and US Financial Accounting Standards Board (FASB) have been joined and worked together on convergence project since 2002 for the purpose of combining US accounting standards and global standards into a single International financial reporting standards. This paper will discuss about the history and the relationship between International Accounting Standards Board and Financial Accounting Standards Board. It also evaluates the IASB equivalents of the FASB original pronouncements. Finally‚ this paper
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2013/5/19 Group Five GAAP VS. IFRS US GAAP Codification Determination of Inventory Costs 330-10-30-9: Cost for inventory purposes may be determined under any one of several assumptions as to the flow of cost factors‚ such as first-in first-out (FIFO)‚ average‚ and last-in first-out (LIFO). The major objective in selecting a method should be to choose the one which‚ under the circumstances‚ most clearly reflects periodic income. May an entity elect LIFO method for inventory cost? IAS 2 Inventories
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Standard than US GAAP for achieving good financial reports? This research paper delivers an analysis of determining whether the International Financial Reporting Standards‚ hereafter known as IFRS‚ is a better reporting standard than the US Generally Accepted Accounting Principle (GAAP). Financial Statements have to provide high quality financial reporting information with regards to economic entities‚ primarily financial in nature‚ which are useful for economic decision making (FASB‚ 1999; IASB‚ 2008)
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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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Journal Entry #4 For Authoritative parenting Cam and Mitchell from Modern Family are a great example‚ in the show they adopted a Vietnamese child and raised her through authoritative parenting style as they established rules and guidelines for her and expected her to follow the rules. They are also very responsive and willing to listen any of her questions. Whenever she fails to meet the expectations‚ Cam and Mitchell are more nurturing and forgiving rather than punishing her harshly. For example
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Intermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public ’s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973‚ replacing the Accounting Principles Board and the Committee
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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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Authoritarian vs. Authoritative parenting Children do not come with guidelines or instructions. What they do come with is a crucial set of physical and emotional needs that need to be met. To raise children properly‚ parents duties are not limited to just food‚ shelter and protection. Parents are largely responsible for their children’s success in life. Parents are required to teach and educate children. They have to shape knowledge and character into their children to prepare them to face the
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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
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IASB and FASB release revenue recognition exposure draft What is the issue? On June 24th‚ 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
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