This essay has been submitted by a student. This is not an example of the work written by professional essay writers.
Uncategorized

Differences between GAAP and IFRS.

Pssst… we can write an original essay just for you.

Any subject. Any type of essay. We’ll even meet a 3-hour deadline.

GET YOUR PRICE

writers online

Differences between GAAP and IFRS.

      GAAP simply stands for generally accepted accounting principles while IFRS stands for international financial reporting standards.

The following principles of accounting will the managers are in a position to deal with the account easily and the reports to be easily understood by the users of this report like shareholders, creditors, competitors as well as management itself. Periodicity concept will enable the management to prepare income statement at the end of trading period with is normally 12 months. This will enable the management to compare the profits from different trading periods. The going concern concept will enable the management to assume that the organization is going to continue its operations. This will enable the management to set aside the funds to cater for future operations.

In IFRS IAS 1 require the organizations to prepare cash flow after each trading period. This will enable the management to compute its gross profit, profit and to calculate the amount to be distributed to shareholders.IFRS helps to reduce  or eliminate confusing variations in the methods used to prepare the accounts. They will also make the organization to disclose the accounting policies used in the preparations of the accounts.

http://www.accountingfoundation.org/gaap

Price, Sharon. Predictive Ability for US GAAP and IFRS. Diss. ANDERSON UNIVERSITY, 2014.

Giloz-Ran, Estery, Ilanit Gavious, and Baruch Lev. “The Positive Externalities of IFRS: Enhanced R&D Disclosure.” (2014).

Beck, Allison K., et al. “Firm Equity Investment Decisions and US GAAP and IFRS Consolidation Control Guidelines: An Empirical Analysis.” Journal of International Accounting Research (2017).

 

  Remember! This is just a sample.

Save time and get your custom paper from our expert writers

 Get started in just 3 minutes
 Sit back relax and leave the writing to us
 Sources and citations are provided
 100% Plagiarism free
error: Content is protected !!
×
Hi, my name is Jenn 👋

In case you can’t find a sample example, our professional writers are ready to help you with writing your own paper. All you need to do is fill out a short form and submit an order

Check Out the Form
Need Help?
Dont be shy to ask