Ifrs And Us Gaap Essays

  • Ifrs and U.S Gaap Similarities and Differences Essay

    78920 Words  | 316 Pages

    IFRS and US GAAP: similarities and differences October 2014 Looking for more on IFRS? US IFRS resources www.pwc.com/usifrs Our US IFRS site contains a wealth of information and tools on where we currently stand and what companies should be doing in the US. Resources include our “IFRS First” newsletter, extensive publications, in-depth webcast series, Video Learning Center, interactive IFRS adoption by country map, and more. Designed primarily with first-time adopters of IFRS in mind

  • Recycling Essay

    1325 Words  | 6 Pages

    Accounting 350 Cost Accounting 10 GAAP vs. IFRS What is GAAP & IFRS? What is the difference in the costing methods between GAAP & IFRS? Karen Brewer References: Squadroni, G. F. (April 5, 2010) US GAAP vs. IFRS Ezine Articles ads by Google http://ezinearticles.com/?US-GAAP-VS-IFRS & id = 4057572 Other Resource Information- ads by Google- GAAP vs. IFRS Reporting Resource Library www.Deloitte.com/us/ifrs Walter, L. (April 1, 2003) Is the average cost method a permissible

  • Acc 401 Week 8 Quiz Essay

    1379 Words  | 6 Pages

    following is true about the FASB after the mandatory adoption of IFRS by US companies? a. The FASB will serve in an advisory capacity to the IASB. b. The FASB will remain the designated standard-setter for US companies, but incorporate IFRS into US GAAP. c. The role of the FASB post-IFRS adoption has not been determined. d. The FASB will cease to exist. 3. Milestones in the transition plan for mandatory adoption of IFRS by US companies include all of the following except: a. Improvements in

  • Gaap Essay

    20356 Words  | 82 Pages

    A Tale of Two Standards: An Exploration of US GAAP and IFRS The Honors Program Senior Capstone Project Student’s Name: Allyson Lagassé Faculty Sponsor: Dr. Timothy Krumwiede April, 2010 Table of Contents Abstract ..................................................................................................................................... 1  Introduction ............................................................................................................................... 2 

  • Accounting Standards Essay

    1023 Words  | 5 Pages

    to inventory, last in first out method is an acceptable method under US GAAP. In the case of IFRS, last in first out method is prohibited. Under US GAAP, it is not important to apply the same cost formula for all the inventories which are similar in nature. Under IFRS, it is important to apply the same cost formula for all the inventories which are similar in nature in the entity. Expense Recognition In the case of US GAAP, the expenses of the organization are recognized at the time when, the

  • Technology Consideration for Ifrs Essay

    2322 Words  | 10 Pages

    Considerations for Converting to IFRS Alexandra DeFelice. Journal of Accountancy. New York: Apr 2010. Vol. 209, Iss. 4; pg. 26, 4 pgs Abstract (Summary) In an interview, Lewis A. Dulitz, VP of accounting policies and its research at Covidien, talked about their experience in converting its IFRS in the US and provided advice for other companies to consider. In December 2008, Covidien announced it was relocating is principal executive office from Bermuda -- which reports in US GAAP -- to Ireland, where local

  • The Convergence to International Accounting Standards: Essay

    4129 Words  | 17 Pages

    adopt international standards completely . This report seeks to discuss a few key differences between the US and International standards and also to highlight potential consequences if convergence is achieved between IFRS and US GAAP.   Table of Content I Introduction Pg. 3 II The Current standing on the Advancement towards Convergence Pg. 4 III Key Difference between US GAAP and IFRS Pg. 6 A. Fundamental Differences in Accounting Approach: Rule- vs. Principle Based Accounting Pg.6 B

  • Fasb & Iasb: Benefits of Convergence Essay

    1529 Words  | 7 Pages

    the most important external users of the financial statements, could make a better understanding and comparability with other financial statements; to be comparable financial statements should be set in accordance with a set of standards such as IFRS and GAAP. A view of FASB & IASB Financial accounting standards board (FASB) was established in 1973 to generate standards concerning the preparation of financial statements of nongovernmental organizations in the United States (FASB, n.d). FASB’s mission

