US GAAP vs. PRC GAAP 1. Overview of US GAAP Components of US GAAP - Financial Accounting Standards Board / Financial Accounting Standards - Accounting Research Bulletin - Accounting Principles Board - Emerging Issues Task Force - Statements of Position from AICPA (American Institute of Certified Public Accountants) - SEC (Securities and Exchange Commission) rules Hierarchy of pronouncements under US GAAP - FASB‚ APB & ARB - FASB Technical Bulletin‚ AICPA Statements
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These items should be sufficiently detailed to enable identification of material components under US GAAP. In contrast the Financial Instruments and Exchange Act requires Japanese GAAP to present items in a more detailed manner compared to IFRS and US GAAP. Thus Bridgestone‚ following JP GAAP have more accounts on the face of the balance sheet than Goodyear under US GAAP. Further‚ both US GAAP and JP GAAP requires the balance sheet items to be grouped or categorized as current assets‚ property plant
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U.S. GAAP vs. IFRS Scott Bailey Acc 311 Debruine Every company in the world must raise funds in order to finance its operations and expansion. The most common form of this funding is through the use of long-term debt. Depending on where the company does business and who uses their financial statements‚ there are different ways of recording this debt through the use of United States Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). The
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Principals (GAAP) and the International Financial Reporting Standards (IFRS) (Squadroni‚ 2010). Today majority of countries in the world follow International Financial Reporting Standards guidelines; however‚ the United States still uses Generally Accepted Accounting Principals. There have been discussions to adopt IFRS fully in the near future. The United States accounting system will undergo drastic changes in 2010 when this occurs. There are many similarities between US GAAP and IFRS but I will
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Running Head: DIFFERENCES BETWEEN GAAP AND IFRS 1 Differences Between GAAP and IFRS Accounting Practices Sharon Woodards Liberty University Intermediate Accounting II 302 Professor Ashley Harper November 7‚ 2014 DIFFERENCES BETWEEN GAAP AND IFRS 2 Both the IFRS ( International Financial Reporting Standards ) and the GAAP ( Generally Accepted Accounting Principles ) are a set of accounting rules that companies either can or must
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ACC 5470 Speech Outline: Why the United States should continue using US GAAP and not adopt IFRS I. The adoption of IFRS is unlikely to have any major impact on reporting quality. a) U.S. firms currently optimize their reporting strategies‚ therefore they are expected to resist changes that are not in their interest by using the flexibility inherent in the standards. b) It is also unlikely to lower the reporting quality‚ as firms can always go beyond the required disclosures
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IFRS and GAAP Convergence Paper Intermediate Accounting II January 2‚ 2011 IFRS and GAAP Convergence Introduction Company’s need an accurate and reliable financial accounting systems not matter if globally or in the United States. Companies should report income‚ liability‚ equity‚ and assets. Many people (stockholders‚ investors‚ etc.) who have a stake in the company want to know this information before providing a service. In this paper‚ International Financial Reporting Standards
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IS IFRS a better Accounting Standard than US GAAP for achieving good financial reports? This research paper delivers an analysis of determining whether the International Financial Reporting Standards‚ hereafter known as IFRS‚ is a better reporting standard than the US Generally Accepted Accounting Principle (GAAP). Financial Statements have to provide high quality financial reporting information with regards to economic entities‚ primarily financial in nature‚ which are useful for economic decision
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under U.S. GAAP‚ include calculations‚ etc. + Pass off to Kathy/Chelsea to talk about Need space case. * Under US GAAP ASC 840-30 it would be treated as a capital lease * Lease term is> 75% of economic life * P.V. of MLP is > 90% of FMV of leased property * Record the asset and obligation at PV of MLP (ASC 840-30-30-1) * Depreciation- ASC 840-30-35-1 (a) and (b) gives guidance on how to depreciate when ownership transfers or not Under U.S. GAAP many things
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Comparing IFRS to GAAP Essay John Lebo ACC/291 8 July 2015 Paul Brown Comparing IFRS to GAAP Essay Some steps which both the FASB and the IASB have taken in regards to moving the fair value measurement for the financial instruments have come a long way. FASB and ISAB are each individually‚ for the majority moving forward towards a fair value measurement for the financial instruments areas. Each believes in the fair value measurement rule to be a much more accurate description of how a company’s
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