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Comparing Ifrs to Gaap (Example)

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Comparing IFRS to GAAP Name Institution Course Professor Date Introduction In essence with the United States using the Generally Accepted Principles in accounting and reporting of financial information most parts in the world elsewhere use the International Financial Reporting Standards (IFRS). This paper discusses and answers critical questions as it seeks to compare GAAP and IFRS on certain dimensions and perspectives particularly on the financial reporting and representation of financial items and data as well as terminologies. This paper discusses particular things like the SOX Act that has been essential in curbing corporate fraud in the United States of America. IFRS 2-1 Essentially in statement of financial position IFRS does not mandate or require a particular order of classification of the accounts in reporting the financial position of an entity. Instead IFRS recommends in a loose manner that companies should report their assets in a reverse order of liquidity. affected the financial system adversely. The benefits businesses think they may get from setting up headquarters outside the United States may not even outweigh the imagined negative effects of implementing SOX and complying with the act. Conclusion Essentially as much as GAAP and IFRS may have some distinctions users of financial information can understand information that has been generated using the two methods. The paper compares the two in a comprehensive discussion which also acknowledges the burden that would come with implementing IFRS standards in the United States where GAAP is prominent and that the situation may not change. The paper also finds out that the SOX Act that has been essential in curbing corporate fraud in the United States of America. Reference Kimmel P. D. Weygandt J. J. & Kieso D. E. (2013). Financial accounting: Tools for business decision making (7th ed.). Hoboken NJ: John Wiley & Sons. [...]

Order Description:

Principles of Accounting 1 paper. Comparing IFRS to GAAP. 800-1000 word paper answering assignment questions. File attached

Subject Area: Accounting

Document Type: Research Paper

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $30

Words 825

Pages 3

Completed in 6 days

Expert ProfessorKingston

Client Review

Very well written. Couldn't have asked for anything better. Got assignment completed on time and super quick.

Positive
10.10.2016

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