Outline I. Considerable differences exist across countries in the accounting treatment of many items. These differences can result in significantly different amounts being reported in the financial statements prepared by companies using different GAAP. II. A variety of factors influence a country’s accounting system. A. Legal system – in code law countries‚ accounting rules tend to be legislated; common law countries tend to have a non-legislative organization that develops accounting standards
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U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP? The bodies that provide authoritative support for GAAP are the Securities and Exchange
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***Constitutional Federalism is the division of governing power between the Federal government and the States. The U. S. Constitution enumerates the powers of the Federal government and spe-cifically reserves to the States or the people the powers it does not expressly delegate to the Federal government. Ac-cordingly‚ the Federal government is a government of enu-merated‚ or limited‚ powers‚ and a specified power must authorize each of its acts. Federal supremacy- Although under our Federalist
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GAAP for Health Care The mutual set of accounting criteria used to develop medical centers financial statements are known as generally accepted accounting principles (GAAP). GAAP are a mixture of respected criteria created by Securities and Exchange Commission (SEC) and accountants. The SEC has authority granted by The Securities Act of 1933 and the Securities Exchange Act of 1934‚ to determine reporting and disclosure requirements. Oversight is the general functions of the SEC‚ granting
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conduct and financial reporting practices will be outlined. Generally Accepted Accounting Principles Generally accepted accounting principles (GAAP) are the regularly followed accounting guidelines and standards for financial reporting. “GAAP specifications include definitions of concepts and principles‚ as well as industry-specific rules. The purpose of GAAP is to ensure that
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goodwill impairment analysis 10-2 Idas Case Impairment Ida Inc. (Ida) is a manufacturing company with operations in the United States and Spain. As a U.S. subsidiary of a U.K. entity‚ Ida prepares its financial statements in accordance with (1) U.S. GAAP for reporting to its U.S.-based lender and (2) IFRSs in reporting to its parent. U.S. Operations In addition to other assets‚ Ida owns and operates a commercial building in the United States that is carried at its cost less any accumulated depreciation
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1. Sources of GAAP and basic framework and concepts ........................................................... 3 2. Reporting net income ................................................................................................... 14 3. Income statement: Income from continuing operations ................................................................................ 17 Discontinued operations ...............................................................................
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Question text Private corporations: Select one: a. must follow GAAP for private companies b. must follow IFRS c. do not use standards when creating financial statements d. have a choice of following GAAP for private companies or IFRS Feedback Explanation: Private corporations have a choice of following IFRS or the new GAAP specifically updated for private companies. The correct answer is: have a choice of following GAAP for private companies or IFRS Question 2 Correct Mark 1.00 out of
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2. There are two major types of legal systems used around the world: common law and code law. Code Law countries generally have corporation law which establishes the basic legal parameters governing business enterprises. On the other hand‚ in countries with a tradition of common law (UK)‚ specific accounting rules are established by the profession or by an independent nongovernmental body representing a variety of constituencies. Thus‚ the type of legal system in a country tends to determine whether
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