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: 66% (6 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,...
-
A site is shown in Figure 3.53. R1 and R2 are routers; R2 connects to the outside world. Individual LANs are Ethernets. RB is a bridge router; it routes traffic addressed to it and acts as a bridge...
-
Consider the following cash flow diagram. What is the value of X if the present worth of the diagram is $400 and the interest rate is 15 percent compounded annually? a. $246 b. $165 c. $200 d. $146 X...
-
The American demand and supply curves for oranges cross at a price of $8, but all Americans are free to buy or sell oranges on the world market at a price of $5. One day, the U.S. government...
-
Let R. Prove that the following two matrices are similar over the field of complex numbers. cos(0) -sin(0) [ sin(0) cos(0) cio 0 0 e-io
-
Music Teachers, Inc., is an educational association for music teachers that has 20,000 members. The association operates from a central headquarters but has local membership chapters throughout the...
-
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
-
The payroll register of Konrath Co. indicates $13,200 of social security withheld and $3,300 of Medicare tax withheld on total salaries of $220,000 for the period. Federal withholding for the period...
-
A bond that compounds annually has a Face Value of $1,000 and maturity of 15 years. Assume that its coupon rate is 8% and yield to maturity (YTM) is 6.12%. What is this bonds market price?
-
You deposit $10,000 in an account that earns 5.5% compounded continuously and your friend deposits $10,000 in an account that earns 5.5% annually. a. How much more will you have in the account in 10...
-
A market study is an analysis to determine the potential for success of a proposed business. Target market factors (eg, receptivity of business products or services to target audience, availability...
-
During 2023, Olivier Corp., which uses the allowance method of accounting for expected credit losses, recorded loss on impairment of accounts receivable of $25,000. As well, the corporation wrote off...
-
Marcus Ltd. sold equipment during calendar 2020 for $28,500 cash. The original cost of the equipment was $69,000, and the accumulated depreciation to the date of sale was $36,750. This transaction...
-
When my niece Michelle told me she had learned to read, she was bursting with pride. How might reflecting on this accomplishment affect how Michelle thinks about herself?
-
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?
-
What is a functional group? Why is it important to recognize functional groups in organic chemistry? 2. Draw the structure of octane. 3. Name this compound. 4. When are hyphens and commas used in...
-
list 3 concepts in any subject area (ELA, Math, Science, Social Studies, etc.) that can be illustrated into a simple cartoon for students to explore, expand, or solve. Describe how the cartoon would...
-
Post should be at least 300350 words in length and should extend the discussion of the group supported by your course materials and/or other appropriate resource The goal of classroom behavior...
Study smarter with the SolutionInn App