Explain how the closing process is different between accounting under IFRS versus U.S. GAAP
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Explain how the closing process is different between accounting under IFRS versus U.S. GAAP
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- Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.How does IFRS differ from current U.S. GAAP with respect to accounting for impairments?(Based on Appendix 7B) Do U.S. GAAP and IFRS differ in the ability of a company to recognize in net incomethe recovery of impairment losses of accounts and notes receivable?
- Determine the impact that specific differences between IFRS and U.S. GAAP have on financial statements, and prepare adjustments to convert IFRS balances to U.S. GAAP.How is a change from a non-GAAP accounting method to a GAAP method recorded?Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for shareholders’ equity.
- Explain revenue recognition concepts under the US GAAP rulePlease explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, financial instruments, leases).Which of the following should be treated as a change in accountingpolicy? A. A change is made in the method of calculating the provision for uncollectible accounts receivable B. A change from cost model to fair value model in measuring investment property C. An entity engaging in construction contract for the first time needs on accounting policy to deal with this D. All of the choices qualify as a change in accounting policy
- Which of the following statements about Accounting Changes isincorrect? A. When retrospective application is impracticable, the entity shall apply the new policy as at the beginning of the earliest period for which restatement is practicable, which may be the current period. A corresponding adjustment to each affected component of equity affected shall be made. B. Retrospective application is applying the new policy to the transactions, other events and conditions occurring after the date as at which the policy is changed and recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change. C. An entity shall correct material prior period errors retrospectively in the first set of financial statements authorized for issue after their discovery by restating the comparative amounts for the prior period(s) presented in which the error occurred. D. Changes in accounting policies do not include applying an accounting policy for…Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and error corrections.Which of the following operating segment disclosures is not required under current U.S. accounting guidelines?a. Liabilitiesb. Interest expensec. Intersegment salesd. Unusual items