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Similarities between GAAP and iFRS
Ifrs/us gaap comparison
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More handpicked essays just for you.
Similarities between GAAP and iFRS
Ifrs/us gaap comparison
Don’t take our word for it - see why 10 million students trust us with their essay needs.
ABC offers separately priced extended warranties for appliances sold that are non-refundable and have no limits to the potential cost of honoring the warranty. Although ABC does track warranty profits and losses by appliance type, assume that no analysis has been performed to determine the rates at which cost are incurred throughout the warranty period. Assuming that manufacturer warranties provide coverage for the appliance for 1 year from the date of purchase, when should revenues and expenses of such warranties be recognized? FASB Accounting Standards Codification (ASC) topic 605-20-25-3 (Revenue Recognition) states that in regard to extended warranties “revenue shall be recognized in income over the period in which the seller is obligated
In accrual accounting, income is recorded when a sale is made and expenses are recorded when goods or services are received. If payment is made in advance for services to be completed in the next tax year, tax payment can be delayed until that next
DATE: September 23, 2015 TO: Professor Stevens FROM: Briana Nguyen SUBJECT: Groupon, Inc., and Revenue Recognition Issues PURPOSE This report will explore the accounting treatment employed by Groupon, Inc. (“Groupon”) in its revenue recognition for fiscal years 2008 through 2010 as well as the first six months of 2011. Specifically, we will review the following in regard to its initial public offering (IPO) in accordance with FASB’s Accounting Standards Codification (ASC): • Revenue recognition as a primary obligor • Revenue recognition as a principal or an agent • Revision of revenue recognition on gross basis to net basis and effect on revenue and net income BACKGROUND In November of 2008, Andrew Mason, Eric Leftkofsky, and Bradley Keywell
As such, governments adhere to a different set of financial reporting and accounting standards. Governmental accounting and financial reporting standards help stakeholders assess how public resources were acquired and how resources are or will be spent. Accounting is a systematic reporting and recording of assets, liabilities, capital, income and expenditure. Because the public sector operates under a different environment then the private sector, government accounting is specific to the functions of the public sector. State and local governments follow the principles and guidelines developed by the Government Accounting Standards Board (GASB).
The financial data and the information provided in the analysis of the financial situation are following the accounting principles (GAAP). Some other data and results which are not accepted GAAP but related
There are essential common concepts between GAAP and IFRS including both require parent companies to consolidate financial statements that include subsidiary companies, in the consolidated financial statements the parent company has to report 100% of subsidiaries assets, liabilities, revenue, expenses, gains and losses and the parent company is in control as long as it assumes more than 50% possession of outstanding common stock (James, 2010). Also, both require that goodwill be identified on the combined financial statements if the procurement cost surpasses the fair market value of the subsidiaries recognizable assets and goodwill is remunerated (James,
However, Voodoo and Witchcraft are much different because Voodoo relates to a human’s connection to spirits, while Witchcraft relates to the innate power that exists within humans. 2. There are many practices that occur within the Voodoo and Witchcraft belief systems.
The voices began at that point, Lori did not understand at first where the voices were coming from, so she ran and jumped to the trampoline until the point that she truly was prepared to die. “Yet still they continued, commanding me, pounding into my head. They began to curse and revile me: You whore bitch who isn't worth a piece of crap! they yelled at me. I tried to answer them, to make them stop” (Schiller and Bennett 24).
The basic content available in the Internal Revenue Code and the related acts are comparable,
The main difference between these two
If someone tells you that the two are the same, don't go into business with that person. You'll be
In 2002, the SEC adopted new rules and amendments to address public companies’ disclosure or release of certain financial information that is calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles. The accrual accounting is more popular and be widely used in business world because it produces more accurate and faithful financial statements that constitute better representation of actual circumstances than its main competitors. The major weakness of accrual accounting is that there is some time issue such like the time of occurred and time of recorded would probably be different and it increases the risk of financial information and the risk of correctness. Also, the accrual accounting generally cost more to operate compared with cash accounting
The other differences include check signing with QuickBooks and Sage deals with multiple customized dashboards, job costing, and job forecasting. The one thing I like about Sage is that it offers quick links without purchasing. However, QuickBooks
I have chosen Nobes because there are more related articles and essays can be searched from the web, also the international accounting differences across the countries in accounting treatment is controversial issue nowadays. Differences reporting standard in accounting treatment across the countries can result in significantly different amounts being reported on the balance sheet and income statement. These differences will have impacts on cross country merger or acquisition and cross-border company comparison. I have chosen the inventory valuation applied under UK (IFRS) and US (US GAAP) as different valuation method applied to inventories could lead to enhance comparability between countries. Also it will have impact on the reported income
Daw Hla and Susan, Peter Teru Says that Accounting Information System is computer-based application system, and its control and enhance the corporation of an organization. It is Managing an organization and implements the internal control system. The role of accounting information system is a crucial process. The qualitative Characteristic of any accounting information system is maintained by the sound internal control system. The primary function of AIS is assigned the qualitative value of economic events.