What are two differences between IFRS and U.S. GAAP with respect to the classification of financial statement items?

Q: , IFRS Financial Instruments One of the following is not within the scope of the standard

A: The scope of the standard applies to all financial instrument except: 1. Interest associated with an…

Q: describe general requirements for fi nancial statements under International Financial Reporting…

A: The IFRS is general standards of financial reporting along with US and UK GAAP.

Q: what are the requirements for registration for TMCs/TAs with the Securities and Exchange Commission

A: Securities and Exchange Commission means the board which control all the activities of a company .…

Q: Define International Financial Reporting Standards.

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

Q: The US GAAP provides rules and guidance for what two primary financial reporting purposes?

A: US GAAP which is the acronym and abbreviation of generally accepted accounting principles has given…

Q: What are three countries that do not allow domestic publicly traded companies to use IFRS to prepare…

A: India, United States and China are the three countries that do not allow domestic publicly traded…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to thebalance sheet,…

A: U.S. GAAP    The Generally Accepted Accounting Principles in the US (U S GAAP) refer to the…

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

A: GAAP: It is the standard guidelines that are commonly used for financial reporting. These guidelines…

Q: 0) Similarities between IFRS and U.S. GAAP requirements for balance sheet presentation include all…

A: The Statement of financial position is an essential requirement for the financial statement it is…

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

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: What method of determining operating income is required under GAAP for financial statement…

A: There are two basic types of accounting methods to determine the operating profit of a company which…

Q: Should the company prepare its financial statement based on IFRS or US GAAP?

A: Financial statements are the detailed records pertaining to the business. These are prepared by the…

Q: Which companies are required to provide a U.S. GAAP reconciliation in their annual report filed with…

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: Securities that are registered at the U.S. Federal level are not subject to U.S. state governments…

A: There are various laws governing securities

Q: Which are the Federal and State Securities Authorities?

A: The question is based on the concept of security authorities working in United State. The law of…

Q: Briefly discuss the differences between (A) adoption of IFRS by the U.S. Securities and Exchange…

A: IFRS stands for International Financial Reporting Standards are the set of standards designed with…

Q: What are the classifications of financial assets in accordance with IFRS 9?

A: SOLUTION- FINANCIAL INSTRUMENT- 1-A CONTRACT THAT GIVE RISE TO FINANCIAL ASSETS FOR ONE PARTY AND…

Q: What assumptions are made in a comparative financial analysis, especially on an international scale?

A: Comparative Analysis: Take two or more sets of data. Compare them side by side And then analyze the…

Q: What are three differences between IFRS and U.S. GAAP with respect to the recognition of financial…

A: Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of…

Q: International Financial Reporting Standards (IFRS) are:

A: The correct answer & explanation is as follows-

Q: What are three difference between IFRS and U.S. GAAP with respect to the measurement of financial…

A: Three differences between IFRS and US GAAP with respect to the measurement of financial statement…

Q: Determine the impact that specific differences between IFRS and U.S. GAAP have on financial…

A: The distinctive points  are listed below: S. GAAP is only used in USA (United States of America),…

Q: True or False - The SEC establishes International Financial Reporting Standards.

A: IFRS (International financial reporting standards) are the accounting standards that are followed by…

Q: Whether or whether U.S. corporations adopt IFRS is dependent on the variations in how comparable…

A: The question explains about  GAAP and International Financial Reporting Standards.

Q: Under the conceptual framework for international financial reporting a non-controlling interest fits…

A: When ever a company acquires another company's share of more than 50%, it obtaines control over it…

Q: What is the primary difference between interim reports under IFRS and U.S. GAAP?

A: IFRS and GAAP:

Q: What are the important key points of interim financial reporting PAS 34?

A: The important key points of interim financial reporting PAS 34 are as follows:- The objective of…

Q: Describe at least two differences between U.S. GAAP and IFRS in balance sheet presentation.

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Briefly describe the concepts of; Letter of credit, trade deficit, negotiable instrument and credit.

A: Letter of credit is a financial instrument that is used as a mode of payment specifically for…

Q: Under IFRS, how is presentation currency defined? The currency in which the financial statements…

A: Presentation Currency: This is the presentation currency is the term given to the monetary unit in…

Q: Discuss the need to include the leverage ratio and off-balance sheet assets in Basel III

A: Leverage ratio in Basel III was introduce to reduce the risk of such periods of deleveraging in…

Q: Discuss the use of liquidity ratios (in accordance to BASEL III) as a valid focus for international…

A: About BASEL:: The Basel Committee on Banking Supervision (BCBS ) is entrusted with the task of…

Q: What body is responsible for setting International Financial Reporting Standards?

A: International Financial Reporting Standards are the internationally recognized accounting standards.…

Q: Briefly discuss the differences between (a) adoption of IFRS by the U.S. Securities and Exchange…

A: There are two possible paths for the United States to align the U.S Generally Accepted Accounting…

Q: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial…

A: International Financial Reporting Standards: IFRS (International Financial Reporting Standards) is a…