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.
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.
GAAP, or generally accepted accounting principles, is a U.S.-based organization. In accordance with a set of international accounting rules known as IFRS, some kinds of transactions and other events must be reported in financial statements in a specific way.
Step by step
Solved in 3 steps
