IFRS 8-1: “Basic accounting and reporting issues related to recognition and measurement of receivables‚ allowance accounts‚ recording discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The
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A & AUDIT international accounting CCOUNTING ING Accounting for Small Businesses: The Role of IFRS By Nancy Christie‚ John Brozovsky‚ and Sam Hicks F or decades‚ U.S accountants in all fields have recognized a need for a simpler set of financial reporting standards for small businesses‚ but regulators have not been willing to provide a second set of standards. Now‚ for the first time‚ there may be an answer for small firms desiring relief from the onerous reporting requirements
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IFRS versus GAAP Comparison Jennifer Brown‚ Jason Hammock‚ Dominec Pietrandrea‚ Anne Risley‚ Inga Wedderburn ACC/291 November 24‚ 2014 Kevin Waters IFRS versus GAAP Comparison In the United States‚ companies use an accounting method referred to as Generally Accepted Accounting Principles (GAAP). While the U.S. has structured GAAP to align all reporting for U.S. businesses‚ it is different from most other countries accounting standards. International Financial Reporting Standards (IFRS) is an accounting
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RULE VS PRINCIPLE BASED CONVERGENCE VS ADOPTION IFRS Assignment1‚ Group Section 1 Characteristic Additional Comment Criteria Disadvantage Advantage • Provide specific dictates for reporting financial information • Unavoidable. (Accountants must follow these rules or face penalties for noncompliance. ) • Effective rules-based standards require active participation of the financial reporting community to evaluate the resulting quality. Real life practice issues should be
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GAAP vs IFRS Diffen › Economics › Business › Business Finance › Accounting GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US‚ while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world. GAAP is considered a more “rules based” system of accounting‚ while IFRS is more “principles based.” The U.S. Securities and Exchange Commission is looking to switch to IFRS by 2015. What follows
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Developments in U.S.‚ Obstacles to U.S. adoption of IFRS and Implications of US-IFRS Convergence. In the first part‚ the report shows the definition of IFESs and the incentives of the convergence. The second part focuses on current developments in U.S. And the third part analyse the obstacles to U.S. adoption of IFRS in three aspects‚ cultural issue‚ regulatory issues and practical issues. Lastly‚ the report provides the likely implications that the US-IFRS convergence will exert on companies. To sum
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2015 Abstract The FASB and IFRS continually improve upon accounting standards and rulings in an effort to converge GAAP with international standards. In fact‚ several standard and ruling updates are being contemplated at this moment through pending discussions and through exposure drafts (PWC‚ 2011-2015); we will review a few of these in the next few paragraphs Differences between GAAP and IFRS First we should address a few differences between GAAP and IFRS standards in order to understand
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and subsequently updated in 2008‚ the boards agreed on a Memorandum of Understanding (MoU) which detailed the short and long-term convergence projects “that would bring the most significant improvements to International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (US GAAP).” (IASB-FASB‚ 2012). While many of the short-term and long-term convergence projects have been completed‚ currently‚ the boards have yet to finalize all of the technical pronouncements regarding
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2.2.6 Factors Affecting the Adoption of IFRS- Empirical Evidence In a broader view‚ a set of accounting standards as part of accounting systems is continuously influenced by several differing institutional factors where that set of standards operates. These factors include culture (e.g. in regards to the implementation of IFRS in the Arab world‚ it could be complicated to harmonize accounting standards to those of western civilizations- Sanchez (2015))‚ enterprise ownership and activities‚ finance
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CHEMICAL CORPORATION) 1.The net profit figure reported under PRC GAAP is RMB 19‚011 million. This is RMB 2‚592 million lower than the amount under IFRS‚ and RMB 6‚566 million lower than the amount under U.S. GAAP. The net profit figure of RMB 19‚011 reported under PRC GAAP was increased to RMB 21‚593 under IFRS. The increase of RMB 2‚582 under IFRS was due to the following reasons: Dep. and disposal of oil and gas properties RMB3‚044 Acquisition of subsidiaries 443 Capitalization of general
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