and US GAAP The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP). A common set of high quality global standards remains a priority of both the IASB and the FASB. In September 2002 the IASB and the FASB agreed to work together‚ in consultation with other national and regional bodies‚ to remove the differences between international standards and US GAAP. This
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31‚ 2010. Of the three options the best alternative seems to be offering a discount if the customer takes the product by December 31‚ 2010. Giving discounts to a buyer is not an uncommon practice and is not an illegal practice that is defined by the GAAP or the SEC. If the product is delivered to the buyer by the December 31‚ 2010 deadline the sale will be legitimate and the $1.2 million dollars can be appropriately recorded in 2010. Transferring the product to the buyer before January in order to
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History of Establishment of GAAP. Discuss CAP‚ APB‚ FASB‚ and related pronouncements. (AICPA adapted). Accounting Principles. Define accounting principles. Discuss sources of GAAP. (CMA adapted). Standard Setting. Describe why there is political action and social involvement in the standard setting process. Organization of the FASB. Summarize the structure of the FASB‚ its documents (GAAP pronouncements)‚ and its operating procedures. GAAP and the AICPA. Summarize the GAAP-related documents published
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for secondary format. The US GAAP use the management approach whereby segments are determine based on how information is presented to the decision maker for allocation of resources. The product revenue‚ assets‚ and location are required‚ regardless by the decision of management. IFRS 8 converges international accounting with US GAAP by utilizing the management approach to determine reportable segments. The two major differences will remain under IFRS 8. Firstly‚ US GAAP requires companies with a matrix
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opinion‚ was this a proper accounting practice? Explain. Though this may not be out of the ordinary for WorldCom‚ this is not a correct accounting practice. The way the entries were made does not comply with the proper account practice according to GAAP. Detailed support is an important part of providing support to a journal entry and it explains the reason or purpose as to why the journal entry was created. 2. Based on GAPP‚ describe the propriety or impropriety of releasing of $150 million in
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Chapter 1 BE1-1 Briefly define accounting. What are the three main characteristics of accounting? Is accounting static or dynamic? Accounting collects‚ analyzes‚ measures and records financial information about an organization and reports that information to stakeholders and decision makers. Accounting has 3 essential characteristics. Accounting is the (1) identification‚ measurement‚ and communication of financial information about economic entities to interested persons. Like social
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Revenue recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚
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the Securities and Exchange Commission. The information contained in the forward looking statements is provided as of the date of such oral statements and the company disclaims any obligation to update such statements. This document includes the non-GAAP financial measure of “Adjusted EBITDA” which we define as net income/loss excluding: provision for income taxes; interest and other income
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Studies‚ Dharmsinh Desai University‚ Nadiad. Contents Page 1. Introduction Indian Accounting Standards 1 Need for Universal GAAP 4 2. Overview What is IFRS? 6 Why IFRS? 6 Benefits of Adopting IFRS 7 IFRS Challenges 8 List of IFRS 9 List of IAS 10 3. IFRS and Indian GAAP 12 4. IFRS -A Comparison with Indian GAAP (Detail) 15 Agenda for Discussion 15 General Approach 15 Accounting Policy Change 16 Consolidation Policy
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agreements Peregrine distributors and resellers were not obligated to pay Peregrine for their software inventories. This conduct obviously became a problem. If they could not sell Peregrine’s software‚ they would receive their money back. According to GAAP‚ revenue recognition on the sale of software requires evidence that an arrangement must
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