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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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.