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.
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Chapter 13MJ Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
- 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_forwardFair 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_forward
- Question: 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_forwardWhy is the distinction between a conditional and unconditional contribution important for accounting purposes?arrow_forward
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningEBK CONTEMPORARY FINANCIAL MANAGEMENTFinanceISBN:9781337514835Author:MOYERPublisher:CENGAGE LEARNING - CONSIGNMENTIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)