Taking a Closer Look at 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
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set-up the codification of Generally Accepted Accounting Principles (GAAP). In the following paragraphs the purpose and reason are defined. The break-down of the nine main areas are described with a break-down of each area. An accounting professional will use these areas many times in his or her career‚ so the knowledge offered is important. The FASB codification system is a database system set-up for the authoritative combination of GAAP to be found in one place. A person does not have to search several
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Reflection Upon My Values and The Army Values Marcus ‘Doc’ Cronin Major Ammon Campbell - Utah State University ROTC The legendary American Military Hero‚ General George S. Patton once said‚ “Moral courage is the most valuable and usually most absent characteristic in men.” I also believe that moral courage is one of the most valuable characteristics a man can have‚ in that to truly be a man of character‚ you must first have moral courage in order to live and defend your values. Without
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On 16 December 1944‚ Adolf Hitler launched a massive attack in the Ardennes Forest‚ southern Belgium. His primary goal was to recapture the Harbor of Antwerp to deny the Allies use of the port facilities. He believed that marking a repeat of what the Germans had done three times previously–in September 1870‚ August 1914‚ and May 1940‚ would secure another win. This attack lasted approximately one month and few weeks ending 25 January 1945. The Battle of the Bulge was Hitler’s last attempt to win
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537 November 10th 2012 Professor Joh David Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles (GAAP) and Related Hierarchy The common set of standards and procedures is called generally accepted accounting principles (GAAP). Four organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1- Securities and Exchange Commission (SEC) 2- American Institutes of Certified Public Accountants (AICPA) 3- Financial
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“private company GAAP.” Summarize the interaction between this group and FASB in addition to arguments for and against the new group | The Financial Accounting Foundation (FAF)‚ in May of 2012‚ has established The Private Company Council (PCC) to serve as the primary advisory body to the Financial Accounting Standards Board (FASB) for private company matters. Using the U.S. Generally Accepted Accounting Principles (U.S. GAAP) as a guide‚ the PCC will recommend modifications to FASB to create
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requirements or practice are: • Partial acquisitions. Non-controlling interests are measured either as their proportionate interest in the net identifiable assets (which is the original IFRS 3 requirement) or at fair value (which is the new requirement in US GAAP). • Step acquisitions: The requirement to measure at fair value every asset and liability at each step for the purposes of calculating a portion of goodwill has been removed. Instead‚ goodwill is measured as the difference at acquisition date between
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finances‚ of the FASB. The GAAP has many organizations that exist through the history of rule-making‚ including GASAC. http://www.ask.com/question Three organizations developed‚ or influenced the development of‚ the GAAP in the United States: the SEC‚ the AICPA‚ and the FASB. A separate but similar set of rules and principles govern state and local government reporting‚ as determined by the Governmental Accounting Standards Board (GASB). Accountants generally apply GAAP through the use of FASB pronouncements
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two parties with an objective to reach agreement in which both parties move towards an outcome which is good in both joint interest. Negotiation Approaches Negotiation theorists have pointed out several approaches to negotiation. Fisher‚ Ury and Patton (1991) not only distinguish between positional bargaining‚ which is competitive‚ and also make the distinction between soft‚ hard‚ and principled negotiation‚ the latter of which is based on cooperative principles‚ which look out for oneself as well
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Advantages…………………………………………………………………………4 2.2. Disadvantages………………………………………………………………………………..5 3. Similarities and Differences between IFRS and U.S.GAAP......6 3.1. Similarities between IFRS and U.S. GAAP.......................................7 3.2. Differences between IFRS and U.S. GAAP……………………………………..10 4. International Accounting Harmonization…………………………...11 4.1. Why International Accounting Harmonization………………11 5. Adoption of IFRS around the world…………………………………….12 6. Progress
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