Format of a statement of financial of position under ifrs

Assignment Help Accounting Basics

Reference no: EM13767962

Write a 700- to 1,050-word summary of your team's discussion regarding IFRS vs. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following:

IFRS 2-1: In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP?
IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.
IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet?
IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.
IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.
IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.
IFRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.

Reference no: EM13767962

Questions Cloud

Define motivation using examples and anecdotes stories : Define motivation using examples and anecdotes (stories). Provide a critical analysis of your writing capabilities. Identify future writing skill needs and your motivation to improve deficiencies.

Shirley maclaine parker : Brief a case in one page for a bussniess law: SHIRLEY MacLAINE PARKER, Plaintiff and Respondent

Recent annual reporting period : What are the company's total assets at the end of its most recent annual reporting period? Why is this important?

Control the rate of weathering issue : Identify five different materials that you encounter or use on a daily basis, and identify a mineral that is mined to supply each of those materials.

Format of a statement of financial of position under ifrs : IFRS 2-1: In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP?

Yield to maturity on a bond with similar risk : Bond X is noncallable and has 20 years to maturity, a 7% annual coupon, and a $1,000 par value. Your required return on Bond X is 11%; and if you buy it, you plan to hold it for 5 years. You (and the market) have expectations that in 5, years the yie..

What about a soul belonging to a group of people : What about a soul, psyche, or spirit belonging to a group of people? How might a group have a kind of soul or collective spirit? Is there really an "American spirit" and has it been damaged or harmed?

Outstanding bonds-what is the bonds price : Nungesser Corporation's outstanding bonds have a $1,000 par value, a 6% semi-annual coupon, 18 years to maturity, and an 7.5% YTM. What is the bond's price? Round your answer to the nearest cent.

Influences fire protection and firefighter safety : Write an essay demonstrating the importance of NFPA Standard 25 and how the standard positively influences fire protection and firefighter safety.

User Account

All Pages