International Accounting Standards Board

The accounting standards guide the accounting and reporting of a company’s revenues, expenses, assets, and liabilities. In the accounting of non-financial assets under the Generally Accepted Accounting Principles (GAAP) and International Reporting Financial Standards (IFRS), there are perceived similarities and significant differences with far reaching implications in the accounting practice. Consequently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are focusing on the convergent efforts of the two standards on the identified key areas they perceive to have the greatest requirement for improvement. However, differences between the accounting frameworks will continue to prevail as promulgated by the FASB and IASB despite the efforts to converge the standards. In the accounting of inventories, both GAAP and IFRS utilize the historical cost basis. However, IFRS allows the use of revaluation model when accounting for inventories in certain industries, in the measurement of property, plant and equipment (PP &…

What is the meaning of GAAP and IFRS? GAAP is the abbreviation for generally accepted accounting principles. Which is the values and guidelines pointed out by the Financial Accounting Standards Board (FASB). IFRS stands for International Financial Reporting Standards which intel’s the accounting standards developed by the International Accounting Standards Board (IASB). Which is the global standard for the planning of shared company financial statements. The start of the U.S. GAAP and IFRS was…

The accounting educators, the major accounting firms, the American Institute for CPAs (AICPA), and the accounting textbook publishers have recognized that the shift from a rules-based approach to a principles-based approach will require the preparers and auditors of financial statements to utilize more critical thinking skills and to be used to working with ambiguity in the absence of detailed and highlighted accounting standards as in GAAP The AICPA Board of Examiners have decided to test…

In this paper I will be comparing and contrasting the key differences and similarities of the two the International Reporting Standards (IFRS) and Generally Accepted Accounting Principles also known as GAAP. According to AICPA International Reporting Standards can be defined as “a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.” International Financial…

VICTOR HO The International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. While United States has traditionally used GAAP, the ever changing world market makes it necessary for the US to begin to use IFRS in conjunction with or sometimes in place of GAAP. In an effort to standardize fair value measurements…

A common problem in the world of accounting is the differing set of standards, the U.S. GAAP and the IFRS. It causes both confusion and turmoil when the United States does business with foreign countries. That is why the IASB and FASB have been working towards converging in an attempt to have universal accounting standards. In the year 2002, the IFRS and the U.S. GAAP came to an agreement to officially begin the convergence process. This agreement was officially established in a Memorandum of…

process of setting IFRS as the international accounting standard is restricted by the environment, regulation and culture of the country. Depending on its region, every country practices its own culture which eventually build the society’s behaviour. Nobes and Parker (2012, page 29) note that: “Culture in any country contains the most basic values that an individual may hold. It affects the way that individuals would like their society to be structured and how they interact with its…

1. PRE-IFRS development factors, cultural dimensions and accounting values of Japan and China The following four main PRE-IFRS development factors have the biggest impact on international business accounting practices: source of finance, legal system, taxation system and political and economic ties (Meek & Saudagaran, 1990). Once you know a nation’s PRE-IFRS developmental factors, particularly Source of Finance, then you are able to predict the cultural dimensions that will be in place as they…

the course. Dr. Jan Williams is one of the honored accounting professor in University of Baltimore. Her syllabus of advanced accounting reporting class is no exception. She has full detail of events and activities that she is going to organize during the period of semester.…

We used the new revenue recognition standards to identify the performance obligation. In this case, CoAx’s performance obligations to CableCo are the production of 1,500 feet of fiber-optical cable for $3 a foot and delivery of the cable to the carrier. According to Deloitte’s Heads Up: Revenue Standard Finally Recognized: Boards Issue Guidance on Revenue from Contracts with Customers, “Under the ASU, a performance obligation is satisfied (and the related revenue recognized) when “control” of…