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

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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.

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Louisa Pharmaceutical Company is a maker of drugs for high blood pressure and uses a process costing system. The following information pertains to the final department of Goodheart's blockbuster drug called Mintia. Beginning work-in-process (40% completed) 1,025 units Transferred-in 4,900 units Normal spoilage 445 units Abnormal spoilage 245 units Good units transferred out 4,500 units Ending work-in-process (1/3 completed) 735 units Conversion costs in beginning inventory $ 3,250 Current conversion costs $ 7,800 Louisa calculates separate costs of spoilage by computing both normal and abnormal spoiled units. Normal spoilage costs are reallocated to good units and abnormal spoilage costs are charged as a loss. The units of Mintia that are spoiled are the result of defects not discovered before inspection of finished units. Materials are added at the beginning of the process. Using the weighted-average method, answer the following question: What are the…

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.

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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.

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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.

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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.