  • Ifrs Essay

    2054 Words  | 9 Pages

    IFRS | What awaits us | | International Financial Reporting Standards (IFRS) are becoming the world accounting standards for the preparation of financial statements. They are issued by the International Accounting Standards Board (IASB). Most if not all countries over time developed their own Generally Accepted Accounting Principles. In the US we have US GAAP, which is overseen by the Financial Accounting Standards Board (FASB). However, as the world forms a more global economy having

  • Revenue Under Gaap Essay

    524 Words  | 3 Pages

    Under US GAAP, CON 6 defines revenues as: “…inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.” Separate definition for Gains. Under IFRS, Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an enterprise when those inflows

  • Jurdine Matheson Company (Jmc) Essay

    1105 Words  | 5 Pages

    apply IAS 1 in preparing and presenting general purpose Financial Statements in accordance with IFRS (IAS 1.2). The guidance on the presentation of the Financial Statements is primarily included in the FASB Accounting Standards Codification Presentation Topics (ASC 205 through 280). SEC registrants are also required to follow the guidance in SEC Regulations, such as Regulation S-X and S-K. Except when IFRS permit or require otherwise, an entity shall disclose comparative information in respect of the

  • Gaap and Ifrs Convergence Essay

    5223 Words  | 21 Pages

    The University of Southern Mississippi The Aquila Digital Community Honors Theses Honors College 5-1-2013 GAAP AND IFRS CONVERGENCE: THE EFFECT ON LEASE ACCOUNTING Ellen E. Bailey Follow this and additional works at: http://aquila.usm.edu/honors_theses Part of the Business Commons Recommended Citation Bailey, Ellen E., "GAAP AND IFRS CONVERGENCE: THE EFFECT ON LEASE ACCOUNTING" (2013). Honors Theses. Paper 157. This Honors College Thesis is brought to you for free and open access

  • Comparing Ifrs to Gaap Essay

    722 Words  | 3 Pages

    Comparing IFRS to GAAP ACC 290 The United States are transitioning from GAAP to IFRS. While trying to understand and compare IFRS and GAAP, we see how the United States will be affected by this change, as well as see if the United States will benefit and prosper from using IFRS instead of GAAP. In what ways does the format of a statement of financial position under IFRS often differ from a balance sheet presented under GAAP? IFRS will refer to a statement of financial position as the statement

  • Article Review of Manager Chracteristics and Capital Structure: Theory and Evidence

    3457 Words  | 14 Pages

    ARTICLE REVIEW ARTICLE: DO EARNINGS REPORTED UNDER IFRS TELL US MORE ABOUT FUTURE EARNINGS AND CASH FLOWS? AUTHORS: T.J. Atwood Accounting Department, College of Business, Florida State University, United States. Michael S. Drake Department of Accounting and MIS, Fisher College of Business, The Ohio State University, United States. James N. Myers and Linda A. Myers Department of Accounting, Sam M. Walton College of Business, University of Arkansas, United States. JOURNAL: Elsevier Journal

  • Ifrs – Inevitable? Essay

    883 Words  | 4 Pages

    There are many reasons why the US should switch from US GAAP (United State’s current generally accepted accounting principles) to IFRS (an international financial reporting standard), but there are also many reasons not to. One of the reasons why most businesses in the U.S. don’t want to switch to IFRS is simply because they don’t want to go through the hassle and costs of implementing and applying IFRS. The first couple years needed to implement IFRS would be very costly and may result in a lot

  • Wal-Mart - Accounting Final Report

    964 Words  | 4 Pages

    International Financial Reporting Standards (IFRS) 1. The International Financial Reporting Standards, also known as the IFRS, is made up of a set of rules and accounting regulations which have been devised and set by the International Accounting Standards Board (IASB). The purpose of the IFRS is to provide “a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements” (IFRS Handbook). It is a single, uniform system

