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IFRS
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How many international accounting standards are there?
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
Is it true or false Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Is it true or false tht Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Is it true that Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
yes
Does a nonprofit have to follow GAAP?
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.
Is it true or false Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
How many international accounting standards are there?
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
Is it true or false tht Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
yes
Is it true that Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
yes
Does a nonprofit have to follow GAAP?
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.
What is the difference between GAAP costing and IFRS costing?
There are several costing items that has change in the adoption of IFRS, for in GAAP the stock valuation or material pricing adopted is LIFO and FIFO but in IFRS only FIFO is adopted etc
What is the difference between accrual and cash accounting?
Quick Version - The Cash Basis of accounting reports only transactions that have been completed in the current reporting period - or - what has "hit" the checking account (assuming all funds are deposited and disbursed only from that account) - The Accrual Basis of accounting reports all transactions that the entity has entered into and includes the asset, liability, income and expense related them. Also, the Cash Basis of accounting is considered OCBOA (Other Comprehensive Basis of Accounting ~ Other than GAAP) and the Accrual Basis (when implemented properly and fully) is considered GAAP (Generally Accepted Accounting Principles). EDIT - The Accrual Basis is more desirable from a user's standpoint as it includes transactions that may exist and were completed after the report dates that were initiated prior to the report date. It is generally more complete and mopre reliable than the cash basis - however that does assume that the person preparing the statements has expertise of, not simplay a cursory working knowledge of, GAAP and the accrual basis. For example, a set of financial statements printed out of Quickbooks are not necessarily GAAP compliant (or correct) although they may appear to be at first glance or to a lay-person. =================== One can make journal entries in QuickBooks. If accruals are not entered that does not mean the system not GAAP compliant. It means the accountants are lazy. BSBA/MBA 25 years financial management experience
What are the advantages of modified accrual accounting?
advantage modified accrual accounting in government
Major differences between IFRS and us gaap?
Well, one major difference is that IFRS's do not allow the use of LIFO for accounting for inventory. Many US companies use the LIFO method as a way to lower corporate taxes.The way to adjust inventory is different as well. In US GAAP the the revaluation amount is calculated by using the ceiling, floor and replacment cost. In IFRS the net present value is used and is calculated by subtracting the amount of selling costs from the selling price.
J. true or false In cash as contrasted with accrual accounting a company does not record amounts due from customers in its accounting records.?
True. Under the Cash Basis for Accounting only transactions that involve the movement of cash are recorded. In Accrual Accounting (GAAP) you would record transactions once an economic event has taken place (e.g., supplier invoice received = expense, customer invoice prepared = revenue).
What does the acronym GAAP stand for?
GAAP is an acronym for Generally Accepted Accounting Principles. GAAP is a series of basic rules accepted by those within the accounting community to perform accounting tasks.
