How do U.S. GAAP and IFRS differ with regard to recognition of purchase commitments?
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: 77% (9 reviews)
US GAAP do not record commitments such as purchase agreements as ...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
International Financial Reporting Standards An Introduction
ISBN: 978-1133187943
3rd Edition
Authors: Belverd E. Needles, Marian Powers
Question Posted:
Students also viewed these Accounting questions
-
How do U.S. GAAP and IFRS differ with regard to reporting gains and losses from changing assumptions used to measure the pension obligation?
-
How do U.S. GAAP and IFRS differ with regard to accounting for the impairment of fixed assets held for use?
-
How do U.S. GAAP and IFRS differ in their implementation of accrual accounting?\
-
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2018, Susans income is $38,290 and Stans is $12,000 and both are self-employed. They also have $500 in...
-
Assume that the position of a nation's aggregate demand curve has not changed, but the long-run equilibrium price level has declined. Other things being equal, which of the following factors might...
-
What does the term value of an unlevered firm mean?
-
By what percent is the flowrate reduced in the rectangular channel shown in Fig. P10.37 because of the addition of the thin center board? All surfaces are of the same material. Figure P10.37 b/2 b/2-...
-
a. Tao Co. receives $10,000 cash in advance for 4 months of legal services on October 1, 2013, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31,...
-
For shooting practice a person uses a pellet gun and an empty pop can. The pop can rests on a flat surface that has a coefficient of kinetic friction 0.500. The pellet has a mass of 0.120 kg and the...
-
Use Theorem 5.2.1 to determine which of the following are subspaces of Mnn. (a) All n x n matrices A such that AT = -A (b) All n x n matrices A such that the linear system Ax = 0 has only the trivial...
-
Do U.S. GAAP or IFRS give more industry guidance? Give an example.
-
How do U.S. GAAP and IFRS differ with regard to recognition of contingencies?
-
The digital revolution may lead to the creation of cashless societies where payments are conducted digitally using smartphones. Discuss some of the benefits and problems of a cashless payment system...
-
A metal ingot weighs $400 \mathrm{~N}$ in air. When the ingot is completely submerged in water, it weighs $250 \mathrm{~N}$. What is the volume of the ingot and its density in air?
-
The successor to Alvin, the submersible that was used to locate the Titanic, is being built. The goal is to be able to reach the deepest depths in the Atlantic and Pacific oceans, about $11,000...
-
A container of an organic liquid a $25^{\circ} \mathrm{C}$ has a mass of $1100 \mathrm{~kg}$ and a volume of $0.94 \mathrm{~m}^{3}$. Find the liquid's weight, its density, and its specific gravity.
-
A vertical, cylindrical tank with a diameter of $10 \mathrm{~m}$ and a depth of $4 \mathrm{~m}$ is filled to the top with water at $25^{\circ} \mathrm{C}$. If the water is heated to $60^{\circ}...
-
An adult, male giraffe has a blood pressure on the order of $37 \mathrm{kPa}$ above atmospheric pressure. How high can the giraffe heart pump a column of blood with specific gravity of 1.06 ?
-
Which statement is true about instance members? Select the one correct answer. (a) An instance member is also called a static member. (b) An instance member is always a field. (c) An instance member...
-
Consider a closed, rigid tank with a volume of 0.8L, filled with cold water initially at 27C. The tank is filled such that there are no voids (air pockets) within. The initial pressure within the...
-
Which of the networks in Problems 1217 have Hamiltonian cycles? If a network has one, describe it. A D B C
-
Scoop Consulting Services trial balance on December 31, 2014, is as follows. The following information is also available: a. Ending inventory of office supplies, $564 b. Prepaid rent expired, $470 c....
-
On June 30, the end of the current fiscal year, the following information is available to Axel Companys accountants for making adjusting entries: a. Among the liabilities of the company is a mortgage...
-
Simone Jacobs opened a small tax-preparation service. At the end of its second year of operation, Jacobs Financial Advisors Service had the following trial balance. The following information is also...
-
According to Larry Swedroe (in his talk & in his book), why might an investor expect investments in companies with high ESG scores ("green companies") to underperform investments in companies with...
-
A paper machine makes frequent weight changes. The production management feels that the stock flow can be safely moved at a maximum rate of 50 gpm per minute. Before trying this on the machine they...
-
State of Economy Probability of State 31.1 Consider the following information on a portfolio of three stocks: Rate of Return in Percent Stock A Stock B Stock C Occurring Portfolio Weights Boom Normal...
Study smarter with the SolutionInn App