Under what circumstance should a German company prepare its financial statements under German GAAP rather than international financial reporting standards?
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- What is the major difference between the approach of international financial reporting standards versus U.S. GAAP accounting? What are the advantages and disadvantages of each?What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?Where are the EU directives effective in generating comparability of financial statements across companies located in number of nations? Why or why not?
- How is U.S. GAAP accounting different from international accounting? What are the key differences? And what rationale drives these differences?Discuss the principles and characteristics of the International Financial Reporting Standards (IFRS) and how they differ from Generally Accepted Accounting Principles (GAAP). What are the advantages and challenges of implementing IFRS globally?How do international accounting standards and cultural differences impact financial reporting practices in different regions of the world?
- What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.Evaluation (Opinon) or conclusion, the factors that influence international differences in financial reporting.
- Please 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).Describe the effects of the merchandising operation on international financial reporting standards?Choose the correct. What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.
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