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
54 views

Contrast U.S. GAAP financial statement terms with their different IFRS terms.

To determine

Compare the financial statement terms used in GAAP that contrast with IFRS.

Explanation

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.

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.

Comparison of financial statement terms used in GAAP that contrast with IFRS:

GAAP Financial Statement TermIFRS Financial Statement Term
Statement of comprehensive incomeStatement of comprehensive income
Balance sheetStatement of financial position
Interest expenseFinance costs
Net incomeProfit for the year
Trading investmentsFinancial assets at fair value through profit or loss
Excess of issue price over parShare premium
Notes payableLoans
Wages payable, or salaries payable, or payroll taxes payableEmployee provisions

Table (1)

Conclusion

Thus, the financial statement terms used in GAAP are compared with those used in IFRS.

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

What factors affects the choice of sales promotion used?

Foundations of Business (MindTap Course List)

What is the benefit of the lean philosophy?

Financial & Managerial Accounting

Define the term product

MKTG 12:STUDENT ED.-TEXT

AMORTIZATION SCHEDULE a. Set up an amortization schedule for a 25,000 loan to be repaid in equal installments a...

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

Find all the answers to your study problems with bartleby.
Textbook solutions plus Q&A. Get As ASAP arrow_forward