BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124

Solutions

Chapter
Section
BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124
Textbook Problem
1 views

Briefly discuss the differences between (A) adoption of IFRS by the U.S. Securities and Exchange Commission and (B) convergence of U.S. GAAP with IFRS.

To determine

Examine the differences between (A) adoption of IFRS by Securities Exchange Commission (SEC), and (B) convergence of GAAP with IFRS.

Explanation

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): Generally Accepted Accounting Principles are the generally followed rules, concepts and principles which are used for the presentation of the financial information of a business organization.

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.

The following are the differences between (A) and (B):

(A)

Adoption of IFRS by SEC: SEC is the only body in Country U, which has the authority to embrace IFRS and permit the public companies of Country U to follow IFRS...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Integrated Case NEW WORLD CHEMICALS INC. 16-16 FINANCIAL FORECASTING Sue Wilson, the new financial manager of N...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)