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Generally Accepted Accounting Principles (GAAP):
They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).
International Financial Reporting Standards (IFRS):
It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).
To compare: The use of term ‘reserve’ used in GAAP and in IFRS.
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Chapter 13MJ Solutions
Bundle: Financial & Managerial Accounting, Loose-leaf Version, 13th + CengageNOWv2, 1 term (6 months) Printed Access Card Corporate Financial ... Access Card for Managerial Accounting, 13th
- Why is the application of fair value principle in measuring the financial position less objective than that of the cost principle? Illustrate with an example the necessary condition for fair value measurement to become more objective.arrow_forwardDo you think GAAP should require fair value measurement of either more or less items on the balance sheet?arrow_forwardWhat is fair value gain? And what effect it has on Balance sheet?arrow_forward
- Fair Value Accounting: Q. How does fair value accounting differ from historical cost accounting? Discuss the advantages and challenges of using fair value in financial reportingarrow_forwardQuestion: Why is it that fair value's are thought to be more relevant in some financial reporting situations? Please Explain.arrow_forwardWhat are the differences between EVA and net profit in accounting?arrow_forward
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENTFinanceISBN:9781337514835Author:MOYERPublisher:CENGAGE LEARNING - CONSIGNMENT