compare the international treatment of segment reporting to the us gaap treatment
| Base | US Gaap | IFRS |
| Intangible assets | long lived assets do not included intangible assets. | Everything other than current assets is considered as non current. (Including intangible) |
| Segment liability | can be reported but not required. | Required only if regularly information provided to Chief officer |
| Matrix form of organization | segments on the basis of products and services | management has to decide what should be the basis according to core principal |
compare the international treatment of segment reporting to the us gaap treatment
International accounting. I 1.Canadian securities regulations require use of _______. US GAAP Canadian GAAP IFRS US GAAP or Canadian GAAP None of the answers apply 2. In Mexico a company can use_______ for financial reporting. IFRS US GAAP NAFTA US GAAP or IFRS None of the answers apply. 3. The _____ underpins any accounting standards in the United States. SEC FASB AICPA PCAOB None of the answers apply. 4. Rules for filing annual financial statements that are submitted to the...
Currently, both U.S. GAAP and the International Financial Reporting Standards are acceptable for international use. True False
With regard to reporting of contingent liabilities, U.S. GAAP and International Financial Reporting Standards (IFRS) differ in defining the term "probable". Which of the following is correct with regard to defining "probable"? Multiple Choice Under IFRS, "probable" means the chance of an event occurring is slight. Under U.S. GAAP, "probable" means the chance of an event occurring is slight but less than likely. Under IFRS, "probable" means an event is more likely than not to occur. Under U.S. GAAP, "probable"...
*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.
what are any benefits or detriments of asset valuation under current US GAAP treatment.
A company reporting under US GAAP seeking to present a more favorable view of operating income in its quarterly earnings release could: Identify a gain on sale in a non-GAAP reconciliation. Identify a restructuring charge (expense) in a non-GAAP reconciliation. Identify a loss in the fair value of an equity investment. Elect to not recognize stock-based compensation on its GAAP income statement. All of the above.
1. Discuss the international benefits of harmonization of the International Financial Reporting Standards (IFRS) and the United States Generally Accepted Accounting Principles (GAAP).
Compare the accounting for intangible assets under GAAP and IFRS. Identify at least one difference in GAAP and IFRS reporting that should be adopted under GAAP in your opinion and explain why.
IFRS and US GAAP are different because: A. IFRS is more rules based and US GAAP is more principles based B. IFRS is more principles based and US GAAP is more rules based C. IFRS is more prescriptive and US GAAP is more descriptive D. IFRS is more objective and US GAAP is more subjective
-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...