User Account

All Pages

Discuss the major differences between US GAAP and IFRS

Assignment Help Financial Accounting
Reference no: EM132521067

We will be looking at some of the differences between U.S. GAAP and IFRS, which is the set of accounting rules followed by just about every industrialized nation outside the U.S. While there are many similarities between the two systems, there are also some significant differences. After learning a little bit about some of the similarities and differences, please reflect somewhat on how these differences might impact financial statement analysis, or if you think they actually would.

Question 1: Discuss the major similarities and differences between U.S. GAAP and IFRS.

Question 2: Which of the differences do you find most interesting?

Question 3: If there is a convergence between U.S. GAAP and IFRS, would you choose the U.S. GAAP or IFRS method? Why?

Reference no: EM132521067

Questions Cloud

Calculate the total volume of air : A power plant operates at 25% efficiency. The exhaust heat is let out into the air which raises the local air temperature by 8o. The power output of the plant
What motivates most employees at washburn guitars : Recall a past or present manager. Which of the five Leadership Grid styles does or did your manager use most often. Describe the behavior. Successful?
Determine bad debt expense for the fiscal year : S Company estimates its bad debt expense to be 1.5% of ending receivables. Determine its bad debt expense for the fiscal year ended December 31
What is the spring constant of the spring : A 2 kg mass is hung from a spring and is at rest. You mark the location of the mass. You then hang a 6 kg mass from the same spring and also at rest
Discuss the major differences between US GAAP and IFRS : Discuss the major similarities and differences between U.S. GAAP and IFRS. Which of the differences do you find most interesting?
Determine the net realizable value of accounts receivable : If doubtful accounts are 3% of accounts receivable, determine the net realizable value of accounts receivable at the end of the fiscal year ended December 31
What is the change in kinetic energy for the core : After a massive star undergoes a core collapse supernova event sometimes a neutron star is left over. Let us say that the core of a star has a mass
What is the balance in the accounts receivable account : What is the balance in the accounts receivable account at December 31 (end of fiscal year), before subtracting the allowance for doubtful accounts
What volume of tin can be used in making the barrel : The density of water is 1000 kg/m3. What volume of tin can be used in making the barrel so that it (filled with diet coke) will float in water?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Which of the transfers are subject to the federal gift tax

During the year, Which of these transfers are subject to the Federal gift tax? (Include the total amount, and disregard the annual exclusion)

  Employer payroll liability and payroll-tax liability

Acme Company has a January 15 mid-month gross salaries expense of $25,000. All is subject to FICA Social Security (6.2%), FICA Medicare (1.45%), state income tax (5%) and federal income tax (15%) withholdings. Prepare the general journal entry to rec..

  Calculating net cash flow from operating activities

Which one of the following below should be added to net income in calculating net cash flow from operating activities using the indirect method?

  Discuss the rights of common stockholders

List and discuss the Rights of common stockholders and Rights of preferred stockholders. Rockwell Industries purchased a plant asset to be used in its business. The expenditures included.

  Prepare journal entry to record the estimated uncollectibles

During its first year of operations, Sandhill Co. had credit sales of $3,208,100, of which $434,300 remained uncollected at year-end. The credit manager estimates that $19,120 of these receivables will become uncollectible. Prepare the journal entry ..

  Determine how is company performing

Determine How is company performing? for ex is the company's revenue growing or decreasing? Are the company's margins increasing or decreasing?

  Choose and comment on a relevant ifrs standard

Choose and comment on a relevant IFRS standard either related to capital market or social accounting or environmental accounting and common global language for business affairs so that company accounts are understandable and comparable across inter..

  Provide compound journal entry for bahrain corporation

Provide compound journal entry for Bahrain Corporation to record the exchange of the Machine on June 30th, 2020. Since the assets involved are sufficiently

  Prepare any necessary journal entries for december

Prepare any necessary journal entries for December 31 and for the note's maturity date assuming it is honored - Krugg Company determines on May 1 that it cannot collect $1,000 of its accounts receivable from its customer P. Carroll.

  Determine account balances of the t accounts

Determine account balances of the T accounts.- Prepare an unadjusted trial balance for Jones Architects as of April 30, 2016.

  What the company must recognize

The company discarded an equipment that cost $8,000. The accumulated depreciation is $7,200 on the date of disposal. The company must recognize

  Cash flow hedge-call options

Prepare the journal entry to record the sale of the options.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd