International Financial Reporting Standards They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice. Financial Accounting Standards Board It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP 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. To Explain: if finance lease under IFRS can be classified as an operating lease under U.S. GAAP
International Financial Reporting Standards They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice. Financial Accounting Standards Board It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP 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. To Explain: if finance lease under IFRS can be classified as an operating lease under U.S. GAAP
Solution Summary: The author explains that finance leases under IFRS can be classified as an operating lease under U.S. GAAP.
They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.
Financial Accounting Standards Board
It is commonly known as FASB. It is a private, non-profit organization which is a standard setting body. The main purpose of the FASB is to create and improve GAAP (Generally Accepted Accounting Principles) within the US. GAAP 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.
To Explain: if finance lease under IFRS can be classified as an operating lease under U.S. GAAP
How does stewardship accounting differ from traditional ownership accounting?
How does stewardship accounting differ from traditional
ownership accounting?
a) Resource management priorities supersede ownership
rights
b) Legal ownership determines all treatments
c) Management decisions have no impact
d) Only shareholders matter