-Full disclosure principle - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented.
-Related parties - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented
From Balance Sheet point of view – GAAP calls for accounts to be listed in the order of Liquidity – how quickly and easily they can convert unto cash .
Under GAAP , item classified as most liquid to least liquid manner .
Under GAAP – follow decending order like –current assets , non current assets , current liabilities , non current liabilities and Equity
Where as under IFRS – the order is reversed Least liquidity to most liquidity manner . l
Under IFRS , system like “ Non current assets , current assets , owners Equity , non current liability and current liability
In case of Financial Instrument – hedging matter – As per IFRS perfect hedge effectiveness not permitted even if the principal terms of the hedging instrument and the hedged item are the same as hedge ineffectiveness may arise because of other attributable such as liquidity of the instrument
Where as in case of GAAP , hedge effectiveness not depends on Liquidity. As per GAAP , the entity could conclude that changes in fair value or cash flow attributable to the risk being hedged are expected to completely offset at inception and on a ongoing basis .
-Full disclosure principle - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING...
-Comprehensive Income- present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented. -Restrictions of Retained Earnings- present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented -Comprehensive Income- provide the definition given by the GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) and the definition given by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) -Restrictions of Retained...
Financial Liquidity - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented.
Financial liquidity - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented.
Carry forward- present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented.
Postretirement Benefit Cost - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented.
Defined Benefit Plan - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented
Postretirement Benefit Cost - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented.
Aggregation of Pension Plans - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented.
Aggregation of Pension Plans - present the provisions of this concept provided by GAAP (GENERALLY ACCEPTED ACCOUNTING STANDARD) present provisions provided by IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARD) are presented
*Choose one of the main differences between generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). *Fully explain the selected difference. *In addition, discuss how that difference impacts financial reporting. *Lastly, discuss which standard you think is more appropriate to apply to financial accounting and why.