Part I. Generally Accepted Accounting Principles (US GAAP) The common set of accounting principles‚ standards and procedures that companies use to compile their financial statements are called Generally Accepted Accounting Principles. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information. “Published accounts have to follow the GAAP for the particular country. Some global companies that
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Differences between Nigerian GAAP and IFRS Similar to the United States‚ the transition from GAAP to IFRS in Nigeria involves dual reporting‚ which satisfies reporting requirements for both accounting models while the reconciliation occurs. Because of ongoing convergence projects‚ the extent of the specific differences between IFRS and GAAP is shrinking. Yet significant differences do still remain. Such differences exist in the structure of an annual report. Formally known as the “Profit and Loss
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Eloisa T. Vidal BSHRM 4-A Foreign Literature Topic "Non-native Graduate Students’ Thesis/Dissertation Writing in Science: Self-reports by Students and Their Advisors from Two U.S. Institutions" Author : Yu Ren Dong Abstract This article reports results from a survey of 169 graduate students and their thesis/dissertation advisors at two U.S. southeastern institutions about thesis/dissertation writing in science. The article compares the article compilation
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Whole Wheat Bread: A Whole lot of Lies As young impressionable children‚ parents and doctors always try to do what is best for us‚ including and possibly most importantly‚ the food we eat; what is healthier‚ what has less sugar‚ what has more nutritional value‚ etcetera…Even as adults‚ people tend to look for the product that has health benefits‚ such as the popular wheat bread. Wheat bread has always be thought to be the better choice over white bread‚ considering it has whole grains‚ fiber‚ oats
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debiting “Contribution Expense” and “Loss on disposal of x asset” for $2‚000 and $8‚000 crediting the asset for $10‚000. In this case‚ the fair value of my asset was lower than its book value forcing me to recognize a loss on my contribution. FASB ASC 845-10-30-1 In general‚ the accounting for nonmonetary transactions should be based on the fair values of the assets (or services) involved‚ which is the same basis as that
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Literature; so much depends upon it Literature represents a language or a people: culture and tradition. But‚ literature is more important than just a historical or cultural writing. Literature introduces us to new worlds of experience. We learn from books and literature; we enjoy the triumphs and the tragedies of poems‚ stories‚ and plays; and we may even grow through our literary journey with books. In conclusion‚ we may discover meaning in literature by looking at what the author says and how
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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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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 expensing
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Long time before the Spaniards and other foreigners landed onPhilippine shores‚ our forefathers already had their own literature stamped in the history of our race. Our ancient literature shows our customs and traditions in everyday life as traced in our folk stories‚ old plays and short stories our ancient ancestors also had their own alphabet which was different from that brought by the Spaniards. The first alphabet used by our ancestors was similar to that of the Malayo-Polynesian alphabet. Whatever records ou
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rather an intellectual‚ ideological‚ political‚ and economic colonization. The most prominent type of neocolonialism may be the economic one. This is obvious through the economic dependency of the “third world” on the western or developed world. In terms of cultural and ideological features‚ neocolonialism is also there. The former colonized nations do adopt their ex colonizer’s cultural traditions or practices in an attempt to reach development through imitating the developed nations. This may lead
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