IFRS and GAAP Convergence Paper Intermediate Accounting II January 2‚ 2011 IFRS and GAAP Convergence Introduction Company’s need an accurate and reliable financial accounting systems not matter if globally or in the United States. Companies should report income‚ liability‚ equity‚ and assets. Many people (stockholders‚ investors‚ etc.) who have a stake in the company want to know this information before providing a service. In this paper‚ International Financial Reporting Standards
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Running Head: DIFFERENCES BETWEEN GAAP AND IFRS 1 Differences Between GAAP and IFRS Accounting Practices Sharon Woodards Liberty University Intermediate Accounting II 302 Professor Ashley Harper November 7‚ 2014 DIFFERENCES BETWEEN GAAP AND IFRS 2 Both the IFRS ( International Financial Reporting Standards ) and the GAAP ( Generally Accepted Accounting Principles ) are a set of accounting rules that companies either can or must
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institutions whose accounting standards are used for financial reporting‚ Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). The IFRS‚ whose rules are established and maintained by the International Accounting Standards Board (IASB)‚ is the most widely used of the two institutions but the primary choice for the United States continues to be GAAP‚ whose standards are established and maintained by the Financial Accounting Standards Board (FASB). Although
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ACC 5470 Speech Outline: Why the United States should continue using US GAAP and not adopt IFRS I. The adoption of IFRS is unlikely to have any major impact on reporting quality. a) U.S. firms currently optimize their reporting strategies‚ therefore they are expected to resist changes that are not in their interest by using the flexibility inherent in the standards. b) It is also unlikely to lower the reporting quality‚ as firms can always go beyond the required disclosures
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feature of our lives. Therefore‚ people are constantly being encouraged to buy products or services that might be too expensive‚ unnecessary or even unhealthy. In conclusion‚ many aspects of advertising do appear to be morally wrong and are not acceptable in today’s
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Q: When have you changed what you would have said or done in order to be acceptable to others? A: 1. The first example that comes to mind is what you say to your wife versus what you say to your friends. When I speak to my wife‚ there is generally a filter on jokes and statements. When I am around my friends‚ that filter starts to fade away. 2. My next example is the difference in the way you speak to your boss versus how you speak to the people at the same level as you or below you. When
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Is PVC an acceptable vent material for flue gases? Installing a new water heater or furnace can be tricky for the novice HVAC technician. There are many checks that need to be done and codes that need to be followed. While not being complete with the internals can lead to a harmful situation‚ one of the most important decisions that you will have to make is what material you should make the flue out of. Most furnace flues are made out of a metal material which is a proper decision do the high
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Executive Summary GAAP‚ generally accepted accounting principles‚ are the rules for preparing the financial statements. There are specialized professionals FASB‚ SEC‚ AAA‚ FEI‚ IMA‚ AIMR and others for developing GAAP. There are 13 principles for preparing Financial Statement. Business Entity Principle requires business to be separated from owner of the business. Going Concern principles requires the business to assume that the business will for long time. Revenue Recognition Principle considers
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Comparing IFRS to GAAP Essay John Lebo ACC/291 8 July 2015 Paul Brown Comparing IFRS to GAAP Essay Some steps which both the FASB and the IASB have taken in regards to moving the fair value measurement for the financial instruments have come a long way. FASB and ISAB are each individually‚ for the majority moving forward towards a fair value measurement for the financial instruments areas. Each believes in the fair value measurement rule to be a much more accurate description of how a company’s
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Is torture ever an acceptable method of obtaining information? For most of us‚ our gut instinct is to say ’no’ and studies have shown that information obtained by the use of torture is unreliable. However‚ imagine a hypothetical situation where a terrorist group has planted a bomb and the government caught one of its members. This captured terrorist will only admit to planting a bomb in a high traffic area. Would that convince you to use torture? Or what if a terrorist captured your family and
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