To satisfy geographic area disclosure requirements, what are the minimum and maximum numbers of countries for which information should be reported separately?

Q: What would happen if both GAAP and IFRS adopted fiar value accounting? Consider both consoldiation…

A: GAAP GAAP, or usually Accepted Accounting Principles, could be a commonly recognized set of rules…

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: Identify any differences between U.S. GAAP and International Financial Reporting Standards in the…

A: Research and development costs:

Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…

A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…

Q: What follows is a very explicit discussion of like-kind exchanges under IRC provisions?

A: Section 1031 of IRS  refer to the exchange of one financial property for another that allows…

Q: In what circumstance must entities register for GST in Australia?

A: GST is goods and services tax which is a form of indirect taxes. This is charged on goods and…

Q: Discus basic methods used to settle international transactions.

A: When the goods and services are traded outside the national boundaries it is known as international…

Q: Determine when and what types of information must be disclosed for geographic areas.

A: Definition:   Segment reporting: Presenting the financial statements along with the necessary…

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: Should the United States also adopt IFRS?

A: International financial reporting framework (IFRS): International financial reporting framework is…

Q: When should a company begin gathering information about differences between IFRS and its existing…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Define Temporarily Restricted Contributions based on the U.S. GAAP SFAS.

A: Statements of Financial Reporting Standards were created to address particular accounting concerns…

Q: How are FASB preliminary views and FASB exposure drafts related to FASB “statements”?

A: Financial accounting standards board (FASB): The FASB is an independent, designated, and non-profit…

Q: Briefly describe how IFRS guidelines for recognizing revenue from multiple-deliverable arrangements…

A: Definition: Revenue recognition principle: Revenue recognition principle emphasizes, that the…

Q: state the importance of Balance of International Payment

A: The Balance of International Payment (or simply the Balance of Payment or BoP) is that statement…

Q: What is a reportable segment in accordance with IFRS 8? What criteria are used in determining what…

A: The question is related to IFRS 8 Operating Segement.

Q: Discuss the government structure of the Ghana Revenue Authority

A: The Ghana Revenue Authority: The task of assessing, collecting and accounting for tax revenue in…

Q: What financial statements are report

A: The consolidated financial statements of the U.S. government were prepared using GAAP. These…

Q: What exactly are the IPSASs' jurisdictional boundaries?

A: Here Is The Answer :

Q: What is interim reporting period? Describe about it.

A: Interim financial statements are defined as a financial report containing either a complete set of…

Q: How does IFRS differ from current U.S. GAAP with respect to accounting for impairments?

A: When the asset value reduces due to market or technological factors which it turn fall below its…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for…

A: Under IFRS, defined benefit plan assets are valued at fair value. Under U.S. GAAP, defined benefit…

Q: Analysing the likely reasons why the USA has not yet fully adopted IFRS

A: International Financial Reporting Standard (IFRS) : Intended to make financial statements of…

Q: n the United States, the __________, a government agency, has the legal authority to set GAAP.

A: Financial Accounting Standard board (FASB) is a government body established for the purpose of…

Q: Distinguish between the Customs Act, Customs Tariff Act, an EIPA Further, what is the purpose of…

A: Customs Act: Customs Act deals with the administration part of the customs transactions and general…

Q: Give a detailed answer to the theoretical question Display graphically and explain the mechanism of…

A: Bills of exchange indicate a written agreement stating the obligation of one party to pay the due…

Q: Explain “functional currency” and suggest one indicator that an entity may consider to determine its…

A: Functional currency is the currency that is used by an entity to record its business transactions.…

Q: How are IFRS currently used in the United States?

A: International Financial Reporting Standards:   They are commonly known as IFRS. It is a set of…

Q: Which method(s) are required for external reporting? For internal reporting?

A:

Q: differentiate between the Customs Act, Customs Tariff Act, and EIPA

A: Customs Act: Customs Act deals with the administration part of the customs transactions and general…

Q: Which body is primarily responsible for the establishment of GAAP in the United States? What body…

A: Given: The primary responsibility of the establishment of the GAAP.

Q: How is the date of transition and the date of reporting determined in first-time adoption of IFRS?

A: Date of transition is the beginning of the earliest period for which an entity presents full…

Q: Discuss the Legislative Authority of VAT in Trinidad and Tobago

A: Tax Revenue: Tax revenue is the pay acquired by the public authorities through tax collection. The…

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: Identify any differences between U.S. GAAP and International Financial Reporting Standards in…

A:

Q: Separate accounting standards exist for the U.S. federal government in contrast to state and local…

A: Accounting:  It is the process of recording, classifying, summarizing all transactions of a business…

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

A: Accounting is a process of recording financial transactions pertaining to a business.

Q: Can an entity go into a joint arrangement with the government? how do you account for that?

A: Joint Arrangement The term Joint arrangement in business to take part in other business with their…