Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, financial instruments, leases).

Q: Where are the EU directives effective in generating comparability of financial statements across…

A: Financial statements include income statement, balance sheet and statement of cash flows and are…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and…

A: IFRS stands for International Financial Reporting Standards IFRS consists of various accounting…

Q: describe general requirements for fi nancial statements under International Financial Reporting…

A: The IFRS is general standards of financial reporting along with US and UK GAAP.

Q: Describe the following: 1)Recording of previous periods errors in revenue and expenditure after…

A: As per IAS 8, the prior period errors could be misstatements or omissions in the company’s financial…

Q: With regard to the correction of accounting errors, what is the difference between U.S. GAAP and…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: There are areas of differences between IFRS and GAAP definition recognition measurements allowing…

A: GAAP, or generally accepted accounting principles, is a U.S.-based organization. In accordance with…

Q: A US Company can choose to report its financial statements using GAAP or IFRS Group of answer…

A: GAAP is the generally accepted accounting principles which are the set of rules and regulations, and…

Q: Briefly describe how IFRS guidelines for recognizing revenue from multiple-deliverable arrangements…

A: Definition: Revenue recognition principle: Revenue recognition principle emphasizes, that the…

Q: what are disadvantages of national or international accounting uniformity?

A: National or International accounting uniformity means same accounting standards and accounting…

Q: 10) Some contingencies/provisions are recorded, some are disclosed and some are not addressed in the…

A: This question focuses on identifying the treatment variations between US GAAP and IFRS and how…

Q: US generally accepted accounting principles are currently developed by which entity? A . Th e…

A: The US GAAP or Generally accepted accounting principles is issued by the Financial Accounting…

Q: The federal government is required to recognize liabilities from nonexchange transactions     When…

A: Liabilities refer to the obligations that are required to fulfilled in the future by the business.

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for…

A: Definition:   Generally Accepted Accounting Principles: GAAP (Generally Accepted Accounting…

Q: What are three difference between IFRS and U.S. GAAP with respect to the measurement of financial…

A: Three differences between IFRS and US GAAP with respect to the measurement of financial statement…

Q: Which of the following statements is not applicable to revenue recognition guidance under ASC Topic…

A: In the given case all of the following are true regarding revenue recognition principal provided in…

Q: Explain the environmental factors that lead to national differences in accounting.

A: Accounting seems to be the concept of documentation and categorizing commercial transactions and…