Comparing IFRS to GAAP Paper

Jul 18th, 2016
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Write a 700- to 1,050-word summary of your team's discussion regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following: IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet? IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS. IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain. IFRS 7-1: Some people argue that the

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IFRS, US GAAP & SOXDiscussion on IFRS, GAAP and SOXName of StudentUniversityIFRS, US GAAP & SOXIntroductionThe growing acceptance of International Financial Reporting Standards (IFRS) as abasis for U.S. financial reporting represents a fundamental change for the U.S. accountingprofession. (An AICPA Backgrounder, December 11, 2008). The International AccountingStandards Board (IASB) prescribes and issues the guidelines to prepare the financial statements.IASB is the body that issues IFRS. The financial statements prepared under these guidelinesdepict a true and fair picture of the financial statements of the company. Like IFRS GenerallyAccepted Accounting Principles (GAAP) are issued by Financial Accounting Standard Board(FASB). These standards provide guidelines for preparation of financial statements in US. Thepurpose of both the standards is same and is equal on principles and standards to some extent.There are some contradictions among IFRS and GAAP on certain issues. Some of these issuesare valuation of inventory, methods of cash flow, deduction of depreciation, etc. Not only in thestandards there is contradiction between GAAP and IFRS in the formats and the way ofpresentation. There is also some difference in the terminology used for both the standard.IFRS 2-1: Difference between Statement of Financial Position under IFRS and GAAPUnder IFRS, it is necessary for the corporations to provide financial informationpertaining to preceding accounti

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