Videos
Generally Accepted Accounting Principles (GAAP):
They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).
International Financial Reporting Standards (IFRS):
It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).
To compare: The use of term ‘reserve’ used in GAAP and in IFRS.
Want to see the full answer?
Check out a sample textbook solution
Chapter 13MJ Solutions
Financial & Managerial Accounting
- Do you think GAAP should require fair value measurement of either more or less items on the balance sheet?arrow_forwardFair Value Accounting: Q. How does fair value accounting differ from historical cost accounting? Discuss the advantages and challenges of using fair value in financial reportingarrow_forwardHow fair value measurement?arrow_forward
- Why is the distinction between a conditional and unconditional contribution important for accounting purposes?arrow_forwardHow does the public good of accounting information lead to underproduction in a free market?arrow_forwardWhat are the differences between negative goodwill and positive goodwill, and how are they treated in accounting?arrow_forward
EBK CONTEMPORARY FINANCIAL MANAGEMENTFinanceISBN:9781337514835Author:MOYERPublisher:CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Intermediate Financial Management (MindTap Course...FinanceISBN:9781337395083Author:Eugene F. Brigham, Phillip R. DavesPublisher:Cengage Learning