pwc.com/mx/ifrs IFRS‚ US GAAP and Mexican FRS: similarities and differences* The Summary A comparison of IFRS‚ US GAAP and Mexican FRS pwc.com/mx/ifrs PricewaterhouseCoopers México Mariano Escobedo 573‚ Col. Rincón del Bosque. C. P. 11580‚ México‚ D. F. Tel.: 5263 6000 Fax: 5263 6010 © 2009 PricewaterhouseCoopers. All rights reserved. PricewaterhouseCoopers refers to PricewaterhouseCoopers Mexico‚ the network of member firms of PricewaterhouseCoopers International Limited‚ each of which
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Summary Discussion on IFRS versus GAAP Jayne Egharevba ACC/291 January 26‚2015 Business Management Summary Discussion on IFRS versus GAAP Harris‚ P.‚ Stahlin‚ W.‚ Arnold‚ L. W.‚ & Kinkela‚ K. (2013).The Financial Accounting Standard Boards ( FASB) and International Accounting Standard Board ( IASB) are both working on financial instruments that include classification and measurement of the financial instrument and impairment of financial assets. However‚ the boards did not converge and set down
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Case analysis: Extract Tar Sands Ltd. Background information Extract Tar Sands is an extraction plant company located in Athabasca‚ Alberta. It is a leading extraction plant‚ and one of the worlds most global industries. Large investments are required but the future outcomes are unknown. Athabasca has the largest reservoir of crude bitumen in the world. The tar sands go through a refining process to separate the bitumen (black viscous oil) from the mixture of clay‚ sand and water. Extracting oil
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the world . Below are some major bodies that has unified the accounting world. The accounting principles that are generally recognized by accountants and represents accepted accounting practices are called generally accepted accounting principles (GAAP). They are general guidelines for ensuring fair presentation of financial statements. They make financial statements relevant‚ objective‚ comparable and dependable. At present recognized accounting institutions of different countries have come forward
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Chapter 15 Accounting in a Global Market QUESTIONS 1. Foreign currency exchange rates are used to express transactions in local currency in terms of U.S. dollars and vice versa. For example‚ if the exchange rate is $1 = 1.65 DM (Deutsche mark)‚ and if one wishes to change 100 U.S. dollars into Deutsche marks‚ one will receive $100 ( 1.65 = 165 DM‚ and if one wishes to change 100 DM to U.S. dollars‚ one will receive 100 DM/1.65 = $60.61. 2. A foreign currency transaction occurs when a transaction
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find that differences in accounting practices across countries hinder their financial analysis and affect their investment decisions. Some analysts cope with this problem by restating foreign financial statements to a familiar basis‚ such as U.S. GAAP. A. Another coping mechanism is to base analysis on a measure of performance from which many accounting issues have been removed‚ such as EBITDA. V. Analysts should exercise care in interpreting ratios calculated for foreign companies
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US GAAP and IFRS Convergence: Why It Shouldn’t Happen Kaplan University AC551 – 01N Professor Sandra Gates May 25‚ 2014 US GAAP and IFRS Convergence: Why It Shouldn’t Happen Introduction With the boom in technological advances‚ the world is becoming smaller. These advances have fostered the growth of an increasingly global economy. In turn‚ worldwide economic intermingling brings with it the need for a universal language of accounting. Doubtless‚ this endeavor would prove
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if it is in the right direction” (Thinkexist.com) . Today‚ the accounting profession and standards in the United States is facing one of the biggest changes it has seen in a long time: the convergence of its Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS). Is this a step in the right direction for the United States? The debate is still alive‚ although the change is happening now. In this paper I will explain the convergence and then describe
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• Accounting and capital allocation •Stakeholders Objective of Financial Reporting •Management bias •Users’ needs Standard Setting • Need to develop standards • Parties involved in standard setting • Standard setting in a political environment GAAP • GAAP hierarchy •Professional judgement • Role of ethics Challenges Facing Financial Reporting • Globalization of companies and capital markets • Impact of technology • Changing nature of the economy • Increased requirement for accountability 2 The
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Running head: COMPARING IFRS TO GAAP University of Phoenix ACC/290 Week 5 8/12/2014 Susan KuniyoshiRunning head: COMPARING IFRS TO GAAP IFRS 2-1: In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP? IFRS does not mandate a specific order or classification of accounts on the statement of financial position. In most cases‚ companies report assets in reverse order of liquidity. An example of the order of accounts
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