Introduction‚ Review of Accounting Process & Financial Statements Part I • Generally Accepted Accounting Principles (US GAAP) Generally Accepted Accounting Principles or U.S. GAAP refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally know as Accounting Standards. GAAP includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing‚ and in the preparation of financial statements (Wikipedia‚ n.d.). Although
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is the independent body that is responsible for the creation of GAAP. The board is the standard setting body in charge of standards for nongovernmental companies operating in the United States. Since 2002‚ the IASB and FASB have been working together to improve and converge U.S. GAAP and IFRS. The United States is not the only country working toward convergence‚ as of 2009‚ Japan and China were both working toward convergence of IFRS as well as their accounting standards. In February 2010 the Securities
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school research paper‚ nr. 10‚ 42p. Bollen L.‚ 1995‚ Financial reporting regulation for small and medium sized private firms‚ doctorate thesis Rijksuniversiteit Limburg‚ Maastricht‚ 235 pp. Eierle B.‚ 2004‚ the adaptation of German accounting rules to IFRS: a legislative balancing act‚ Accounting in Europe‚ 1‚ 27-50 Canibano L
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Statements Additional Information Balance Sheet President’s letter Income Statement Prospectuses Statement of Cash Flows Reports filed with governmental agencies Statement of Owners’ or Stockholders’ Equity Note Disclosures GAAP News releases Forecasts Environmental impact statements Etc. Financial Statements and Financial Reporting • Managerial accounting – Identification‚ measurement‚ analyzing‚ and communication of financial information to management for
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to the the question 1‚ 2‚ and 3 change under IFRS? Explain your answer supported by the reference from IFRSs. Differences between U.S. GAAP and IFRS with regard to errors are that GAAP indicates a generally stricter interpretation of how the error should be handled. Regarding question #1‚ GAAP states that all prior periods affected should be re- stated and balances rolled forward accordingly. IFRS allows in statement IAS 8‚ para 49 for the
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PREVIEW OF CHAPTER 4-1 4 Income Statement Usefulness Predicting future performance. 4-2 Evaluate past performance. Help assess the risk or uncertainty of achieving future cash flows. Income Statement Limitations Companies omit items that cannot be measured reliably. 4-3 Income is affected by the accounting methods employed. Income measurement involves judgment. Income Statement Quality of Earnings Companies have incentives
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Accounting Basics: Introduction Accounting is a glorious but misunderstood field. The popular view is that it’s mostly mind-numbing number-crunching; it certainly has some of that‚ but it’s also a rich intellectual pursuit with an abundance of compelling and controversial issues. Accountants are often stereotyped as soulless drones laboring listlessly in the bowels of corporate bureaucracies. But many accountants will tell you that it’s people skills‚ not technical knowledge‚ that are crucial to
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under U.S. GAAP? Describe how U.S. GAAP determines whether an intangible asset is included in the balance sheet. iii. Briefly describe how the accounting for intangibles differs under IFRS. To answer this question‚ you might use the Internet and search for IAS 38‚ the standard pertaining to intangible assets. In particular‚ explain the accounting for internally generated intangibles under IAS 38. *****Internally developed intangibles are not recognized as assets under IAS 38 and IFRS. However
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playing that profit and loss. The Ministry of Finance requires companies to following the China GAAP. China has experienced exponential growth and foreign capital investment in the past few decades. Previously companies maintained multiple sets of books to abide with the Chinese GAAP‚ for taxes and their foreign investors. To simplify the reporting China has amended its GAAP making it in line with IFRS requirement. Czech Republic: The Czech Republic is a small‚ yet stable European nation. The Czech
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Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting
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