Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting
Question:
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Key similarities between IFRS and GAAP for transactions related to stockholders equity pertain to 1 ...View the full answer
Answered By
Muhammad Salman Alvi
Well, I am a student of Electrical Engineeing from Information Technology University of Punjab. Just getting into my final year. I have always been good at doing Mathematics, Physics, hardware and technical subjects. Teaching profession requires a alot of responsibilities and challenges.
My teaching experience started as an home tutor a year ago. When I started teaching mathematics and physic subjects to an O Level student. He was about 14 years old. His name was Ibrahim and I used to teach him for about 2 hours daily. Teaching him required a lot of patience but I had to be polite with him. I used to give him a 5 min break after 1 hour session. He was quite weak in basic maths and calculation. He used to do quite a lot of mistakes in his homework which I gave him weekly. So I decided to teach him basics from scratch. He used to say that he got the concept even if he didn't. So I had to ask him again and again. I worked on his basics for a month and after that I started taking a weekly test sesions. After few months he started to improve gradually. Now after teaching him for about a year I can proudly say that he has improved alot. The most important thing was he managed to communicate all the difficullties he was facing. He was quite capable and patient. I had a sincere desire to help him reach to its full potential. So I managed to do that. We had a very good honest relationship of a student and a teacher. I loved teaching him as a tutor. Now having an experience of one year teaching I can read students quite well. I look forward to work as an online tutor who could help students in solving their all sort of difficulties, problems and queries.
4.90+
29+ Reviews
43+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Briefly describe some of the similarities and differences between IFRS and U.S. GAAP with respect to income tax accounting.
-
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to reporting accounting changes.
-
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to cash flow reporting.
-
Use the method of separation of variables to find the product solution of the PDES: (a) u + Uy=3u (b) xu = 2yuy
-
Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2018, are as follows: cost of goods sold, $6,100,000; administrative expenses, $740,000; interest expense,...
-
Brock and Sally have an emergency fund of $40,000. They would like to start saving for retirement, but they have not signed up for their companies' 401(k) plans. Neither company matches 401(k)...
-
Verify that the fluctuating component of velocity (2D assumption) satisfies the following equation: \[\begin{equation*}\frac{\partial v_{x}^{\prime}}{\partial x}+\frac{\partial...
-
1. What are you (in the role of Kathy Dalton) going to present at the outsourcing strategy meeting, and why? 2. When companies like Dell are contracting outsourcing in some areas, should eBay...
-
Define the following sets (30 points) (a) X = {(x, y) = R: y = f(x) = 3x + 3y 42} =1 (b) Y={(x, y) = R: y = f(x) = 2x + 2y 42} (c) Z = XUY (d) Prove whether or not each set defined above is convex?
-
Your facility wants you to expand the navigator role in the institution from Oncology to also include specially trained Chronic Disease (CD) navigators for ALL CHRONIC DISEASES they treat for...
-
Where can authoritative IFRS guidance related to stockholders equity be found?
-
Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders equity
-
Managers in decentralized organizations make decisions relating to all of the following except ________. A. The companys stock price B. Equipment purchases C. Personnel D. Prices to charge customers
-
From Bloomberg, what is the current three-month Treasury bill rate? The one-year rate? What is three-month LIBOR?
-
What was the amount of securities held outright by the Federal Reserve in the most recent week?
-
There is a password-checker that can evaluate your passwords strength automatically. Revise the following sentences to avoid unnecessary there is/are and it is/was fillers.
-
Lucia just bought two coupon bonds, one with a face value of \($1,000\) and the other with a face value of \($5,000.\) Both bonds have a coupon rate of 5% and sold at par today. Calculate both bonds...
-
Suppose there are two firms, each headquartered in a different country, that are competing in the world market for business aircraft. The inverse market demand curve is \(p=1-Q\), where...
-
Formalin plant described in Appendix B, Project B. 7 Data from project B.7 Formalin is a 37 wt% solution of formaldehyde in water. Formaldehyde and urea are used to make urea-formaldehyde resins that...
-
Calculate the Lagrange polynomial P 2 (x) for the values (1.00) = 1.0000, (1.02) = 0.9888, (1.04) = 0.9784 of the gamma function [(24) in App. A3.1] and from it approximations of (1.01) and (1.03).
-
A proper system of authorization will help ensure good internal controls. (True/False)
-
Define a provision, and give three examples of a provision.
-
Under what conditions should a provision be recorded?
-
Under what conditions should a provision be recorded?
-
Suppose you invest 52%, 28%, and 20% of your wealth into a stock, the market, and a risk-free asset, respectively. The beta of the stock is 1.1. What is the beta of the portfolio?
-
An investment of $21745, earning compound interest, grows by $2278 in one year. At this rate of growth, how long will it take for the original investment to double?
-
On September 12, 3,400 shares of Denver Company's common stock are acquired at a price of $58 per share plus a $170 brokerage commission. On October 15, an $1.20-per-share dividend was received on...
Study smarter with the SolutionInn App