Accounting GAAP Principles

Accounting
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Briefly describe how the accounting for intangibles differs under IFRS. To answer this look under IAS 38, the standard pertaining to intangible assets. In particular, explain the accounting for internally-generated intangibles under IAS 38.

May 11th, 2015

Intangibles
The treatment of acquired intangible assets helps illustrate why IFRS is considered more "principles based." Acquired intangible assets under U.S. GAAP are recognized at fair value, while under IFRS, it is only recognized if the asset will have a future economic benefit and has measured reliability. Intangible assets are things like R&D and advertising costs.

Inventory Costs

Under IFRS, the last-in, first-out (LIFO) method for accounting for inventory costs is not allowed. Under U.S. GAAP, either LIFO or first-in, first-out (FIFO) inventory estimates can be used. The move to a single method of inventory costing could lead to enhanced comparability between countries, and remove the need for analysts to adjust LIFO inventories in their comparison analysis.


May 11th, 2015

thanks so much and may you be blessed

May 11th, 2015

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