Q 8 – Under IFRS Comparative prior-period information must be presented and financial statements must be provided annually. Explanation: See IFRS financial reporting requirement here: http://www.iasplus.com/en/standards/ias/ias1 Q 10 - Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP include all of the following except: Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value. Explanation: Both IFRS and GAAP have different
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The most authoritative source of GAAP among the following is FASB: Interpretations International Financial Reporting Standards (IFRS) are issued by the: IASB All of the following are true regarding iGAAP except: iGAAP includes standards referred to as International Auditing Standards (IAS). iGAAP is: iGAAP is more "principle-based than U.S. GAAP. GAAP standards are developed by the IASB. iGAAP tends to be simpler in its accounting than U.S. GAAP. Corporations whose securities are
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responsibility for regulating accounting matters in China‚ has set itself the objectives of fostering investors’ confidence in financial information‚ increase transparency of financial reporting‚ and harmonize with International Financial Reporting Standards (IFRS)‚ so as to reduce the costs of raising capital by enterprises and alleviate the risk of financial crisis. 2. History Of Development • The old accounting and regulations were designed to meet the needs of a planned economy‚ and therefore
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examine the difference between the application of GAAP and IFRS principals. Bonds typically have a predictable stream of income and repay principal at maturity; many invest in bonds because they are a dependable source of interest income and fairly robust. To begin with the accounting process and recognition of investments in bonds‚ these bonds are typically classified as available-for-sale‚ held-to-maturity‚ or trading (FASB ASC 320-10-25-1) (IFRS provides for classification as trading‚ available-for-sale
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Section A (and has an influence on Section B) of the syllabus for Paper F7‚ Financial Reporting. A conceptual framework is important to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS) and is an often-neglected part of candidates’ studies. Questions from these areas regularly appear in Paper F7 exams – usually as Question 4 – and I often comment in my examiner’s report that they are the least well-answered question in the exam paper;
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1 Introducing IFRS In This Chapter ▶ Seeing how standards are set‚ and amended ▶ Rolling out IFRS globally ▶ Presenting IFRS financial statements M In this chapter‚ I move beyond telling you what standards are to helping you understand what they do. To start‚ I explain how the standards are created and amended‚ and then I take a look at the scope of IFRS worldwide. Finally‚ I introduce you to the important financial statements that you must present to conform with IFRS: the statement of
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and CMA—and why each body‚ as well as individual businesses‚ have standards of conduct for their members and employees. The proprietorship‚ partnership‚ and corporate forms of business are briefly described. Generally accepted accounting principles (GAAP) are introduced and the economic-entity assumption‚ the reliability characteristic‚ the cost principle of measurement‚ the going-concern assumption‚ and the stable-monetary-unit assumption are explained. The next section of the chapter introduces the
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CHAPTER 19 ACCOUNTING FOR INCOME TAXES IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Taxable income. F 2. Use of pretax financial income. T 3. Deferred tax expense. T 4. Deferred tax liability. F 5. Deductible amounts. T 6. Deferred tax asset. F 7. Need for valuation allowance account. T 8. Positive and negative evidence. F 9. Computation of income tax expense. T 10. Taxable temporary differences. F 11. Taxable temporary
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Running head: Similarity and Difference Similarities and Differences Comparisons between the iGAAP and U.S. GAAP There happens to be important resemblances and dissimilarities between International GAAP and the United States GAAP in the accounting for intangible assets. Resemblances as well as dissimilarities should not come at a surprise to the accounting profession. U.S. GAAP compared to any other entity has similarities and differences‚ so therefore the iGAAP is no different. It is estimated
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(IASB) is the dependent standard-setting body of the IFRS foundation. The IASB adopted the FASB in its framework as guidelines for the preparation IFRS that it published in 1989. The objective of the framework is to build up new international standards by updating and refining the existing concepts‚ whereby assist national standard-setting bodies in developing standards consistent with international standards. However the application of Unite State GAAP (general accepted accounting principles) had no
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