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The exact number keeps changing but i can tell you that the IFRS and IAS are made so as to be in line with US GAAP. So, any country following them will definitely be in line with US GAAP.
Under all of US GAAP, CDN GAAP and IFRS, idle assets should continue to be depreciated.
Yes. IN the US non profits are expected to follow GAAP accounting rules. In Europe and expanding to most other parts of the developed world, companies are using IFRS.
GAAP is an acronym for Generally Accepted Accounting Principles
How does GAAP affect financial reporting?
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It depends which GAAP you are referring to. The answer would be different for US GAAP, Canadian GAAP or IFRS. If you mean US GAAP, you can look it up at http://xbrl.us/Pages/US-GAAP.aspx - the answer(s) would probably be SalesRevenueNet and GrossProfit, respectively.
The exact number keeps changing but i can tell you that the IFRS and IAS are made so as to be in line with US GAAP. So, any country following them will definitely be in line with US GAAP.
Under all of US GAAP, CDN GAAP and IFRS, idle assets should continue to be depreciated.
gaap
define an inflationary economy
Yes. IN the US non profits are expected to follow GAAP accounting rules. In Europe and expanding to most other parts of the developed world, companies are using IFRS.
GAAP is an acronym for Generally Accepted Accounting Principles
How does GAAP affect financial reporting?
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short note on GAAP
Typically, every country can have their own set of accounting standards used for private enterprises. However, the three major accounting standards recognized globally are US GAAP, Canadian GAAP (although Canada is switching to IFRS effective January 1st, 2011), and IFRS (which is used by most countries in the world now, excluding USA, which uses US GAAP). *GAAP = Generally Accepted Accounting Principles **IFRS = International Financial Reporting Standards