1.
Introduction: As international Accounting Standards are issued by International Accounting Standards Committee since 1973. This was basically issued to simplify the comparison between business established around world, increase in transparency and trust build in financial reporting. As International Accounting Standards help investors and other market participants to be informed about the economic decisions about investment risk and opportunity and improve their capital allocation.
To determine: the purpose and principles of internal control are different between accounting systems reporting under IFRS and U.S GAAP.
2.
Introduction: As international Accounting Standards are issued by International Accounting Standards Committee since 1973. This was basically issued to simplify the comparison between business established around world, increase in transparency and trust build in financial reporting. As International Accounting Standards help investors and other market participants to be informed about the economic decisions about investment risk and opportunity and improve their capital allocation.
To determine: The reason for cash differs in accounting system reporting under IFRS and GAAP and the procedure applied differ in both accounting system.
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Loose Leaf for Financial Accounting: Information for Decisions
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- The purpose of the IFRS Interpretations Committee is to: Consider accounting issues that are likely to receive unintended or unacceptable treatment in the absence of any other form of guidance Ensure accurate translation from English into the other principal languages utilised by the IASB Provide initial technical advice and service for companies wishing to adopt International Accounting Standards Provide a compliance function to ensure the timely and accurate adoption of new International Accounting Standards by companies with listed securities.arrow_forwardExplain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.arrow_forwardWhat should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?arrow_forward
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