Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
3 Cards in this Set
- Front
- Back
|
BUS 650 Week 3 DQ 1 GAAP vs. IFRS
|
Download answer at http://www.examtutorials.com/course/bus-650-week-3-dq-1-gaap-vs-ifrs/
<div><b>GAAP vs. IFRS</b>. The United States uses Generally Accepted Accounting Principles (GAAP) as the basis of financial reporting. The International Financial Accounting Standards (IFRS) is an alternative way to report financials. This article from Ernst and Young compares the two methods of financial reporting.Ernst & Young’s US GAAP vs. IFRS: The Basics http://www.ey.com/Publication/vwLUAssets/US_GAAP_v_IFRS:_The_Basics/$FILE/US%20GAAP%20v%20IFRS%20Dec%202011.pdfAfter reading the article from Ernst and Young, answer the following questions:How does the GAAP reporting method cause cash flows to differ from net income?How are the features of the Income Statement, Balance Sheet, and Statement of Cash Flow utilized in both the GAAP and the IFRS reporting methods?Does it make sense to adapt a worldwide standard for financial reporting? Should this be mandated or voluntary?Calculate some of the potential costs and benefits of switching from GAAP to IFRS.</div> http://www.examtutorials.com/course/bus-650-week-3-dq-1-gaap-vs-ifrs/Download answer at https://www.examtutorials.com/course/bus-650-week-3-dq-1-gaap-vs-ifrs/ <div><b>GAAP vs. IFRS</b>. The United States uses Generally Accepted Accounting Principles (GAAP) as the basis of financial reporting. The International Financial Accounting Standards (IFRS) is an alternative way to report financials. This article from Ernst and Young compares the two methods of financial reporting.Ernst & Young’s US GAAP vs. IFRS: The Basics http://www.ey.com/Publication/vwLUAssets/US_GAAP_v_IFRS:_The_Basics/$FILE/US%20GAAP%20v%20IFRS%20Dec%202011.pdfAfter reading the article from Ernst and Young, answer the following questions:How does the GAAP reporting method cause cash flows to differ from net income?How are the features of the Income Statement, Balance Sheet, and Statement of Cash Flow utilized in both the GAAP and the IFRS reporting methods?Does it make sense to adapt a worldwide standard for financial reporting? Should this be mandated or voluntary?Calculate some of the potential costs and benefits of switching from GAAP to IFRS.</div> https://www.examtutorials.com/course/bus-650-week-3-dq-1-gaap-vs-ifrs/ |
|
|
About ExamTutorials?
|
Examtutorials.com is a commerical website helps the students in assignment solutions.
|
|
|
Why you choose Examtutorials.com?
|
High Quality, Fresh Online Study and more
|
