List the types of differences that exist between IFRS and US GAAP.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 4, Problem 1Q

To determine

List the types of differences that exist between IFRS and US GAAP.

Expert Solution & Answer

Explanation of Solution

IFRS:

IFRS stands for International Financial Reporting Standards. These are the set of standards given on an international platform so that the financial work of different countries remains identical. The set standards are used in reporting the financial statements.

US GAAP:

US GAAP are financial reporting standards provided by FASB, which is a US based board that issues standards and guidelines for preparation and presentation of financial statements.

Types of differences that exist between IFRS and US GAAP are listed as follows:

Definitions: Definition of various terms differs between IFRS and GAAP, this leads to differences in amounts presented.
Recognition: Concepts relating to time and manner of recognition differs amongst IFRS and GAAP. Also, whether recognition of a particular item is required or not is different between both set of standards.
Measurement: Methods and application of methods are different between both the standards, due to which the resulting amount differs.
Options: Availability of internal options differs between both set of standards.
Topics covered: Topics covered by GAAP and IFRS differs.
Presentation: Formats and presentation requirements of both the standards are different.
Disclosure: Disclosure requirements and the criteria for disclosures are different amongst both the standards.

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

Black Oil Company is trying to decide whether to lease or buy a new computer-assisted drilling system for its extraction business. Management has already determined that acquisition of the system has a positive NPV. The system costs $9.4 million and qualifies for a 25% CCA rate. The equipment will have a $975,000 salvage value in five years. Black Oil’s tax rate is 36%, and the firm can borrow at 9%. Cape Town Company has offered to lease the drilling equipment to Black Oil for payments of $2.15 million per year. Cape Town’s policy is to require its lessees to make payments at the start of the year. Suppose it is estimated that the equipment will have no savage value at the end of the lease. What is the maximum lease payment acceptable to Black Oil now?

I need help with this general accounting question using the proper accounting approach.

Space Exploration Technology Corporation (Space X), is an aerospace manufacturer that sells stock engine components and tests equipment for commercial space transportation. A new customer has placed an order for eight high-bypass turbine engines, which increase fuel economy. The variable cost is $1.6 million per unit, and the credit price is $1.725 million each. Credit is extended for one period, and based on historical experience, payment for about one out of every 200 such orders is never collected. The required return is 1.8% per period.  Required Assuming that this is a one-time order, should it be filled? The customer will not buy if credit is not extended. What is the break-even probability of default in part 1? Suppose that customers who don’t default become repeat customers and place the same order every period forever. Further assume that repeat customers never default. Should the order be filled? What is the break-even probability of default?

Answer 2

Question

Chapter 4, Problem 1Q

To determine

List the types of differences that exist between IFRS and US GAAP.

Expert Solution & Answer

Explanation of Solution

IFRS:

IFRS stands for International Financial Reporting Standards. These are the set of standards given on an international platform so that the financial work of different countries remains identical. The set standards are used in reporting the financial statements.

US GAAP:

US GAAP are financial reporting standards provided by FASB, which is a US based board that issues standards and guidelines for preparation and presentation of financial statements.

Types of differences that exist between IFRS and US GAAP are listed as follows:

Definitions: Definition of various terms differs between IFRS and GAAP, this leads to differences in amounts presented.
Recognition: Concepts relating to time and manner of recognition differs amongst IFRS and GAAP. Also, whether recognition of a particular item is required or not is different between both set of standards.
Measurement: Methods and application of methods are different between both the standards, due to which the resulting amount differs.
Options: Availability of internal options differs between both set of standards.
Topics covered: Topics covered by GAAP and IFRS differs.
Presentation: Formats and presentation requirements of both the standards are different.
Disclosure: Disclosure requirements and the criteria for disclosures are different amongst both the standards.

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!

Answer 3

Question

Chapter 4, Problem 1Q

To determine

List the types of differences that exist between IFRS and US GAAP.

Expert Solution & Answer

Explanation of Solution

IFRS:

IFRS stands for International Financial Reporting Standards. These are the set of standards given on an international platform so that the financial work of different countries remains identical. The set standards are used in reporting the financial statements.

US GAAP:

US GAAP are financial reporting standards provided by FASB, which is a US based board that issues standards and guidelines for preparation and presentation of financial statements.

Types of differences that exist between IFRS and US GAAP are listed as follows:

Definitions: Definition of various terms differs between IFRS and GAAP, this leads to differences in amounts presented.
Recognition: Concepts relating to time and manner of recognition differs amongst IFRS and GAAP. Also, whether recognition of a particular item is required or not is different between both set of standards.
Measurement: Methods and application of methods are different between both the standards, due to which the resulting amount differs.
Options: Availability of internal options differs between both set of standards.
Topics covered: Topics covered by GAAP and IFRS differs.
Presentation: Formats and presentation requirements of both the standards are different.
Disclosure: Disclosure requirements and the criteria for disclosures are different amongst both the standards.

