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IFRS US GAAP Comparative Report Research Paper

… IFRS/U.S. GAAP Comparative Report

The GAAP (United States Generally Accepted Accounting Principles) and the IFRS (International Financial Reporting Standards) have similarities and differences that have to be carefully addressed in order to compare and contrast them. In 2002, the Norwalk Agreement made the similarities more solid and mitigated some of the differences but the two types of reporting are still not the same. The Norwalk Agreement was a memorandum between the U.S. And the International Accounting Standards Board (Financial, 2002). The understanding and agreement indicated that both sides wanted to see accounting standards that were compatible and that could be used domestically and with cross-border companies and investors (Financial, 2002).

By providing companies with compatible standards, there is a bigger opportunity to help investors decide…. [read more]

US GAAP vs. IFRS Research Paper

… U.S. GAAP vs. IFRS

Accounting procedures across the world confirm to two international standards i.e. U.S. GAAP -- Generally Accepted Accounting Principles and the IFRS -- International Financial Reporting Standards. Major countries like the UK, France, Germany, Japan and Australia use either one of the two standards. Most application of these international standards reveals the institutional framework of the individual countries, confirming the crucial role of national regulators and standard setters in helping companies to attain more comparable international reporting. With the rising proliferation of global business activities, the comparability of financial information between companies from different nations has become a crucial matter. The use of international accounting standards helps in bringing about comparability and transparency in financial reporting. Besides, the drive for companies to…. [read more]

GAAP vs. IFRS as Globalization Essay

… Current assets are attributed to the financial strengths in the company that can contribute between now and the next twelve months generally. These assets include cash, inventory, accounts that owe money and insurance. Long-term assets include capital items such as land and buildings. Current liabilities are also considered to be under the twelve month time restriction that current liabilities rests under. The main point to understand about long-term vs. current assets or liabilities is the time unit of one year.

APPLE's Balance Sheet

Apple's (APPL) balance sheet helps define its balance between its assets and liabilities. Current Assets from Apple's 2012 balance sheet show that their current cash asset, a current asset, is at $10,746,00. Apple's long-term asset of property plant and equipment is at…. [read more]

IFRS and GAAP Convergence Research Paper

… Errors that occur during translation of financial records reduce using IFRS.

5. Make recommendations as to whether Walmart should use IFRS or GAAP as its reporting standard. Explain your rationale.

The size of the multinational and it goal to dominate the global market will require the organization to use IFRS. The use of this accounting standard will enable the organization reduce the operating cost due to the audit and accounting charges incurred. As the organization expands its operations, it will need to unify its accounting standards and adopt IFRS, acceptable in other nations. IFRS is the future of accounting standards due to globalization. The use of U.S. GAAP isolates the business in the American market thus limiting the growth. Adaptation of IFRS enables the business…. [read more]

GAAP Versus IFRS Research Paper



Generally Accepted Accounting Practices (GAAP) refers to the set of guidelines and the resulting framework used to standardize accounting practices in the United States. The purpose of the GAAP is to assure that third parties who wish to view the financial information of a certain business entity can understand them in a manner that is free from bias or inconsistencies (Colson, 2005). These principles have developed out of tradition that became codified over the years. These practices have governed accounting practices in the United States and are considered to be standard in the U.S.

The GAAP is the standard in the United States. However, other countries have their own set of standards, which might have degrees of similarity or…. [read more]

IFRS Pension Reporting 2009 IAS Essay

… In Coca Cola's 2009 Annual Report, the company no longer has control over the assets contributed to individual pension plans outside the U.S., but will still be impacted indirectly due to the subsequent fair value adjustments to the assets in the funds (Item 8. Fnancial Statements & Supplementary Data, 2009). The actual return on assets contributed will impact the company's future net periodic benefit cost, as well as amounts recognized in the consolidated balance sheets. The assets and expenses from the foreign funds will impact the way the funds are calculated and recorded in future years as well. Expenses will no longer be deferred, but will instead be expensed in present periods.

There is also new guidance on asset measurement. It measures fair value according…. [read more]

International Financial Reporting Term Paper

… International Financial Reporting Standards (IFRS) can be described as a set of global accounting standards that show how specific kinds of transactions and other events should be presented in financial statements. These set of international accounting standards are issued by the International Accounting Standards Board. Notably, the International Financial Reporting Standards act as replacement of International Accounting Standards that were issued between 1973 and 2000. The main objective of IFRS is to provide a basis for easy international comparison of financial reporting. However, the realization of this objective is relatively difficult because every country has its specific set of rules and regulations that govern the process. Consequently, harmonizing international accounting standards throughout the world is a continual process in the global accounting community.

