accounting principles (GAAP). Accounting Standards GAAP is considered to be collection of methods used to prepare‚ process and present accounting information. GAAP is a general method‚ overall‚ is applicable to many different types of industries. The methods of using GAAP can be specific or principle based requirements. The use of GAAP can be flexible and general in the United States and are expected to follow GAAP principles. Many organizations contribute to GAAP‚ however‚ the Financial
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management process it is like a piece of the puzzle is missing. “Generally accepted accounting principles (GAAP) are accounting standards used in the United States that allow the recording and reporting of financial information in a uniform manner. In health care‚ using generally accepted accounting principles allows companies to report revenue that still may be outstanding. Also‚ GAAP rules allow insurance companies and financial institutions to compare the health aid business to other businesses
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Cited: Ankarath‚ Nandakumar‚ et al. Understanding IFRS Fundamentals: International Financial Reporting Standards. Hoboken‚ New Jersey. John Wiley & Sons Inc.‚ 2010. Print. Bragg‚ Steven M. Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles. Hoboken‚ New Jersey. John Wiley & Sons Inc.‚ 2010. Print. "FASB: Property‚ Plant and Equipment." FASB: Financial Accounting Standards Board. N.p.‚ n.d. Web. 26 Nov
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Case Study Inventory The Cost of Inventory The general principle for cost inclusion into inventory for US GAAP and IFRS is similar but not exactly the same. First let us look at US GAAP. The basis of accounting for inventories is “cost‚” which is explained in ASC 330-10-30 paragraph 1 as “the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location.” These costs are divided into two different categories‚ the
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Topic: IFRS and US GAAP in the Oil and Natural Gas Industry Summer 2013 July 17‚ 2013 Introduction Many countries in the world speaks many different languages when it comes to financial reporting. When one compare the accounting standards years ago to what is seen today‚ it’s shown that investors tolerated a great deal. As the markets are becoming global‚ investors are choosing the better global accounting standards that are available to them. For this reason‚ this paper will point out the International
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Porter Gervais Professor Duron 10/21/13 IFRS Rough Draft Ch.20 IFRS vs. GAAP When accounting for pensions and post-retirement benefits‚ IFRS and GAAP have similarities as well as differences. There are two pension plans that are frequently used in accounting for pensions. These two plans are known as‚ defined contribution plan and defined benefit plan. Both GAAP and IFRS separate their pension plans‚ but their accounting for defined benefit plans differ. Another major difference occurs
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What are some of the key differences between IFRS and U.S. GAAP? The International Financial Reporting Standards (IFRS) - the accounting standard used in more than 110 countries - has some key differences from the U.S. Generally Accepted Accounting Principles (GAAP). At the conceptually level‚ IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based"‚ IFRS‚ arguably‚ represents and captures
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ii Abstract My paper is about the GAAP (General Acceptance of Accounting Principles) which were created by the Accounting Principles Board (APB). The board was created by American Institute of Certified Public Accountants (AICPA) in 1959. APB issued 31 Opinions from 1959 to 1973 and those Opinions created GAAP. I think GAAP is interesting due to how many companies think they can get away with financial dealings but get caught. I also think that GAAP is a system that really needs a good looking
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which accounting numbers – the GAAP or non-GAAP numbers best reflects economic reality? [10 points] Economic reality can be defined as the overall outlook of the economy at a certain point in time. This outlook includes factors such as interest rates‚ politics‚ and speculation. In its Q4 financial results Apple reported both GAAP and non-GAAP revenue and net profit for the iPhone. Their GAAP results showed 7.9 billion in revenue and 1.1 billion in net profit. The non-GAAP showed revenue of 11.7 billion
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reasons:- 1. Under “non-GAAP measures”‚ Apple’s performance looked much better than that under GAAP measures. Please find below a table1 summarizing the differences of key financial data between GAAP and non-GAAP measures for the fourth quarter of 2008:- Q4 2008 GAAP ($ billions) Non-GAAP ($ billions) % Increase Total sales $7.9 $11.7 48% Total Income 1.1 2.4 115% iPhone Sales 0.8 4.6 475% iPhone as % of Sales 10% 39% This is because under subscription accounting (GAAP)‚ Apple recognized the
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