State the key differences between IFRS and U.S. GAAP.

Q: Explain the differences between upstream and downstream intra-entity transfers, as well as how each…

A: Intra-entity transfer refers to transfer of goods or products among the entities. More often, such…

Q: Describe several tariff and nontariff barriers to trade

A: What are tariff barriers  These are government induced barriers on international trade. These…

Q: What is the IFRS adoption in the U.S. ? Please explain?

A: Step 1: Understanding IFRSInternational Financial Reporting Standards (IFRS) are a set of accounting…

Q: Why should granted emission allowance be measured at fair value?

A: The emission allowance is a special type of allowance that companies get from the government.  This…

Q: Explain pegged exchange rates

A: Exchange rate is the value of one country’s currency in exchange of other country’s currency.

Q: Under U.S. GAAP, the impairment tests for goodwill and PP&E are different. Describe the main…

A: Property, plant and equipment:   Property, plant and equipment are the tangible assets which are…

Q: What follows is a very explicit discussion of like-kind exchanges under IRC provisions?

A: Section 1031 of IRS  refer to the exchange of one financial property for another that allows…

Q: Should the United States also adopt IFRS?

A: International financial reporting framework (IFRS): International financial reporting framework is…

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

A: GAAP: It is the standard guidelines that are commonly used for financial reporting. These guidelines…

Q: What are pegged exchange rates?

A: Pegged exchange rate: It is otherwise called a fixed exchange rate, which is a kind of conversion…

Q: what does it mean by " How secure are documentary payment terms" in international trade?

A: International trade refers to exchange of the services and the goods between nations. Consumers 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: Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Define domestic currency

A: The domestic currency is a currency that is the local currency for every country. Every Trade…

Q: What factors lead to differences between countries? What are the implications for the IAS? Are the…

A: INTERNATIONAL ACCOUNTING STANDARDS HAVE NOT BEEN ADOPTED BY ALL THE COUNTRIES. MANY OF THESE…

Q: In the United States, GAAP comes under the purview of the

A: In United states, GAAP comes under the purview of the Financial Accounting Standards Board (FASB).

Q: Evaluate the recoverability test used in U.S. GAAP.

A: Recoverability test is used for determining and accounting for impairments in the value of fixed…

Q: Some say that IFRS are now GAAP in the European Union. How is this statement true, and how is it…

A: IFRS is the organization which set up the accounting standards to be followed by all the companies…