believe the costs (both financial and otherwise) are
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U.S. GAAP vs. IFRS on Depreciation Generally‚ U.S GAAP and IFRS both view depreciation as allocation of cost over an asset’s life. There are three steps of the depreciation process: firstly find depreciable base of the asset‚ and then estimate asset’s useful life and last choose a method of cost apportionment that best matches revenue flow from the asset. Depreciation methods allowed under U.S. GAAP include straight-line‚ units of production‚ or accelerated methods (sum of digits or declining
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Comparing IFRS to GAAP Brandi A. Collins ACC/291 April 27‚ 2015 Comparing IFRS to GAAP Essay Both the FASB and the IASB together moving to the fair value capacity for the financial instruments. FASB and ISAB both want to move towards a fair value capacity. Both the FASB and IASB believe in the fair value capacity to produce a more precise explanation for the company’s financial records. There’s a difference in opinions between the two agreeing and disagreeing on the aspects like as‚ the banks
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Recognition: IFRS and FASB Convergence With the growth of international business there is a need to standardize financial statements globally. Presently there are “approximately 120 foreign private issuers currently that report to the Commission using IFRS financial statements.” By standardizing accounting practices investors will be able to make informed decisions based on comparability and accuracy of financial statements. The SEC released this statement in 2008‚ “We believe that IFRS has the
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Dinar Dan Dirham VS Fiat Money: Bahaya Mata Uang Kertas (Fiat Money) (1) HTI-Press. Rupiah terus anjlkok hingga menembus 12 ribu rupiah per dollar. Bahkan Bank Indonesia selaku otoritas moneter yang bertanggungjawab menjaga kestabilan rupiah mengaku kesulitan menjaga nilai tukar rupiah. Intervensi pasar yang dilakukan lembaga tersebut tidak membantu memperkuat nilainya. Berdasarkan data BI cadangan devisa BI per 31 Oktober telah merosot US$ 6‚528 miliar atau Rp 71 triliun (dengan kurs 11 ribu) dibandingkan
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IFRS and US GAAP use different methods to classify intangible assets‚ which can lead to significant consequences when it comes to financial judgments. Most differences arise from IFRS being more flexible with allowing capitalization. Under US GAAP‚ all research and development is expensed once it happens. Under IFRS‚ development is capitalized. Also‚ according to Intermediate Accounting‚ “IFRS permits some capitalization of internally generated intangible assets” (Kieso‚ 712)‚ while “GAAP requires
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Nicole Brown ACCT 400 Professor Pitre 14 September 2010 IFRS vs. GAAP (Oil & Gas) The differences between International Financial Reporting Standards (IFRS) and current U.S. GAAP are numerous. International Financial Reporting Standards (IFRS) are principles-based Standards‚ Interpretations and the Framework (1989) adopted by the International Accounting Standard Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards
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