IFRS Conversion…. [read more]

World Diversity Ireland and US Research Paper

… Ireland/U.S.

While the ICAEW website sheds absolutely no light about what sort of standards the Irish use in their accounting, thankfully the Chartered Accountants of Ireland do talk about this. O'Rourke (2005) notes that the Irish GAAP was in the process of being converged with IFRS at the time. Price Waterhouse Coopers notes that IFRS has now been adopted in Ireland for consolidated financial statements. Ireland in general follows UK reporting rules. For all public companies, EU standard IFRS will be adopted by 2014 and other variants of IFRS will be required for SMEs, and small companies will be allowed to use something called FRSSE, a financial reporting system for small companies. In general, the comparison between Ireland and the United States, therefore, will be…. [read more]

Apple and Philips Balance Sheet Essay

… Apple's long-term obligations include deferred revenue (non-current) and what the company refers to as 'other non-current liabilities.'

Retained Earnings

The Retained earnings figure is basically that figure of earnings not issued out as dividends by an entity. An entity could retain a certain percentage of its earnings for a wide range of reasons. The higher the dividends paid out, the lower the retained earnings figure. On the other hand, the higher the net income of an entity, the higher the retained earnings figure. Losses however decrease an entity's retained earnings. Apple's retained earnings figure increased from $37, 169 million in 2010 to $62, 841 million in 2011. This represents a 69% increase in the figure of retained earnings in the period under consideration. The significant…. [read more]

Multinational Acquisition Due Week Essay

… 7. Conclusions

In the world of rapidly evolving technologies, IT companies base their success on innovation and the creation of user friendly, hi-tech devices. Still, due to the intense competition in the field, innovation is no longer sufficient to ensure success. In such a setting then, IT companies develop and implement various business strategies, such as strategic partnerships, customer centric operations and so on.

Google Inc. has based its growth strategy on both innovation, as well as sustained acquisition of competitive or complementary firms. These decisions have made the company stronger and better able to compete in various fields and sectors. In this growth pattern, Google has also signed a $12.5 billion deal for the purchase of Motorola Mobility, through which, the company hopes to…. [read more]

Organizations Establish Rules Essay

… It would reduce costs for multinationals that must now prepare multiple books. It would also make U.S. exchanges more competitive for listings by eliminating accounting differences." So, the basic difference is that the IFRS uses a simpler standard that can be used around the world and makes accounting for companies involved in global business much more streamlined.


Atwood, T.J., Drake, M.S., Myers, J.N., & Myers, L.A. (2011). Do earnings reported under IFRS tell us more about future earnings and cash flows? Journal of Accounting & Public Policy, 30(4).

Crovitz, L.G. (2008). Closing the information GAAP. Wall Street Journal. Retrieved from today

Ernst & Young. (2010). U.S. GAAP vs. IFRS. Retrieved from 2010/$FILE/IFRS_vs_US_GAAP_Basics_March_2010.pdf

Fowler, T., & Roper, J.C. (2005, Dec 28). Causey pleads…. [read more]

IFRS Reporting Requirements for Apple Research Paper

… Together with changing the organization’s legal status, which might leave the entity susceptible to lawsuits, government agencies may opt to carry out audits, enforce fines or even dissolve the organization entirely (Lexis Nexis, 2017).

4. Identify emerging industry trends that will have an effect on the required reporting.

There are emerging trends within the industry that Apple Inc. operates, which will have an impact on the required reporting. The internet as well as cloud technology continue to substantially cause disruption in the technological industry, encompassing accounting. Largely, gone are the days when the financial accountants and the department as a whole spend several hours inputting data that is eventually put into standardized accounting and financial accounting and also several amounts of paper in…. [read more]

IFRS versus GAAP conversions Essay

… Part 2.

This section will analyze the differences between the GAAP balance sheet and the IFRS balance sheet. The analysis will go line by line.

Cash is typically treated the same under both systems, as it simply represent cash and equivalents, and the case did not outline any point where there might be discrepancy here.

With respect to the short-term investments, gains on investment income are recorded as comprehensive income under GAAP, and are recorded on the income statement in IFRS. The assets are valued according to fair market value, which is how the asset has been recorded on the balance sheet. The gain or loss is not recorded on the income statement for tax purposes until the investment is sold and the gain or…. [read more]

IFRS vs. GAAP Impairment Loss Thesis

… Accounting Resources

In any industry, it is important to keep up-to-date with the ongoing changes in other firms, consumer trends, and other factors that affect the way business in the industry is conducted. In few sectors is this more apparent currently than in the field of accounting, where the recent spate of bank failures and other company collapses brought on -- in whole or in part -- by "creative accounting" practices has brought new scrutiny, new methods, and new legislation to bear on accounting practices. In order to keep abreast of these and other ongoing changes in the field of accounting, subscriptions and/or regular monitoring of certain scholarly journals, trade magazines, and online blogs is not only advisable, but is a near necessity. Like other…. [read more]

