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GAAP Rule effect on International Accounting - Essay Example

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GAAP Rule effect on International Accounting Summary In both the IFRS and GAAP, there are certain similarities and differences between accounting principles. In the year 2002, both IASB (International Accounting Standards Board) and FASB came to work together towards the convergence of GAAP and IFRS…
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GAAP Rule effect on International Accounting

Download file to see previous pages... According to this model revenue will not be recognized unless the performance requirement is satisfied. The FASB and IASB proposed an approach for recognition of revenue which will form one single standard in all industry for accounting. These newly developed standards need better disclosure in balance sheet. This will help an accountant by making their job much easier because they don’t have to follow other standards. FASB has developed five steps that a company must follow for the new process of recognition of revenue. 1. A company must recognize the contract for revenue recognition. This will supply goods and services to its customer. Contracts can be in written format or may be oral. Company required segmenting the contract if the value of some goods or services is prepared independently. 2. The goods and services of contract should be accounted as different performance obligations because the goods or services are sold independently and they have different profit margin. If the good or service is similar then it must be combined with other good or service until a different performance obligation is created. 3. This is the third step in recognition process. In this process company has to determine the transaction price. ...Download file to see next pagesRead More
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