CHECK THESE SAMPLES OF Similarities and Differences Between the US GAAP and GAAP
DIFFERENCES Revenue recognition Under the us gaap the revenue is recognized according to fixed prices or prices that are determinable therefore the results are not recorded as revenue until the contingency is resolved.... SIMILARITIES Barter transactions In both IFRS and gaap companies are required to use the fair value of goods and services as the starting point when measuring a barter transaction Accounting policy: The prior and comparative years are restated in both sets of...
4 Pages
(1000 words)
Essay
The US is in the planning phase of the convergence of the IFRS and the us gaap, as according to the work plan of the SEC it will take another four to five years for complete convergence.... IFRS and gaap Convergence Table of Contents Conceptual Relevance 3 IFRS 3 GAAP 3 Convergence 4 Impact of the Convergence 5 Similarities between IFRS and gaap 7 Differences between GAAP and IFRS 7 11 Recommendations for Companies to Prepare for the GAAP and IFRS Convergence 11 Potential Risks of IFRS and gaap Convergence 12 References 13 Bibliography 14 Conceptual Relevance IFRS IFRS stands for International Financial Reporting Standards....
4 Pages
(1000 words)
Term Paper
GAAP and IFRS Author Institution Comparison between GAAP and IFRS IAS17: Leases Introduction The FASB and IASB have taken considerable steps towards converging the IFRS and gaap content.... GAAP and IFRS Comparison between GAAP and IFRS IAS17: Leases Introduction The FASB and IASB have taken considerable steps towards converging the IFRS and gaap content.... In general, principles relating to leases under gaap and IFRS comprise of the considerable number of similarities....
3 Pages
(750 words)
Essay
The Association of Chattered Certified Accountants (ACCA) argues that the convergence of us gaap and IFRS is crucial because the harmonization of the two standards will help to raise the investors confidence around the world .... Securities and Exchange Commission (SEC) continues to make significant progress aimed at increasing the acceptance of the IFRSs and abolishing the us GAAPs .... gaap is the Generally Accepted accounting Principles, which encompasses accounting and reporting standards, applied in the United States but not universally....
8 Pages
(2000 words)
Essay
But with the further development in industrial sector, This demanded a certain degree of similarity in the accounting standers and many international accounting bodies come up which assisted development of Generally Accepted Accounting Principles (gaap).... The aim of gaap is provide rules related to preparation, presentation and reporting of financial statements.... gaap is combination of all the Accounting Frame works, Accounting Laws, Accounting Rules and Accounting frame works....
12 Pages
(3000 words)
Research Paper
Two, us gaap and iGAAP standards on fair value option for cash equivalents and receivables are similar but not identical.... Two, us gaap and iGAAP standards on fair value option for cash equivalents and receivables are similar but not identical.... The iGAAP relating to fair value option is subject to certain criteria but the us gaap is not plus there is no coverage of some financial instruments.... On the other hand, under us gaap, impairment reversals are not allowed....
3 Pages
(750 words)
Essay
The other difference between the us gaap and iGAAP is that, the iGAAP allows for more recognition of the internally generated intangible assets.... the us gaap and iGAAP bears some similarities as well as differences, in accounting for certain element of income Similarities and differences between U.... the us gaap and iGAAP bears some similarities as well as differences, in accounting for certain element of income and cost, notably regarding the accounting for the intangible assets....
2 Pages
(500 words)
Essay
The paper "Converting us gaap Statements to IFRS" is an impressive example of a Finance & Accounting essay.... The paper "Converting us gaap Statements to IFRS" is an impressive example of a Finance & Accounting essay.... The paper "Converting us gaap Statements to IFRS" is an impressive example of a Finance & Accounting essay....
7 Pages
(1750 words)
Essay