Conservatism in Accounting Valuation Research Paper

… Conservatism in Accounting Valuation

Accounting is used to determine the financial health of a business or individual. As such, it is carefully regulated and those who practice it for compensation are required to have education and certification. There are various rules, laws, and principles that govern the business of accounting and that are commonly used in order to ensure that those who work as accountants are handling others' money and financial information correctly. Because there are only a few accepted methods of accounting, it is possible to learn them all and determine which one of them would be best for a client. That way, an accountant can help his or her client save the most money on taxes and create an accounting system that can…. [read more]

Creating a Universal Standard for Accounting and Finance Research Paper

… ¶ … Long-Term Impacts of IFRS and GAAP Convergence?

In the world of accounting, there has been a focus on creating a workable standard for firms to utilize around the world. This is taking place based upon the need for greater amounts of transparency and reporting. To determine the overall scope of what is happening requires carefully examining the convergence of IFRS and GAAP guidelines. These elements will offer specific insights which are highlighting the scope of these changes and the way they are impacting different stakeholders.

Globalization is having a positive impact on corporations by giving them access to new markets and cliental. This is because technology is improving and the world is becoming more interconnected thanks in part to advancements in communication. As…. [read more]

Global Accounting Standards Essay

… International Accounting Standards: Adoption And Transition

Traditionally, the accounting profession has been seen as a functionary occupation, the practitioners of which are concerned with the presentation of economic figures relating to individual and organizational financial performance. Accountancy has been seen largely as a field reserved for mathematical grunt-work, with its output serving as indicative of performance rather than incursive upon it. Today, that perspective has been altered significantly, for better and for worse. The role of accounting professionals has both diversified and expanded considerably over the past few years, with practitioners in this field coming to serve as primary decision-makers and organizational visionaries in their own right. This serves as a testament to the crucial contribution of accountancy-derived economic insight in the determination of sensible…. [read more]

Accounting for Income Taxes Term Paper

… Accounting for Income Taxes

The role of the tax professional has changed substantially in the past decade. Previously, the focus was on tax planning and the marketing of tax products. The focus today is more on the corporation's tax provision and compliance work. This shift has occurred as the result of changes in the regulatory environment. In particular, the enactment of Sarbanes-Oxley (SOX) has shifted emphasis towards the compliance side of the business. This paper will analyze the changes in the tax accounting profession over the past decade with particular attention to the increase in emphasis on compliance. Not only did SOX change the operating environment for tax professionals, but another concern arose concerning the use of abusive tax shelters. In the mid-1990s the use…. [read more]

Financial Standards Reporting Research Paper

… S. companies, so the preparers have to have some understanding of the U.S. GAAP, and make decisions based on it also. Therefore, German companies try to conform, as best they can, with the large U.S. GAAP as well as their own and the IASB standards. There is no wonder that it seems piecemeal to the rest of the world.

Impact on Deutsche Bank

Companies in Germany have gotten used to a piecemeal way of doing financial accounting. Though the accountants are exacting, there still has been no single accepted national standard that they have had to follow. With all countries likely to adopt the IASB standards by 2014, it is imperative that they learn to follow the single standard instead of using the formula that…. [read more]

Accounting Qualitative Characteristics of Financial Essay

… If all statements are produced according to the same standards, and they are presented in the same manner, then the user can easily compare the performance of one company vs. another, or the performance of the same company over two or more different time periods.

Each of these principles contributes in its own way to making financial statements more useful to end users. The use of standards such as GAAP ensures that financial statements meet all of these qualitative criteria, thereby enhancing the usefulness and trustworthiness of financial statements. Overall, when statements meet these four qualitative principals, the financial system as a whole benefits because the integrity of the financial statements themselves is less open to question, and the users can focus on interpreting the…. [read more]

How a School Budget Is Designed Essay

… ¶ … School Budget Is Designed

The Trenton Public Schools are the New Jersey comprehensive community public school District that serves students in pre-kindergarten. In Mercer County in New Jersey, the Trenton public school consists of 16 elementary schools, two middle schools as well as the high schools. The district is one of the 31 Abbott districts in the New Jersey generally referred as "SDA Districts" based on its requirements for the state to cover the costs of renovation and school building under the general supervision of New Jersey Schools Development Authority. In accordance with the "New Jersey Administrative Code (N.J.A.C. 6A:23-2.1 et seq.)," the New Jersey school districts presents financial budget in accordance with GAPP (generally accepted accounting principles). (State of New Jersey, 2008…. [read more]

