By Belverd E. Needles
Overseas monetary REPORTING criteria introduces accounting scholars to the prestige of IFRS and the effect at the monetary reporting setting. This ebook grants the appropriate content material, relied on authorship, and applicable scope for newcomers new to the topic.
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Additional info for International Financial Reporting Standards: An Introduction
Private entities with no public accountability to begin using IFRS for SMEs immediately. This action is possible because, as noted in an earlier chapter, the AICPA has designated the IASB as a high-quality standard setter; thus, opening the door for its standards to be used in the United States by private companies. S. public companies fall under the jurisdiction of the SEC, which has not yet approved the use of IFRS by these companies. This chapter covers the definition of an SME; identifies the benefits and costs of adoption of IFRS for SMEs; summarizes their development and field tests; and compares and contrasts full IFRS with IFRS for SMEs.
GAAP are older than IFRS and over time have developed a detailed prescription. In time, the IASB will face pressure from preparers and auditors to provide more guidance. Critics of rules-based standards argue that companies structure agreements and transactions to achieve particular objectives and may not reflect the underlying substance. For example, companies structure long-term lease agreements as operating leases when in substance they are capital leases. The result is significant “off-the-balance-sheet” financing.
S. GAAP and IFRS? 18. S. GAAP and IFRS? 44 International Financial Reporting Standards (IFRS): An Introduction 19. What is a mezzanine category and why is it an important classification issue? 20. S. GAAP and IFRS? 21. S. GAAP and IFRS? 22. S. GAAP and IFRS listed in this section, which two do you feel the most difficult to reconcile and why? 23. Exercise—Revaluation Reval Inc. prepares financial statements in accordance with IFRS and has elected to use the revaluation model to account for its buildings.
International Financial Reporting Standards: An Introduction by Belverd E. Needles