  • Comparing Ifrs to Gaap Paper

    1548 Words  | 7 Pages

    Comparing IFRS to GAAP Paper Daniel Badmus ACC/291 03/19/2014 Introduction The IFRS and the US GAAP are both accounting standards but in terms of global usage the US GAAP from the US Financial Accounting Standards Board (FASB) is primarily used in the United States while other parts of the world uses the IFRS which is the accounting standard put forth by International Accounting Standards Board (IASB). There are differences and similarities between the two. Format differences between

  • Accounting Principles Essay

    1131 Words  | 5 Pages

    Foreign companies will be able to use the English version of the International Financial Reporting Standards when preparing data for the agency and no longer be required to use the GAAP. The Security and Exchange Commission has earmarked 2009 as the year in which foreign companies will no longer reconcile statements by U.S. GAAP (The Associated Press, 2007). These steps will bring the United States closer to adopting international reporting standards. Team D will compare and contrast the current accounting

  • Comparing Ifrs to Gaap Essay

    1098 Words  | 5 Pages

    Comparing IFRS to GAAP Keegan Rodgers ACC/290 3/16/15 Lisa Gandy Comparing IFRS to GAAP Team C had some difficulty getting together for our discussion on the differences between the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Practices (GAAP) used in the United States. That being said, we were able to come together in the writing of this paper and our shared knowledge of the variances between IFRS and GAAP

  • 1 Ifrs vs Gaap Revenue Recognition.Doc Essay

    1282 Words  | 6 Pages

    Revenue Recognition GAAP vs. IFRS A. The Concept of Revenue IAS 18 defines revenues as follows: “Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an enterprise when those inflows result in increases in equity, other than increases relating to contributions from equity participants.” Includes both revenues & gains. Under US GAAP, CON 6 defines revenues as: “…inflows or other enhancements of assets of an entity

  • Ifrs vs Gaap Essay

    1134 Words  | 5 Pages

    IFRS vs GAAP Sarah Gilliam ACC/290 Sept 15, 2014 Wendy Ulrich Table of Contents: 1. Introduction 2. IFRS 2-1 3. IFRS 2-2 4. IFRS 3-1 5. IFRS 4-1 6. IFRS 4-2 7. IFRS 7-1 To understand the topic at hand and contrast the differences between IFRS and GAAP it is important that we first understand some terminology that will be used during the course of this paper. IFRS stands for International Financial Reporting Standards and GAAP is known as Generally Accepted

  • Ifrs vs Gaap Essay

    987 Words  | 4 Pages

    Comparing IFRS to GAAP Essay Name Here ACC/291 August 29, 2013 Professor Name Here Comparing IFRS to GAAP On May 12, 2011, “the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) presented an update of the fair value measurement requirements for International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (GAAP)”, (“FASB” 2011).The IASB wished to improve IFRS and GAAP standards by creating a

  • Comepetitive Market Essay

    585 Words  | 3 Pages

    mandated the use of IFRS for public firms listed on stock and options exchanges in the United States. Currently, all publicly-traded and privately-held companies, non-profit organizations, and governments must use Generally Accepted Accounting Principles (GAAP) to prepare, present, and report financial statements. The SEC requires all publicly-traded companies follow US GAAP established by the Financial Accounting Standards Board (FASB). The SEC was created in 1934 by the US Congress during the Great

  • Gaap vs Ifrs Essay

    962 Words  | 4 Pages

    GAAP & IFRS U.S. GAAP and IFRS Differences by: Scott Sebastian Prof. Larry Wolod ACC211: Financial Accounting DATE \@ "MMMM d, y" March 8, 2014 U.S. GAAP and IFRS Differences For decades the United States has followed the professional guidelines laid out by the generally accepted accounting principles (GAAP). These guidelines are laid out and maintained by the Financial Accounting Standards board (FASB) in the United States. These guidelines have worked well in establishing a set of

