This website uses cookies to ensure you have the best experience. Learn more

Acc 290 Ifrs Vs Gaap Essay

782 words - 4 pages

IFRS and GAAP
Shannon Strickland
ACC 290
November 10, 2014
Annette Anigwe

IFRS and GAAP
Accounting around the world could be considered the same but different. The United States generally falls under GAAP (Generally Accepted Accounting Practices) most other countries use the IFRS (International Financial Reporting Standards). While at their basic fundamentals both are still accounting, there are differences that must be adhered to in order for the accounting practices to work as they should.
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 does not mandate a specific order or ...view middle of the document...

Also many companies have indicated the costs of full IFRS adoption could be among the most significant costs ever required from an accounting perspective. (Tysiac, 2012)
Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. IFRS requires recognizing the revenue when it is probable that economic benefits associated with the transaction will flow to the entity and the revenue can be measured reliably. GAAP set the criteria of fixed or determinable pricing in order to recognize revenue. Revenue cannot be recognized until the contingency is resolved. As a result, revenue with contingent or questionable amount can be recognized earlier under IFRS than GAAP.
Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain. IFRS describes revenue as “the gross inflow of economic benefits arising from the ordinary operating activities.” Gains and losses would generally not be included as part of the revenue or expenses because they do not constitute operating activities.
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX. Some of the pros for the Sarbanes-Oxley Act are: reliability of financial information, strengthening corporate governance,...

Other Papers Like Acc 290 Ifrs vs Gaap

Ifrs vs Gaap - Consolidation Essay

1395 words - 6 pages | | |CONSOLODATION: | |US GAAP vs IFRS

Ifrs vs. Gaap Essay

987 words - 4 pages November 18, 2011, from http://www.ofm.wa.gov/policy/80.20.htm B. The American Institute of Certified Public Accou. (2011). In http://www.ifrs.com/ifrs_faqs.html#q1. Retrieved November 18, 2011, from http://www.ifrs.com/ifrs_faqs.html#q1 C. (2011). Retrieved November 19, 2011, from http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards#Requirements_of_IFRS D. Epstein, B. J. (2011). In IFRS vs. GAAP. Retrieved November 20, 2011, from http://www.ifrsaccounting.com/index.html ----------------------- IFRS vs. U.S GAAP Accounting 10. November 21, 2011

Ifrs vs Gaap

1482 words - 6 pages IFRS vs. GAAP Life is ever changing and evolving into things we never dreamed that were possible. We need to recognize this fact in every aspect of our lives today. This includes such things as technology, digital information and even accounting standards that were set long ago by the Financial Accounting Standards Board. Even though the accounting principles were changed in 2008, FASB needs to review businesses practices today and take

Ifrs Vs Gaap

914 words - 4 pages capable of trading and buying from those they have not been able to before. In some parts of the world, some industries use an accounting system called the Generally Accepted Accounting Principles, which is also known as GAAP, and in the others those people use International Financial Reporting Standards, which is sometimes referred to as IFRS. Although these accounting systems have some of the same basic functions, they have the ability to

One Global Gaap: Ifrs vs. Us Gaap

2168 words - 9 pages One Global GAAP: IFRS vs. US GAAP Acct 522 Current Topics in Financial Reporting Zhipeng Cao CIN: 300443421 Introduction The most influential accounting reporting criteria today is the International Financial Reporting Standards (IFRS) by and U.S Generally Accepted Accounting Principles (U.S. GAAP). These two different accounting standards have various emphases. In short, IFRS states principles and it leaves the decision-making in

Ifrs vs U.S Gaap

2618 words - 11 pages Differences between IFRS and U.S GAAP Duoyi Zhang (1) | Issue: |Measurement basis of agricultural crops, livestock, orchards, | | |forests. | |1.IFRS IAS 41, Para 10-33 |Fair value with value

Final Project

612 words - 3 pages ACC 610 Milestone One Guidelines and Rubric This is the first of three milestone assignments that will lead to completion of your course project. In this assignment, you will complete Critical Element III: GAAP vs. IFRS. Recall that, due to the sequencing of content for the modules, the critical elements are being prepared out of order. For the complete sequence, see the Final Project Guidelines and Rubric document. This milestone addresses

Ifrs Versus Gaap

952 words - 4 pages IFRS Versus GAAP TEAM A Anna Brandon ACC/290 Octuber 8th, 2014 Pat Maccon IFRS Versus GAAP If aiming to invest in emergent markets or to get involved in any kind of business, it is relevant to acknowledge the world’s two main accounting systems: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). GAAP standards provide direction for almost every accounting setting, including

Comparing Ifrs to Gaap

1238 words - 5 pages Comparing IFRS to GAAP ACC/290 October 20, 2014 Comparing IFRS to GAAP Introduction This paper provides a comparison between the International Financial Reporting Standards (IFRS) and the United States Generally Accepted Accounting Principles (GAAP) and how they are differentiate from each other in the format of financial statement, conceptual framework, and IFRS terms. There is also a description of some issues the SEC must

Comparing Ifrs To Gaap

729 words - 3 pages Jennifer Linnell Comparing IFRS to GAAP ACC 290 Katherine Conrad 07/07/2014 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

Acc 290 Weeks 1-5 Assignments Wileyplus Assignment and Final Exam

2746 words - 11 pages Brief Exercise 7-4 Brief Exercise 7-6 ACC 290 Comparing IFRS to GAAP Paper 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

Related Essays

Ifrs Vs. Gaap Essay

1014 words - 5 pages IFRS vs. GAAP ACC/291 June 1, 2015 Judith Bines IFRS vs. GAAP The International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) are rules used to ensure ethical reporting of financial information. During Accounting 291, we have learned how to apply these rules however the differences between the United States GAAP and the IFRS make it difficult to compare companies. Some of these differences

Gaap Vs Ifrs Essay

666 words - 3 pages GAAP vs IFRS GAAP vs IFRS: Opposing the Proposed Shift Kelsey Perez Author Affiliation There has been a growing demand over the past twenty years to unite the business world under one conceptual framework for reporting financial statements. Currently, there are two types of frameworks used throughout the accounting world. They are the General Accepted Accounting Principles ( GAAP) and International Financial Reporting Standards (IFRS

Gaap Vs. Ifrs Essay

1329 words - 6 pages Comparison of IFRS to GAAP Khadija Boyd Crystal Scott ACC 290 11 August 2014 Deborah Wilson This paper will examine comparisons between the International Financial Reporting Standards (IFRS); which is designed to be a common global language for business affairs and the Generally Accepted Accounting Principle (GAAP); which refer to the standard framework of guidelines for financial accounting. There are certain ways that the format of a

Ifrs Vs Gaap Essay

988 words - 4 pages IFRS vs. GAAP: What are the differences, how does it affect net income reporting and what difficulties may exist in mandating IFRS in the U.S. Introduction I propose to write a paper on some of the major differences which still remain between IFRS and US GAAP. Although the FASB and IASB along with the SEC have been working to converge the two accounting systems, many differences still exist. In particular I plan to show the effects on the