Accounting Ethics Research Paper

… Accounting Ethics: The Enron Scandal

A number of recent scandals in the past ten years have motivated regulators to change the legal landscape in regards to what constitutes ethical standards in accounting. With the Sarbanes-Oxley Act (SOX) in 2002, Congress created the Public Company Accounting Oversight Board (PCAOB), a non-profit entity that assumed responsibility for establishing auditing standards. It replaced the role previously filled by the Auditing Standards Board of the AICPA. The AICPA was deemed to be overly self-interested to regulate the conduct of auditors. One of the precipitating events that generated the political motivation to pass SOX was the Enron scandal. Specifically, "the plight of David Duncan, the lead audit partner at Arthur Andersen on the Enron account, underscores the consequences accountants may…. [read more]

Southwest Airlines Essay

… This is because select amounts of debt can be reduced, despite the fact that the company is still paying the interest on this obligation. Once this occurs, it means that it is only a matter of time until you begin to see the airline become unresponsive to transformations that are taking place.

If this kind of approach can be embraced by Southwest, it will ensure that the company is able to respond to changes that are taking place in the sector. This will keep their costs low and it will allow them to provide increased amounts of transparency. Over the course of time, this will make their earnings and projections more accurate. This will create more stability in the price of the stock and set…. [read more]

Financial Analysis Ratios Essay

… Ratio and Financial Statement Analysis

The topic for this essay is ratio and financial statement analysis. It is meant to show and analytically examine the benefits and confines of ratio analysis by elucidating what factors impact the significance of such methods and what new theories or practices may be developing regarding the presentation and application of ratio and financial statement analysis. Emphasis on practical applications will come from peer-reviewed articles.

The articles are within the last five years as well as use real-world ratios synthesizing. They are a mixture of researched material and studies. From the start of January 1, 2011, the majority of the world fiscal market economies utilize International Reporting

Standards or IFRS as the obligatory outline for financial statements. This has a…. [read more]

Financial Management Content Find Articles Essay

… Regardless, the conclusion of the article is that greater principled guidance within institutions is called for, but there also must be greater agreement as to what specific practices uphold agreed-upon ideals of transparency and accuracy.

Uncovering pharmacy department risks and opportunities

A different perspective is offered by the article by Gary R. Fong, Randy Wiitala

and Frederick Stodolak entitled "Uncovering pharmacy department risks and opportunities," which details the difficulty of overseeing the bureaucracy of sprawling healthcare organizations. Specifically, one of the most notoriously unreliable departments regarding financial data is the pharmacy: "with gross revenue levels and cost increases in pharmaceutical and medical supplies exploding over the past decade, improper billing, coding, and pricing for pharmacy items can materially affect a hospital's net revenue, even with…. [read more]

Two Company's Financials in Evaluating a Job Offer Essay

… Financials

Both Nordstrom and H&M are highly-respected, successful retailers. This paper will analyze the two on the basis of which one might be better to work for in the future. In the real world, both companies are going to survive over the long run, and will continue to be successful, so the decision will not come down to their financials. But for the purposes of this work, the financials will be given significant consideration.

H&M has the better financials of the two. Once the Swedish crowns are adjusted to USD, H&M's metrics are almost universally better than those of Nordstrom. In terms of liquidity, both companies have a healthy current ratio above 2, so neither is at any risk of short-term liquidity issues that might…. [read more]

Fi Asb the FASB Essay

… The Norwalk Agreement was achieved in 2002, following this first meeting of the IASB and the FASB (IASB 2011). This agreement, however, was really only as binding as any of the standardization recommendations that either board made in the past, and was really simple a "memorandum of understanding" that the two boards came to regarding their need to develop more consistent standards, and a commitment to attempt this (IASB 2011). Still, it was a sign that the importance of standardization and transparency in accounting was being recognized.

To date, however, very little real progress has been made between the two accounting organizations insofar as establishing a truly cohesive and comprehensive set of terminology, practices, and other standardizing elements. The IFRS (essentially the governing board of…. [read more]

Management Account in the Public Essay

… Nevertheless, the idea of utilizing more international standards of accountancy, combined with an increased stakeholder presence, has normalized many of the functional areas of public accounting. This is especially important when one looks at the macroview, in which the Australian government is being tasked with more and more demands for monetary spending on public policy issues (Funnell & Cooper 1998).

Similarly, private sector accounting can not be as hidden or private as before. There is also demand, particularly from stakeholders, that these entitites move into a more deliberate and robust reporting of not only the basics required by law, but the manner in which many of those figures and extrapolations were arrived at. One of the ways this has become endemic in Australia is the…. [read more]

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