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 143 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?

Despite claims by manufacturers, the supplement known as Ginkgo biloba was shown in a study of more than 3,000 participants to be ineffective in reducing development of dementia and Alzheimer’s disease in older people.

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

The thorax of apes, including humans, is broad but shallow in contrast to the narrower, deeper chest The thorax of apes, including humans, is broad but shallow in contrast to the narrower, deeper chest
Contrast of ventilation and external and internal respiration. Contrast of ventilation and external and internal respiration.
How lateral inhibition produces contrast enhancement. (Based on Ratliff, 1972.) How lateral inhibition produces contrast enhancement. (Based on Ratliff, 1972.)
For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately
Bar-eye phenotypes in contrast to the wild-type eye in Drosophila Bar-eye phenotypes in contrast to the wild-type eye in Drosophila
Video: Exercise and cardiac output & Definition of stroke volume

For a complete list of videos, visit our video library