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!

Answer 4

Question

Chapter 4, Problem 1Q

To determine

List the types of differences that exist between IFRS and US GAAP.

Expert Solution & Answer

Explanation of Solution

IFRS:

IFRS stands for International Financial Reporting Standards. These are the set of standards given on an international platform so that the financial work of different countries remains identical. The set standards are used in reporting the financial statements.

US GAAP:

US GAAP are financial reporting standards provided by FASB, which is a US based board that issues standards and guidelines for preparation and presentation of financial statements.

Types of differences that exist between IFRS and US GAAP are listed as follows:

Definitions: Definition of various terms differs between IFRS and GAAP, this leads to differences in amounts presented.
Recognition: Concepts relating to time and manner of recognition differs amongst IFRS and GAAP. Also, whether recognition of a particular item is required or not is different between both set of standards.
Measurement: Methods and application of methods are different between both the standards, due to which the resulting amount differs.
Options: Availability of internal options differs between both set of standards.
Topics covered: Topics covered by GAAP and IFRS differs.
Presentation: Formats and presentation requirements of both the standards are different.
Disclosure: Disclosure requirements and the criteria for disclosures are different amongst both the standards.

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!

Answer 5

Chapter 4, Problem 1Q

To determine

List the types of differences that exist between IFRS and US GAAP.

Expert Solution & Answer

Explanation of Solution

IFRS:

IFRS stands for International Financial Reporting Standards. These are the set of standards given on an international platform so that the financial work of different countries remains identical. The set standards are used in reporting the financial statements.

US GAAP:

US GAAP are financial reporting standards provided by FASB, which is a US based board that issues standards and guidelines for preparation and presentation of financial statements.

Types of differences that exist between IFRS and US GAAP are listed as follows:

Definitions: Definition of various terms differs between IFRS and GAAP, this leads to differences in amounts presented.
Recognition: Concepts relating to time and manner of recognition differs amongst IFRS and GAAP. Also, whether recognition of a particular item is required or not is different between both set of standards.
Measurement: Methods and application of methods are different between both the standards, due to which the resulting amount differs.
Options: Availability of internal options differs between both set of standards.
Topics covered: Topics covered by GAAP and IFRS differs.
Presentation: Formats and presentation requirements of both the standards are different.
Disclosure: Disclosure requirements and the criteria for disclosures are different amongst both the standards.

Answer 6

Chapter 4, Problem 1Q

To determine

List the types of differences that exist between IFRS and US GAAP.

Expert Solution & Answer

Explanation of Solution

IFRS:

IFRS stands for International Financial Reporting Standards. These are the set of standards given on an international platform so that the financial work of different countries remains identical. The set standards are used in reporting the financial statements.

US GAAP:

US GAAP are financial reporting standards provided by FASB, which is a US based board that issues standards and guidelines for preparation and presentation of financial statements.

Types of differences that exist between IFRS and US GAAP are listed as follows:

Definitions: Definition of various terms differs between IFRS and GAAP, this leads to differences in amounts presented.
Recognition: Concepts relating to time and manner of recognition differs amongst IFRS and GAAP. Also, whether recognition of a particular item is required or not is different between both set of standards.
Measurement: Methods and application of methods are different between both the standards, due to which the resulting amount differs.
Options: Availability of internal options differs between both set of standards.
Topics covered: Topics covered by GAAP and IFRS differs.
Presentation: Formats and presentation requirements of both the standards are different.
Disclosure: Disclosure requirements and the criteria for disclosures are different amongst both the standards.

Answer 7

Chapter 4, Problem 1Q

To determine

List the types of differences that exist between IFRS and US GAAP.

Answer 8

Expert Solution & Answer

Explanation of Solution

IFRS:

IFRS stands for International Financial Reporting Standards. These are the set of standards given on an international platform so that the financial work of different countries remains identical. The set standards are used in reporting the financial statements.

US GAAP:

US GAAP are financial reporting standards provided by FASB, which is a US based board that issues standards and guidelines for preparation and presentation of financial statements.

Types of differences that exist between IFRS and US GAAP are listed as follows:

Definitions: Definition of various terms differs between IFRS and GAAP, this leads to differences in amounts presented.
Recognition: Concepts relating to time and manner of recognition differs amongst IFRS and GAAP. Also, whether recognition of a particular item is required or not is different between both set of standards.
Measurement: Methods and application of methods are different between both the standards, due to which the resulting amount differs.
Options: Availability of internal options differs between both set of standards.
Topics covered: Topics covered by GAAP and IFRS differs.
Presentation: Formats and presentation requirements of both the standards are different.
Disclosure: Disclosure requirements and the criteria for disclosures are different amongst both the standards.