Why isn't LIFO allowed under IFRS? What other industry would benefit from using the FIFO method? Why? Inventory costing comes in many different sizes. LIFO, FIFO, weighted average, and moving average are just some of the methods under U.S. GAAP. Why are there so many methods available un...
(IFRS), which are set by the International Accounting Standards Board and serve as the guideline for non-U.S. GAAP companies reporting financial statements. They were established to bring consistency to accounting standards and practices, regardless of the company or the country. IFRS is thought ...
Net realizable value analysis is a way to check the balances of assets on a company’s accounting books to ensure they are properly valued under the theory of conservatism. This means that the books should always err on the side of caution, recording assets and revenues when certain they will...
Not all financial statements are created according to the same accounting rules. The rules used by U.S. companies are called Generally Accepted Accounting Principles, while the rules often used by international companies are International Financial Reporting Standards (IFRS). Additionally, U.S. governm...
Despite courses in international accounting just recently becoming more prevalent, the art of international trade has been around for over thousands of years. What has created new challenges in Intern...
How is a Deferred Tax Liability or Asset Created? A deferred tax liability (DTL) or deferred tax asset (DTA) is created when there aretemporary differencesbetween book (IFRS, GAAP) tax and actual income tax. There are numerous types of transactions that can create temporary differences between...
What changes are the urgency, impacts and scenario options. Those already accustomed to using analytics to help make resource allocation decisions were better prepared for those same types of decisions in the context of a pandemic. For example, Cleveland Clinic created a range of model...
It was created by OpenAI and has gone through several iterations from GPT-1 to GPT-4. Each version is larger and more capable than the last. GPT models are trained to predict the next word in a sequence, allowing them to generate coherent and fluent text. Fine-tuning a GPT model on a...
And yes, your auditors are right – you have to account for this guarantee somehow. Before I explain how, let’s take a look at thegeneral guaranteeto support your subsidiary in case of negative equity. This isNOT a financial guarantee under IFRS 9, because it is NOT specific, you have...
are essentially on the front lines of the financial industry and are constantly making improvements. In the U.S., the Financial Accounting Standards Board (FASB) sets the GAAP for U.S. companies. The international substitute to GAAP is the IFRS, which is set by the International Accounting ...