![Accounting (Text Only)](https://www.bartleby.com/isbn_cover_images/9781285743615/9781285743615_largeCoverImage.gif)
Accounting (Text Only)
26th Edition
ISBN: 9781285743615
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 15FSI, Problem 1DQ
To determine
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
To compare: The financial statement terms used in GAAP that contrast with IFRS
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Explanation of Solution
Comparison of financial statement terms used in GAAP that contrast with IFRS:
GAAP Financial Statement Term | IFRS Financial Statement Term |
Statement of comprehensive income | Statement of comprehensive income |
Balance sheet | |
Interest expense | Finance costs |
Net income | Profit for the year |
Trading investments | Financial assets at fair value through profit or loss |
Excess of issue price over par | Share premium |
Notes payable | Loans |
Wages payable, or salaries payable, or payroll taxes payable | Employee provisions |
Table (1)
Conclusion
Thus, the financial statement terms used in GAAP are compared with those used in IFRS.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Discuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and contingencies.
Explain and analyze the effect of differences between IFRS and U.S. GAAP related to the financial reporting of:
Current liabilities
Provisions
Employee Benefits
Share-based payment
Income taxes
Revenue
Financial instruments
Leases
How do U.S. GAAP and IFRS differ in their use of present values when measuring contingent liabilities?
Knowledge Booster
Similar questions
- Explain revenue recognition concepts under the US GAAP rulearrow_forwardWhy is the effective-interest method of amortization required under the International Financial Reporting Standards?arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to revenue recognition.arrow_forward
- How is a financial statement under IFRS different from GAAP? How is it the same?arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to accounting for postretirement benefit plans.arrow_forwardunder the conceptual framework for international financial reporting a non-controling interest fits the definition of: Select one: O. an asset. b. an equity item. c. a liobility. d. an expense.arrow_forward
- Discuss the need to include the leverage ratio and off-balance sheet assets in Basel IIIarrow_forwardDifferentiate between foreign bonds and Eurobonds.arrow_forwardDescribe the apparent differences in the order of presentation of the componentsof liabilities and shareholders’ equity between IFRS as applied by AF and a typicalbalance sheet prepared in accordance with U.S. GAAParrow_forward
- What is the primary difference between interim reports under IFRS and U.S. GAAP?arrow_forwardHow shall an entity subsequently measure financial liabilities? Is IFRS measurement of financial liabilities similar to that of U.S. GAAP? Also briefly describe the requirements regarding an option to designate a financial liability at fair value through profit and loss. Q: Does U.S. GAAP allow fair value option for financial assets and liabilities? Q; What is “own credit” issue related to financial liabilities measured at fair value through profit and loss? Q: How does IFRS 9 address this “own credit” issue?arrow_forwardDifferentiate between IFRS vs. U.S. GAAP.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning