Generally Accepted Accounting Principles (GAAP):
Generally Accepted Accounting Principles are the generally followed rules, concepts and principles which are used for the presentation of the financial information of a business organization.
International Financial Reporting Standards (IFRS):
International Financial Reporting Standards is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.
To Identify: Any differences between Generally Accepted
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Chapter 10 Solutions
INTERMEDIATE ACCOUNTING
- Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Boardarrow_forwardDiscuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.arrow_forwardWhat are current IFRS standards for accounting for government grants?arrow_forward
- Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, financial instruments, leases).arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to accounting for postretirement benefit plans.arrow_forwardUS GAAP provides the "rulebook" to help ensure all for-profit and not-for-profit entities present their _____ accurately. A. Financial performance results B. Taxes C. Government records D. Audit resarrow_forward
- How the hierarchy of U.S. generally accepted accounting principles for state and local government accounting can be used to resolve financial reporting issues?arrow_forwardPlease describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?arrow_forwardWhether or whether U.S. corporations adopt IFRS is dependent on the variations in how comparable data is presented under GAAP and International Financial Reporting Standards.arrow_forward
- What are some major adjustments required when converting from fund financial statements to government-wide statements?arrow_forward1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…arrow_forwardWhat impact does the use of the modified approach have on reporting within the government-wide financial statements?arrow_forward
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