International Financial Reporting Standards:
They are commonly known as IFRS. It is a set of accounting standards which are developed by independent (Non-profit) organization called as International Accounting Standards Board (IASB). It is universally accepted set of standards which states the rules and practice for accounting practice.
Generally Accepted Accounting Principles:
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).
To explain: Does U.S. GAAP and IFRS differs in the criteria they use and to determine whether a transfer of receivables is treated as a sale.
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- Please focus on Goodwill when you answer the question below and when you apply an example to it. The question: Explain and analyze the effect of major differences between IFRS and U.S. GAAP on Financial statements in terms of Definition, recognition, Measurement, and alternative methods of measrument (if allowed), the requirements, the presentation of the items in financial statements, and disclosure in the notes of the financial statements.arrow_forwardUnder IFRS, revenue from barter transactions should be measured based on the fair value of revenue from: B . similar non-barter transactions with related partiesarrow_forwardif the exchange has commercial substance, what amount of gain is to be recognized?arrow_forward
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