IFRS & GAAP: A Comparative Analysis Andrew Eubanks ACC/291 Principles of Accounting II May 18th 2015 Lee Guillory Taking a Closer Look at IFRS & GAAP: A Comparative Analysis There has been a big debate brewing about the acceptable accounting standards used in the US‚ also known as the GAAP or General Accepted Accounting Principles and whether or not the US should adopt the International Financial Reporting Standards used by many international companies. The following is an answer to some
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Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 104‚ Revenue Recognition‚ corrected copy‚ which amends parts of SAB No. 103 (in part‚ recognizing that many prior SEC standards are no longer necessary due to private-sector developments in U.S. generally accepted accounting principles [GAAP]). SAB No. 104 also provides new guidance on how publicly traded entities should recognize income. It focuses on applying the provisions of the Financial Accounting Standards Board’s (FASB) Emerging Issues
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sections. Guidance is issued by the SEC‚ that relate to Financial Accounting and Reporting only and is provided as a means of convenience to users. The sections for the SEC do not include all the regulations or guidance and can be hidden when searching topics. The SEC does not require all businesses to follow the guidance. If you are a privately owned company‚ by law‚ you are one of these that can be excluded. Resource (2014). FASB Accounting
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ACCOUNTING 313—Intermediate Accounting‚ Fall 2013 Instructor: Dr. Arthur Allen‚ CBA 388‚ Phone 472-3275‚ email aallen1@unl.edu Office Hours: 2:30 3:30 MWF and additional hours as announced. Required books: “Intermediate Accounting” by Spiceland‚ Sepe‚ Nelson‚ 7th edition‚ with access code1 Required: Texas Instruments (TI) Business Analyst (BA) II Plus or TI BA II Plus Professional calculator. Course Objectives At the end of this course‚ you will be able to understand and explain the financial
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Accounting 381 Project 2: Three Little Pigs Case Study (15 points) Due: Thursday‚ March 11 (at beginning of class). Also‚ please be prepared to discuss the case and your group’s solution in class on this date. Groups: Please work in groups of 3-5 students (submit 1 discussion per group). You may select your own groups. Please contact me if you are having difficulty finding a group. Required: First‚ prepare a discussion outlining the alternatives for determining whether inventory
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Accounting principles and standards change consistently to adapt to the development of business. It is not easy to notice t changes in accounting principles in time. However‚ the codification database provides a convenient and effective way for searching and learning the accounting principles. In this training guide‚ how to use the codification database‚ what are the updates in revenue recognition and notion of fair value‚ and where can access the update information in this database will be introduced
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Most recently FASB has just released a new rule regarding changes with accounting for equity investments‚ financial liabilities under fair value‚ and presentation and disclosure requirements for financial tools. Under equity investments FASB states that all equity investments in unconsolidated entities other than those accounted for using the equity method of accounting will generally be measured at fair value through earnings. Grouping the investments as available for sale for equity securities
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first accounting issue associated with Runway Discount’s Refer-a-Friend program is identifying how the $25 referral credit should be recorded in Runway’s income statement. Is this consideration an adjustment of the selling prices of the vendor’s products or services‚ and therefore characterized as a reduction of revenue‚ or is it a cost incurred by the vendor for assets and services received from the customer‚ and therefore characterized as a cost or expense? The next significant accounting issue
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accounting standards accounting standards Introduction to Accounting Standards Accounting is the art of recording transactions in the best manner possible. Accounting Standards are the policy documents issued by recognized expert accountancy bodies relating to various aspects of measurement‚ treatment and disclosure of accounting transactions and events. Every country has its own standards. Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI)
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the FASB and IASB issued an exposure draft proposing a new revenue recognition model that could fundamentally alter the way entities across a variety of industries recognise revenue. The proposal is an output of the boards’ joint efforts to develop a converged revenue recognition standard based on the same principles. A key objective is to increase the consistency of revenue recognition for similar contracts‚ regardless of industry. The proposed model requires a contract-based approach that focuses
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