Not Abandon U.S. GAAP to Adopt to IFRS Amethyst McMillian Kaplan University CM220-42 Professor Manning October 1‚ 2013 U.S. Adopting IFRS The United States is coarsely going through a big dilemma. It is deciding whether to adopt International Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a serious decision‚ now would be an opportune time to take a look at what the advantages and
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GAAP and Economic Consequences a) The “due process” procedure includes consultations from financial analysts‚ accountants‚ stock exchanges‚ FASB members and other users. Thereafter‚ the Board issues an Exposure Draft based upon the meetings and consultations held earlier. The Board calls for public recommendations and discussions on the Draft‚ after analysis of which the final standard is issued. b) The term “economic consequences” signifies the adverse impact on the economy and on businesses of
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GLASGOW CALEDONIAN UNIVERSITY Department of Law‚ Economics‚ Accountancy & Risk BA (Hons) Accountancy Honours Dissertation – Year 2012/2013 Author: David Mcconnell Title: ‘A critical analysis into the convergence of IFRS and US GAAP in the United States’ “I declare that this dissertation is my own original work and has not been submitted elsewhere‚ wholly or partly‚ in the fulfilment of the requirements of this or any other award. Academic citation standards have been maintained and
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Game Changer for GAAP and IFRS Globalization‚ from a business aspect‚ is the process by which businesses or other organizations develop international influence or start operating on an international scale. Countries have long been involved in business; however‚ there is a concern regarding the lack of consistency in standards that businesses are to follow. The rapid advancement of technology and conducting business from country to country has become common practice‚ creating the need to unify as many
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In order for us to understand this research paper‚ we would first need to understand the IFRS and U.S. GAAP. We will first describe U.S. GAAP and IFRS by investments through property‚ associates equity method‚ and investments in joint ventures. Our research paper will compose of the nature of accounting issues‚ historical background of accounting rules in U.S. and IFRS‚ recognition and measurement rules‚ presentation and disclosure rules‚ and development along with the harmonization efforts of FASB
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Comparing IFRS to GAAP Paper There are several differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). The IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based"‚ IFRS‚ arguably‚ represents and captures the economics of a transaction better than U.S. GAAP. As a team me collaborated to answer the following seven
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. What is PRC GAAP? | Generally accepted accounting principles ("GAAP") of the People’s Republic of China ("PRC") come from a number of sources‚ majority of which represent the laws and regulations issued by the Ministry of Finance ("MOF")‚ and‚ listed company disclosures issued by the China Securities Regulatory Commission ("CSRC"). | | 2. What is IFRS? | International Financial Reporting Standards ("IFRS")‚ often known the original International Accounting Standards ("IAS")‚ are a set
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Thao Vu Accounting 303 October 9‚ 2012 US GAAP vs. IFRS The Financial Accounting Standards Board (FASB) developed the United States Generally Accepted Accounting Principles (GAAP) has been used in US corporations for over 75 years. It allows financial statements from all corporations to be compared accurately and efficiently‚ and serves as a guideline for accountants. GAAP is slowly being taken out for the International Financial Reporting Standards (IFRS) as global business goes across the
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UNIVERSITY OF THE EAST College of Business Administration-Manila UESONs’ PRE-MIDTERM EXAM -FUNDAMENTALS OF ACCOUNTING 1&2- NAME: ___________________________ SECTION: ___________ CELL LEADER: ______________________ WS: ___ CG: ___ SS: ___ DIRECTION: Write your FINAL ANSWERS on the ANSWER SHEET provided. USE CAPITAL LETTERS. NO ERASURES! NO CHEATING! 1. | 26. | 51. | 76. | 2. | 27. | 52. | 77. | 3. | 28. | 53. | 78. | 4. | 29. | 54. | 79. | 5. | 30. | 55. |
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US GAAP versus IFRS Due to the controversy economies have had towards which method to use for accounting‚ there has been a compromise to converge the two most commonly used methods – GAAP and IFRS. However‚ these two methods are still very different. The convergence project has yet to be completed; in the meantime‚ more and more countries are running towards the IFRS since it is more reliable and relevant. The main difference between these two methods is the US GAAP is rule-based while the IFRS
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