Accounting GAAP Principles

Accounting
Tutor: None Selected Time limit: 1 Day

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

When it pertains to GAAP, it is known to be the accounting standards within the United States. While the IFRS is used internationally. The GAAP program is used for purposes dealing with revenue services, expenses, assets, gains, losses, and liabilities; while the IFRS system is used only for revenue expenses, assets, and liabilities. The GAAP system is prohibited while the IFRS system can meet certain criteria not to be prohibited. The "going concern" assumption is not well-developed in the US GAAP framework. IFRS gives prominence to underlying assumptions such as accrual and going concern.


May 11th, 2015

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May 11th, 2015
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