list and explain differences and similarities between Us GAAP and IFRS in recording process

Q: Describe any differences in segment disclosure requirements between U.S. GAAP and IFRS.

A: International Financial Reporting Standards IFRS is a set of global accounting standards issued by…

Q: What functions does the FASB perform?

A: FASB :                          FASB is defined as "The Financial Accounting Standards Board" is a…

Q: Discuss the diffences between internal and external users of ingormation and their needs and demands…

A: Accounting Information System (AIS):   The system which helps to gather, store and process the…

Q: What are the major differences between U.S. GAAP and IFRS 8 with respect to the disclosures that are…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: Terminology Matching Continued

A: Details are written against terminology.  I hope that would clear your doubt.

Q: Discuss the various sources of data for the FRS output and how these data are processed into…

A: Financial reporting system (FRS) can be defined as the process of producing and maintaining the…

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: List all the IAS and IFRS Standards and state thier objectives

A: The accounting standards of IAS are as follows:

Q: State the key differences between IFRS and U.S. GAAP.

A: IFRS stands for International Financial Reporting Standards. These are accounting standards issued…

Q: Identify the items from the following list that are likely to serve as source documents.

A: As it is difficult to check the boxes, i am providing the answer manually: The list that can be…

Q: Which basis of measurement is allowed in standard IFRS16?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: [Based on Appendix C] What is the purpose of special journals? In what ways do they simplify the…

A: Special journal: The purpose special journal is to record the particular types of transactions which…

Q: What can be understood from Integrated disclosure system.

A: Integrated disclosure system: It is an update in the security exchange commission’s guidelines to…

Q: What are the major procedural differences in applying the current rate and temporal methods of…

A: The key differences related to monetary assets carried at historical cost. Under the temporal…

Q: What is the important differences that exist between U.S. GAAP and IFRS?

A: U.S. GAAP is the accounting standards laid forth by the Financial Accounting Standards Board (FASB).…

Q: Describe the FASB–IASB convergence process and SEC recognition of IFRS.

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: ning Please answer questions c) What are the scopes of the IPSASs?  d)What are the similarities…

A: What are the scopes of the IPSASs? IPSASs set out recognition, measurement, presentation and…

Q: IPSASB What are the scopes of the IPSASs? What are the similarities and differences (if any) between…

A: The international public sector accounting standard board (IPSASB) seems to be an unbiased…

Q: Explain how to set the date of the first adoption of IFRS and first reporting date in accordance…

A: The International Financial Reporting Standards (IFRS) were developed to ensure that accounting…

Q: Describe the ways and the extent to which IFRS are used around the world.

A:

Q: iscusd the various sources of data for the FRS output and how these data are processed into…

A: Financial Reporting System: The financial reporting system (FRS) overviews the financial resources…

Q: What exposures do data consolidation in a CBIS environment pose?

A:

Q: FASB process of coding and issuing pronouncements.

A:

Q: Mention two audit procedures relating to electronic data interchange controls

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: Make a list and indicate the titles and descriptions of the current IASs and IFRSs .

A: List of International Financial Reporting Standards (IFRS) IAS 1 Presentation of Financial…

Q: What are some pros and cons of the CERES CSR reporting framework i.e. the measure tools, reporting…

A: CERES CSR defines the corporate social responsibility of companies and their resultant action…

Q: What is the purpose of a digital audit trail?

A: Digital audit trail means that path which is used to trace the actual transactions from the relevant…

Q: Describe the alternative approach to record prepayments.

A: Prepayments are the amounts paid in advances for expenses of future period. Alternative approach to…

Q: Explain Change in Reporting Entity.

A: A reporting entity is an entity whose general-purpose financial report is used by its users to have…

Q: What are some of the key documents that may be reviewed in a current systems survey?

A: Current System Survey:   Current system survey is conducted to discover the root cause of reported…

Q: Which organization is responsible for promulgating U.S.​ GAAP?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: ome will be reported using FIFO as

A: Since we answer only one question, we will answer the first question. Please resubmit the questions…

Q: internal reporting.

A: Option a is wrong because one of the options is correct. Option b is wrong because ABC can only be…

Q: Identify the major policy-setting bodies and their role in the standard-setting process

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: The solution must be under the GAAP standards

A: The equity method of accounting is the approach for recording the investment made by a company in…

Q: Differentiate between IFRS vs. U.S. GAAP.

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: What documents constitute the AP packet? Whatevidence does each document provide?

A: An organization should record a liability in its books of accounts based on the invoice amount after…

Q: (Based on Appendix 3) Describe any differences in segment disclosure requirements between U.S. GAAP…

A: Definition: International Financial Reporting Standards: IFRS is a set of global accounting…

Q: Discuss both internal and external factors affecting the ITP systems.

A: Internal Factors:1)Internal Social EnvironmentProblems with transfer pricing exist only inside a…

Q: Explain the measurement attributes employed in GAAP.

A: The measurement attributes employed in GAAP are as follows: Historical Cost Net Realisable Value…