compare key concepts of fi nancial reporting standards under IFRS and US generally accepted accounting principles (US GAAP) reporting system

Q: US Generally Accepted Accounting Principles (‘US GAAP’) are slowly being aligned with:   (a)…

A: US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting…

Q: US generally accepted accounting principles are currently developed by which entity? B . Th e…

A: The accounting principles are the guidelines and rules which companies should follow while reporting…

Q: describe general requirements for fi nancial statements under International Financial Reporting…

A: The IFRS is general standards of financial reporting along with US and UK GAAP.

Q: U.S. GAAP accounting different from

A: International Financial reporting standards: IFRS can be defined as set of accounting standards used…

Q: If a single set of worldwide accounting standards were to be developed, should it be…

A: Answer:-  Accounting standard meaning:- A unified collection of guidelines that serve as the…

Q: The existing procedures for setting international Financial Reporting Standards were  established in…

A: The International Financial Reporting Standards Foundation (IFRSF) is an independent, not-for-profit…

Q: A US Company can choose to report its financial statements using GAAP or IFRS Group of answer…

A: GAAP is the generally accepted accounting principles which are the set of rules and regulations, and…

Q: Define generally accepted accounting principles (GAAP) and discuss the historical  development of…

A: Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of…

Q: what are disadvantages of national or international accounting uniformity?

A: National or International accounting uniformity means same accounting standards and accounting…

Q: US generally accepted accounting principles are currently developed by which entity? A . Th e…

A: The US GAAP or Generally accepted accounting principles is issued by the Financial Accounting…

Q: The international conceptual framework describes the objective of, and concepts for, general purpose…

A: General-purpose financial reporting as described in the conceptual framework is to provide financial…

Q: What is the relation of harmonization in international accounting

A: In accounting each country follows different types of accounting practices and standards.…

Q: Describe the FASB–IASB convergence process and SEC recognition of IFRS.

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: The notes to the financial statements should provide information: I. About the entity's accounting…

A: Notes to financial statements is very important part of financial statements.

Q: nting standards of a country with that of IASB is a

A: The Accounting Standard Board (ASB) of the Institute of Chartered Accountants of India (ICAI)…

Q: Critically appraise the benefits and drivers of international financial reporting convergence and…

A: Financial reporting convergence refers to the process of reducing differences and promoting…

Q: describe the status of global convergence of accounting standards and ongoing barriers to developing…

A: Accounting standards are the set of concepts and principles that are the basis to perform financial…

Q: What are three difference between IFRS and U.S. GAAP with respect to the measurement of financial…

A: Three differences between IFRS and US GAAP with respect to the measurement of financial statement…

Q: In common law countries accounting focuses on economic substance and the standards and procedures…

A: Common law is defined as the laws that are in unwritten form grounded on the legal precedents that…

Q: ​________ is the process of bringing different national Generally Accepted Accounting Principles…

A: Harmonization will help multinational companies to compare their financial statement globally.…

Q: Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the…

A: A group of accounting standards called International Financial Reporting Standards (IFRS) specify…

Q: discuss the challenges faced by the International Accounting Standard Board (IASB) in the…

A: IASB IASB is an independent body that laid the foundation of International financial reposting…

Q: Determine the impact that specific differences between IFRS and U.S. GAAP have on financial…

A: The distinctive points  are listed below: S. GAAP is only used in USA (United States of America),…

Q: What is the major difference between the approach of international financial reporting standards…

A: IFRS (International financial reporting standards) are issued by IASB (International accounting…

Q: Discuss the differences in the evaluation methods for PP&E permitted under IFRS and under US GAAP.…

A: US GAAP and IFRS are accounting standards used for preparation and presentation of financial…

Q: What is the accounting treatment of goodwill under the International Financial Reporting Standards…

A: When one company buys another company, goodwill is created because the acquisition price was more…

Q: US generally accepted accounting principles are currently developed by which entity? C . Th e Public…

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Briefly explain some arguments for and against the international standardization of financial…

A: Answer:- Financial reporting meaning:- Financial reporting is basically a process of preparing…

Q: What are the two primary organizations in the U.S. that are responsible for setting standards…

A: Accounting:Accounting is the process of recording, classifying, and summarizing financial…

Q: Using concrete examples, explain how International Accounting Standard 23 might apply to your…

A: Introduction: Using concrete examples, explain how International Accounting Standard 23 might apply…

Q: Explain principles based vs. rule-based accounting standards. Which one is mostly used as reference…

A: Accounting standards may be rule-based or principle-based.

Q: Discuss the principles and characteristics of the International Financial Reporting Standards (IFRS)…

A: A company's financial statements are prepared and standardised according to a set of accounting…

Q: What are the differences between International Financial Reporting Standards (IFRS) and Generally…

A: The International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles…