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What else can I help you with?
How many ifrs standards are there?
There are currently 13 IFRS standards...
What is iFRS equity?
IFRS means International Financial Reporting Standard Equity means Equity IFRS Equity means Equity computed on the basis of IFRS For more info I can suggest you to visit these website: http://www.ifrslist.com/ (is a free community about IFRS. I suggest you to join it) http://www.ifrslist.com/tag/equity/ Regards
Uses of ifrs?
International Financial Reporting Standards (IFRS) are new standards and Interpretation about accounting applied in several countries. IFRS are issued by IASB For more info I suggest you to visit related links
Why dividend recived is an operating actvity?
Dividend received is classified as an operating activity because it is part of a company's regular business operations, reflecting income generated from its investments in other companies. This income contributes to the overall cash flow from core business activities, similar to revenues from sales. Additionally, under accounting standards like IFRS and GAAP, dividend income is often considered part of operating cash flows to provide a clearer picture of a company's financial performance.
Provide a list of financial statutory requirements?
Financial statutory requirements typically include the preparation and presentation of financial statements in accordance with applicable accounting standards, such as GAAP or IFRS. Companies must also conduct annual audits by an independent auditor and submit tax filings in compliance with local tax laws. Additionally, they are required to disclose relevant financial information to stakeholders, including regulatory bodies, as mandated by securities regulations. Compliance with these requirements helps ensure transparency and accountability in financial reporting.
Is accrual accounting GAAP or IFRS?
IFRS
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.
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
Should deprciation should be charged on idle assets?
Under all of US GAAP, CDN GAAP and IFRS, idle assets should continue to be depreciated.
How many multinationals use us gaap?
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.
What is the difference between US and UK accounting standared?
The primary difference between US and UK accounting standards lies in the frameworks they follow: the US adheres to Generally Accepted Accounting Principles (GAAP), while the UK follows International Financial Reporting Standards (IFRS). GAAP is more rules-based, providing specific guidelines for various situations, whereas IFRS is principles-based, allowing for greater interpretation and flexibility. Additionally, there are differences in revenue recognition, lease accounting, and financial statement presentation between the two systems. These distinctions can affect how financial performance and position are reported and understood by stakeholders.
What is the XBRL term for sales and for gross profit?
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.
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.
Treatment of other-than-temporary impairment for equity investment versus equity securities?
It depends whether IFRS or GAAP
Barriers to successful harmonisation of accouting standards?
I believe this question is phrased incorrectly. "International Accounting Standards" means the same thing as IFRS. IFRS stands for "International Financial Reporting Standards". I suspect the question should actually read 'what is the difference between IFRS and US GAAP? I have some knowledge regarding this question as well but this is by no means a complete response. The piece I know about applies to the treatment of R&D expenses. Under US GAAP, almost all of a company's R&D expense are treated as cash outflow (expenses) and affect the income statement in the period in which they occur. There is no effect to asset levels on the balance sheet. Under IFRS, a large portion of a company's R&D expenses must be capitalized and then depreciated/amortized over some period. The treatment is more like that of capital investment spending and creates assets on the balance sheet that then carry a book value as they are depreciated over time.
What are the disadvantage of ifrs?
One disadvantage of International Financial Reporting Standards (IFRS) is that they can be complex and require significant training for accountants and financial professionals to fully understand and implement. Additionally, the flexibility inherent in IFRS allows for varying interpretations, which can lead to inconsistencies in financial reporting across different companies and jurisdictions. This can make it difficult for investors to compare financial statements effectively. Lastly, transitioning to IFRS can be costly and time-consuming for organizations, particularly those accustomed to local GAAP standards.
What is global GAAP?
Global GAAP (Generally Accepted Accounting Principles) refers to a set of accounting standards and principles used internationally to guide financial reporting. It provides a framework for companies to report their financial performance in a consistent and comparable manner across different countries. Examples of global GAAP include International Financial Reporting Standards (IFRS) developed by the International Accounting Standards Board (IASB).
