International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
Financial Accounting Standards Board (FASB): FASB is the organization which creates, develops, and approves accounting standards; and administrates GAAP.
Securities Exchange Commission (SEC): This is the government agency that governs the working of FASB and financial markets in the Country U.
To examine: The differences between (A) adoption of IFRS by Securities Exchange Commission (SEC), and (B) convergence of GAAP with IFRS
Want to see the full answer?
Check out a sample textbook solutionChapter AC Solutions
FINANCIAL+MANG.-W/ACCESS PRACTICE SET
- Contrast U.S. GAAP financial statement terms with their different IFRS terms.arrow_forwardWhat is the primary difference between interim reports under IFRS and U.S. GAAP?arrow_forwardDetermine the impact that specific differences between IFRS and U.S. GAAP have on financial statements, and prepare adjustments to convert IFRS balances to U.S. GAAP.arrow_forward
- Discuss the primary differences between U.S. GAAP and IFRS with respect to thebalance sheet, financial disclosures, and segment reportingarrow_forwardHow is U.S. GAAP accounting different from international accounting? What are the key differences? And what rationale drives these differences?arrow_forwardWhat is the major difference between the approach of international financial reporting standards versus U.S. GAAP accounting? What are the advantages and disadvantages of each?arrow_forward
- Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. current liabilities, provisions, employee benefits, share-based payment, income taxes, revenue, financial instruments, leases).arrow_forwardWhat does the term functional currency mean? How is the functional currency determined under IFRS and under U.S. GAAP?arrow_forwardInternational fi nancial reporting standards are currently developed by which entity? C . Th e International Organization of Securities Commissions.arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education