  • Ifrs vs Gaap Essay

    1028 Words  | 5 Pages

    2015 Introduction The International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles are the principal Accounting regulations that serve to regulate the accounting practice. Although the two concepts seek to attain a common aim, there exists a significant difference between the two rules that is worth recognition. In laconic, IFRS may be considered more ‘principles-based' compared to the GAAP, which is considered ‘rule-based' at the conceptual level. The essay

  • Ifrs vs Gaap Essay

    905 Words  | 4 Pages

    IFRS vs GAAP LaTonia Wilson ACC/290 July 21, 2014 Professor Kenneth Jones IFRS vs GAAP International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information

  • Ifrs & Mining Industry (Top 10 Issues) Essay

    2644 Words  | 11 Pages

    IFRS publications: You can find links to many Deloitte IFRS-related publications at www.iasplus.com/dttpubs/pubs.htm. Here are a few examples of publications and web-based education that may be helpful to you: www.iasplus.com (Global IFRS website) Daily news updates on IASB developments as well as summaries of standards and interpretations and reference materials for download. www.DeloitteIFRS.ca Our Canadian IFRS website providing latest updates on the transition to IFRS in Canada. Are you Ready

  • Us Adopting Ifrs Essay

    1417 Words  | 6 Pages

    The US adopting IFRS “The US adopting IFRS” is one of the hottest topics in US accounting because it aims to provide "a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements.". The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. Approximately 120 nations and reporting jurisdictions

  • Pushing the Gaap to Ifrs Forward Essay

    541 Words  | 3 Pages

    11/28/2013 Pushing the GAAP to IFRS Forward Simple! This is one word that everyone loves. The big controversy in the Secretary of Exchange in shorter term known as the SEC is whether we should change from GAAP to IFRS. Will this change be better from the SEC or will it just make things worse? The IFRS continues to motivate us to change. The SEC should change to IFRS because it is less complicated. The reason I chose this position on the debate is because everyone is changing to the IFRS, it simplifies

  • Annual Reports Essay

    497 Words  | 2 Pages

    and differences between US GAAP (United States Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). Some research would argue that the two share more similarities than differences, in which US GAAP focuses on the usefulness of information while IFRS focuses more on uniform reporting across the board. Evidence of these shared principles can be found in the annual reports of Shell, which uses IFRS and Chevron, which uses US GAAP. When studied, there are

  • Ifrs vs Gaap Essay

    1760 Words  | 8 Pages

    IFRS Comparing IFRS to GAAP ACC/291 Currently 120 countries require or permit the use of IFRS, the United States not being one of those countries. However the SEC (Securities and Exchange Commission) has been exploring how to incorporate IFRS into the U.S. financial reporting system over the past few years. The objective of this paper is to provide a clear and practical summary of some of the key differences and similarities between IFRS (International Financial

  • Ifrs Essay

    2487 Words  | 10 Pages

    1. It has been argued that one of the key differences between IFRS and US GAAP is that US GAAP is rules-based whereas IFRS are principle-based. It has also been suggested that convergence should involves US GAAP becoming more principles-based as this is a more appropriate basis for such regulation. Required: Critically discuss the comment that accounting standards should be principles-based. Include in your essay a clear explain the differences between these two types of accounting regulation

  • Comparing Gaap and Ifrs Concepts Essay

    1385 Words  | 6 Pages

    Comparing GAAP and IFRS Concepts ACC/291 February 16, 2015 Comparing GAAP and IFRS Concepts Increased globalization along with the related regulations in regard to accounting guidelines have led to moving toward a common global accounting framework. International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP) are the two most used guidelines today. Convergence of the two has been discussed for many years

  • New Iasb Leader Embraces Challenges Essay

    605 Words  | 3 Pages

    ACCT525 Week 2 Assignment 1. Describe the process that your selected country went through to adopt IFRS, such as how long it took for the country to fully adopt IFRS. I chose Canada since the firm that I work for has a lot of Canadian clients, so I was curious to know about their adoption of IFRS. Canada had a lengthy conversion period prior to the adoption of IFRS; from 2007-2011, with adoption for public companies beginning January 1, 2011. ("The conversion of," 2007) It appears that

