International Financial Reporting Standards

Comparing IFRS to GAAP Tony Smith ACC/290 10 June 2015 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…

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 concept in the late 1950’s during world war II.…

is a valuable source for the students and teachers to assess their readiness, performance and procedure for 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.…

Accrual Accounting Guide This is a comprehensive guide to accrual accounting. Let’s start with understanding what accrual accounting is. What is Accrual Accounting? Accrual accounting is the art and science of recording, summarizing, classifying the revenues and expenses of the company whenever they happen even if the cash in yet to be received or yet to be paid. Most of the companies follow accrual accounting because it takes care of the complexities of the accounting system. For sole…

There are different accounting standards that have been introduced by the respectable bodies in order to make the accounting process of the assets convenient. In this paper, a company name, Empire Real Estate Investment Trust needs financial advice regarding its matter of office building in Central London. The paper is divided into four different parts in which four different situations are provided and the treatment of which is elaborated under two accounting standards that is IAS 40 and IAS…

FASB The Government Accounting Standards Board (GASB) established in 1984, is an independent organization that determines and improves generally accepted accounting principles (GAAP) for U.S. state and local government entities. However, GASB is not a government entity, it is an operating component of the Financial Accounting Foundation (FAF), a private sector not-for-profit entity (GASB, "Facts About GASB "). The accounting and financial reporting standards established by GASB are essential…

Q1. What are Main differences between Financial statements prepared under Indian GAAP, IFRS and U.S. GAAP ? • US GAAP utilizes LIFO. Under US GAAP, current segment of long haul was delegated current Liability , though Under Indian GAAP there was no such Compulsion. As Result, not Interest Accrued on Long Term Debt ,or current segment of long haul obligation was a current Liability under the Indian GAAP. • US GAAP Provided Detailed Rules for Valuation of budgetary instruments, including…

FASB issued an update to the guidance for reporting on discontinued operations that requires the disclosure of disposals of components of an entity. In April 2014, FASB published ASU 2014-08 that revised the definition of a discontinued operation found in FASB ASC 205-20. The ASU 2014-08 also highlighted the need for additional disclosures about disposal transactions that do not fall under the criteria for discontinued operations. Therefore, any entity that follows U.S. GAAP is affected by the…

companies whether they be profit or non profit entities are all susceptible to this particular guideline and must adhere to the standards which are set forth regarding tax liabilities and how these companies should report them in a proper manner. In order for a company to be fully accurate regarding its tax status, it needs to take into consideration all forms of financial activity that have taken place over the course of each year including:…

Chapter-3 Diffie-Hellman, Seo and Tseng Protocol 3.1 Introduction Whitefield Diffie and Martin Hellman in 1976 had proposed key exchange or agreement algorithm. In this algorithm, the participants i.e. the sender and receiver have to agree on a symmetric key i.e. the same key or single key can be used for encryption as well as decryption. The key is only used for key agreement purpose, not for enciphering and deciphering the message. Once the agreement of key has been taken place between…