GAAP stands for generally accepted accounting principles, which are the generally accepted standards for financial reporting in the United States. IFRS stands for International Financial Reporting Standards, which are a set of internationally accepted accounting standards used by most of the world’s coun...
Many small businesses issue financial statements that don’t adhere to GAAP guidelines when reporting financial information. These alternatives are known as “other comprehensive basis of accounting” (OCBOA) methods, and they includecash basis accounting, modified cash basis, income tax basis, and re...
Accrual accounting requires companies to record sales at the time in which they occur. Unlike the cash basis method, the timing of actual payments is not important. If a company sells an item to a customer through a credit account, where payment is delayed for a short term (less than a y...
实际上并不需要根据US GAAP进行调整。刚刚查看了最新一期的中国联通（CHN）年报，的确也是根据IFRS编制并且...
Accrual basis accounting Principle of revenue recognition Principle of matching Principle of cost The principle of continuous operation Relevance, reliability, and consistency Principle of prudence Principle of importance An overview of the Basic assumptions of economic entities Monetary unit hypothesis The pr...
BC9. On the basis of those discussions with stakeholders, the Board added a project to its agenda to consider offering an accounting alternative that would allow private companies and not-for-profit entities to align evaluation of goodwill impairment triggering events with the end of the reporting...
The international financial reporting standards (IFRS), set by theInternational Accounting Standards Board (IASB), is an alternative to GAAP that is widely used worldwide.5 One key difference between GAAP and IFRS is thetreatment of inventory. IFRS rules ban usinglast-in, first-out (LIFO)invento...
It does not consider the impact on the reported tax charge, which would of course reflect deferred tax charges as well as tax payable. For tax purposes a change of accounting policy which gives rise to a prior period adjustment from one valid basis of accounting to another gives rise to '...
The basis of GAAP was established afterthe stock market crash of 1929. Leading up to the crash, companies could report their financial data in whatever form they chose. By standardizing accounting practices, the newly formed US Securities and Exchange Commission (SEC) hoped to avoid another crash...
11、eatments of convertible and redeemable preference shares on enterprises by international accounting standards and American accounting standards, and then explores the most reasonable accounting treatment on this basis.This study finds that IFRS and GAAP have a direct economic impact on the different ...