  • The International Accounting Standards Board Essay

    3408 Words  | 14 Pages

    international, 2010). History The International Accounting Standards Board was established on April 01, 2001 to replace the International Accounting Standards Committee (IASC). The IASB is expected to develop International Financial Reporting Standards (IFRS), which are accounting standards promulgated after 2001, and to enforce the use of each standard (International accounting standards, 2010). The IASC operated from June of 1973 until April 01, 2001. It was established as a result of an agreement

  • Accounting for Income Taxes Essay

    1239 Words  | 5 Pages

    are also certain expenses that are not deductible. The tax basis of liabilities and assets is one of the essential elements in determining deferred tax assets and liabilities. Under Generally Accepted Accounting Principles, further shortened to GAAP, the basis for determining a deferred tax asset or a deferred tax liability is figured by finding the difference between the carrying value and the tax value of an asset (PWC). The applicable tax, whether for future periods or a current period, is

  • What Are the Benefits of International Financial Reforting Standards Since Thier Adaption at the Beginnng of the 21st Read More: Http: //Www.Americanessainternational-Financial-Reporting-Standards. Essay

    12211 Words  | 49 Pages

    Financial reporting Standards IFRS as a recent accounting phenomenon has drawn the attentions of Accountant, financial institutions and financial managers, multinational companies, government, financial regulatory institutions and in all the participants in capital market. This research is aim at examining the benefits of IFRS as against the present realities in the 21st century. In this work , review of literatures was carried out to ascertain the reasons for the adoption of IFRS, comparison were also made

  • Induction of IFRS and its impact on financial statement accounts Essay

    4545 Words  | 19 Pages

    1. Abstract In a time of globalization throughout all facets of the society, IFRS is a system that changes every element of world’s monetary system. This essay focuses on impacts of IFRS induction how it differs with US GAAP. Over the past 5 years, the companies have been going through a lot of changes including the change of government and now in transition period of accounting system changes. 2. Introduction 2.1. Background International Accounting Standards (IAS) was issued

  • Principles of Accounting Essay

    1057 Words  | 5 Pages

    Accepted Accounting Principles (US GAAP); Generally Accepted Accounting Principles (US GAAP) is the standard framework of guidelines for financial accounting used in any jurisdiction. It is generally known as Accounting Standards and includes the standards, conventions, and rules accountants follow in recording and summarizing, and in the preparation of financial statements. The US GAAP is specific only to the United States and not to the international community. GAAP is also a codification of how

  • Ifrs vs Gaap Essay

    1069 Words  | 5 Pages

    Figures Summary of the team’s discussion regarding IFRS versus GAAP. In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? Both IFRS and GAAP share the same principles and conceptual framework. IFRS does not dictate a specific order of the accounts on the statements, however, most companies follow IFRS present statement of financial position: * Noncurrent assets * Current

  • Ifrs vs Gaap Acc 290 Essay

    1313 Words  | 6 Pages

    Comparing IFRS to GAAP ACC/ 291 11/3/2014 Lori Haines Comparing IFRS to GAAP GAAP Revenue Recognition GAAP rules for recognition are detailed regarding specific industries, such as real estate and software. It uses the "complete contract method" and has special rules for rendering software services. Organizations can recognize revenue from the sale of goods made delivery from a definitive agreement for a fixed fee that they are reasonably sure they will collect. Under GAAP, companies must wait

  • Comparing Ifrs to Gaap Essay

    805 Words  | 4 Pages

    Comparing IFRS to GAAP Paper Alisa King ACC/290 6/17/14 Ashley Tucker Comparing IFRS to GAAP Both the International Financial Reporting Standards, also known as the IFRS and the Generally Accepted Accounting Principles, also known as GAAP are similar when it comes to the bottom line of what’s accepted in financial reporting/accounting for businesses but at the same time they are different. They differ in the way in which they are presented to the way they recognize revenue

