This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What are IFRS? How do they compare and contrast with U.S. GAAP? What will be an ideal ... (Read 137 times)

danielfitts88

  • Hero Member
  • *****
  • Posts: 535
on: Jul 5, 2018
What are IFRS? How do they compare and contrast with U.S. GAAP?
 
  What will be an ideal response?

Question 2

The accounts shown in the post-closing trial balance are the ___________________ _ accounts.
 Fill in the blank(s) with correct word


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bigcheese9

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jul 5, 2018
Answer to Question 1

IFRS are International Financial Reporting Standards, rules that have been set by the International Accounting Standards Board. Many countries have adopted IFRS already. The SEC has set forth a timetable for convergence of U.S. GAAP and IFRS. IFRS and U.S. GAAP have similar general and qualitative characteristics of accounting information. However, U.S. GAAP have more detailed rules, while IFRS are considered to be more concept-based and require more judgment to apply.

Answer to Question 2

permanent


danielfitts88

  • Hero Member
  • *****
  • Posts: 535
Reply #2 on: Jul 5, 2018
Thank you


bigcheese9

  • Sr. Member
  • ****
  • Posts: 333
Reply #3 on: Jul 5, 2018
No problemo


« previous next »
 

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Pelli-Robson contrast sensitivity chart. Pelli-Robson contrast sensitivity chart.
Radiology Procedures Not Requiring Contrast Media Radiology Procedures Not Requiring Contrast Media
Homeless woman with her possessions on a park bench in Beverly Hills, California. The contrast ... Homeless woman with her possessions on a park bench in Beverly Hills, California. The contrast ...
Contrast of ventilation and external and internal respiration. Contrast of ventilation and external and internal respiration.
How reciprocal functions compare to the parent function How reciprocal functions compare to the parent function
Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ... Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ...
Video: Control of ventilation rate by other brain centers (posts, hypothalamus & cerebral cortex)

For a complete list of videos, visit our video library