Benedicto College Essays Samples For Students

GAAP and IFRS have some inherent differences in their approach towards valuation. One of the differences is seen in the valuation of intangible assets (Porter & Norton, 2011). Under the GAAP, intangible assets are valued at fair value. Unlike the GAAP, the IFRS recognizes the assets which will have future economic benefits as well as measured reliability. The other difference is seen in the valuation of inventory costs (Porter & Norton, 2011). The IFRS does not allow the Last-in, First-out (LIFO) approach towards the account of the costs associated with inventory. The GAAP allows the use of the First-in, First-out (FIFO) ...

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Introduction. Interpreting financial statements (FS) requires a thorough understanding of basic principles of accounting and reporting. This paper discusses such concepts as accounting equation and basic formats of FS, role of international financial reporting standards (IFRS), US Generally Accepted Accounting Principles (US GAAP) and The U.S.Securities and Exchange Comission (SEC) in the reporting process.
Principal financial concepts. US GAAP are a set of accounting standards used by US companies for financial reporting. They are introduced by the Financial Accounting Standards Board (FASB) in compliance with SEC regulations and FASB mission of setting and improving principles of accounting and reporting which ...