  • Goodwill Essay

    746 Words  | 3 Pages

    arising from other assets acquired in a business combination that are not individually identified and separately recognized. That meaning that it can’t be sold or exchanged without selling the whole entity. * NEVER amortized under either US GAAP or IFRS. * Is subject to an annual impairment test. * Acquirer (Buyer) recognizes the acquiree’s (Seller) net identifiable assets at fair value (at the acquisition date) and recognizes goodwill, which represents the: excess of the purchase

  • Inconvenience By Using Ifrs And Gaap Essay

    446 Words  | 2 Pages

    agree with the statement of “Although IFRS is being used in many countries worldwide, financial statements are not yet truly comparable on a global basis”. With the increase in using IFRS by approximately 100 countries now, but there are other countries still using other accounting standard mainly US using GAAP. With different standards, it will be difficult to compare with each others, which brings to incomparable in the global basis. For example, IFRS measures inventories at the lower of Cost

  • Acct3601 Notes + Tutorial Questions & Answers Essay

    12113 Words  | 49 Pages

    general personal preferences in society for achievement heroism, assertiveness and material success. Femininity stands for a preference for relationships, modesty, caring for the weak and the quality of life. 4. Individualism vs. Collectivism (First: US, Last: Guatemala) – with degree of interdependence Individualism stands for a preference for a social framework wherein individuals are only supposed to take care of themselves and their immediate families. Gary (1988) applies these cultural differences

  • The Converge of Gaap and Ifrs Essay

    1061 Words  | 5 Pages

    GAAP with IFRS Student Name: Nan Yao Month/Day/Year: 6/1/2014 Professor Name: J. Kreuze Course: Accounting 6100 “Although the U.S. Securities and Exchange Commission (SEC) have stated that it intends to move from US GAAP to the International Financial Reporting Standards (IFRS), they differ considerably from U.S.GAAP and progress has been slow and uncertain.” The differences between U.S.GAAP and IFRS are obvious

  • Isda Response Essay

    7256 Words  | 30 Pages

    Case Id: 68509733-6a58-4e10-b2dc-54fa0d108bf8 Effects of using International Financial Reporting Standards (IFRS) in the EU: public consultation Fields marked with * are mandatory. Impact of International Financial Reporting Standards (IFRS) in the EU: public consultation Purpose of the consultation The European Commission is holding a public consultation to seek views from all interested parties on their experience of Regulation 1606/2002 ("the IAS Regulation"). The results of this public consultation

  • Analysis of the Critical Issues of "Introduction to International Financial Standards (Ifrs) in Canada"

    906 Words  | 4 Pages

    INTRODUCTION Canadian businesses, prior to April 24, 2006 operated solely by the guidelines of Canadian Generally Accepted Principles(Cdn GAAP) which closely mirrored that of the US GAAP. As the world evolves and commences trading on a global platform, companies from different corners of the world realize the dilemma facing each of them when trying to analyze financial statements prepared with a foreign set of accounting principles. Canada, who holds a very small percent of the value of the global

  • Gaap Worldcom Essay

    5355 Words  | 22 Pages

    Revenue Recognition under US GAAP and IFRS Comparison Dr. Hana Bohusova, Mendel University, Brno, Czech Republic ABSTRACT In 2001 the IASB was given a strong mandate by major constituents of the world´s capital markets to develop a single set of high-quality accounting standards. The effort was especially aimed at spreading of IFRS around the world and FASB – IASB Convergence Program. The most significant difference between US GAAP and IFRSs is in the area of general approach. IFRSs are based on

  • Comparing Ifrs to Gaap Essay

    1252 Words  | 6 Pages

    Comparing IFRS to GAAP ACC/291 June 2, 2014 Professor Bob Wells Comparing IFRS to GAAP In the Accounting industry, there are various principles and guidelines by which financial accountants, analysts, and organizations need to abide by. The International Accounting Standards Board (IASB) issues standards (IFRS) that have been adopted by the United States and several countries outside of the U.S. (Kimmel, Weygandt & Kieso, 2010). The IFRS along with Generally Accepted Accounting Principles