There are areas of differences between IFRS and GAAPdefinitionrecognitionmeasurementsallowing alternatives for recognition and measurementlack of requirementspresentation of items in financial statementsdisclosure in the notes of Financial StatementsPlease explain and analyze the effects of the differences mentioned above on the Financial Statements with regard to the following:Current liabilitiesProvisionsEmployee benefitsShare-based paymentIncome TaxesRevenueFinancial InstrumentsLeasesFor example, you can explain how IFRS and GAAP define "Current liabilities." Then how do they recognize and measure "Current liabilities", do both standards have alternative ways of recognition and measurement? If yes, how does this impact the financial statements? Also, do both standards lack some requirements about "Inventories," and do they differ in presentation and disclosure in the notes of the financial statements? so the same should apply on the rest i.e. Provisions, Employee benefits, Share-based payments and so on.

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

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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There are areas of differences between IFRS and GAAP

definition
recognition
measurements
allowing alternatives for recognition and measurement
lack of requirements
presentation of items in financial statements
disclosure in the notes of Financial Statements

Please explain and analyze the effects of the differences mentioned above on the Financial Statements with regard to the following:

Current liabilities
Provisions
Employee benefits
Share-based payment
Income Taxes
Revenue
Financial Instruments
Leases

For example, you can explain how IFRS and GAAP define "Current liabilities." Then how do they recognize and measure "Current liabilities", do both standards have alternative ways of recognition and measurement? If yes, how does this impact the financial statements? Also, do both standards lack some requirements about "Inventories," and do they differ in presentation and disclosure in the notes of the financial statements?

so the same should apply on the rest i.e. Provisions, Employee benefits, Share-based payments and so on.

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