• Home
  • Subjects
  • Finance & Accounting
  • In this writing assignment you must discuss and compare the existing GAAP standards with the comparable IFRS standard for either

In this writing assignment you must discuss and compare the existing GAAP standards with the comparable IFRS standard for either - Essay Example

Free

Extract of sample
In this writing assignment you must discuss and compare the existing GAAP standards with the comparable IFRS standard for either

Discussion The IAS 17 Leases prescribes the accounting disclosures and policies regarding leases. Leases must be classified as either financial leases or operating leases. This applies to all the leases, including those for natural gas, mineral oil and other regenerative resources. In GAAP, leases are classified based on how they transfer the risks and rewards incidental to ownership. This is based on the perspective of lessee which entails both the operating leases and capital. From the perspective of the leasor, this entails the direct financing, sales type and operating leases. On the other hand, the IFRS classifies leases at the inception of the lease that takes care of the earlier date of the lease agreement as well as the commitment date by parties to the principal provisions of the lease. A finance lease in IFRS depends on whether the risks are incidental to the transferred ownership (Ampofo & Sellani, 2005). For lease to be viable and classified as sales-type, direct capital lease or capital lease in GAAD, certain conditions must be fulfilled. First, ownership must be transferred to the lessee by and of the term and the lease must provide for the bargain purchase option. ...Show more

Summary

GAAP and IFRS Author Institution Comparison between GAAP and IFRS IAS17: Leases Introduction The FASB and IASB have taken considerable steps towards converging the IFRS and GAAP content. By the time SEC allows for incorporation of IFRS in publicly traded companies in US, most difference might have been solved…
Author : mrazjade
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"In this writing assignment you must discuss and compare the existing GAAP standards with the comparable IFRS standard for either"
with a personal 20% discount.
Grab the best paper

Related Essays

Compare and Contrast IFRS vs US GAAP
There are notable differences between IFRS income statement and a typical income statement prepared using U.S GAAP. Differences in Income Statements Firstly, income statement captions are not required in the case of US GAAP while IFRS prescribes minimum caption in income statement.
4 pages (1000 words) Term Paper
International Financial Reporting Standards (IFRS)
The US GAAP, (Generally accepted accounting principles) is another framework which is followed in many countries. This was created before IFRS. Though the purpose of creating these two frameworks is same but there are many differences in the policies and rules in both of the framework.
3 pages (750 words) Essay
Convergence from GAAP to IFRS
The adoption of the International Financial Reporting Standards by various companies in different countries has occurred in the recent past. The paper will talk about what is going on in the convergence from Generally Accepted Accounting Principles to International Financial Reporting Standards, with special reference to United States.
4 pages (1000 words) Essay
Britain's privatized railway system
It can be argued that the entire idea of separation between train operations and track operations was a fundamental misconception. Unlike road or air transport infrastructure, operational considerations, and engineering are intertwined for the rail system.
5 pages (1250 words) Literature review
Convergence between GAAP and IFRS
The financial reports contain several key projects to be addressed by both IASB and FASB such that the financial disclosures require further enhancement as well as alignment with the existing standards issued by IASB and FASB. Currently, the key projects which are required to be considered further, are revenue recognition, leasing and financial instruments.
4 pages (1000 words) Essay
IFRS and GAAP Convergence
The main objective of financial reporting is to communicate to investors, creditors, and other interested parties the financial outcomes of a business in a understandable and useful way. The basic responsibility for reporting those financial outcomes rests with the business’s management.
4 pages (1000 words) Essay
GAAP VS IFRS
In addition, organizations with subsidiaries in areas that permit or need IFRS may have the capacity to utilize a single accounting language in the company. Also, companies may need to convert from GAAP to IFRS if they are a subsidiary of an international organization that should employ IFRS, or if they have an external financier that must utilize IFRS.
3 pages (750 words) Essay
Convergence between GAAP and IFRS
Accounting is a pivotal part in any organization. It shows the financial position of an organization and ability of a firm to settle its debts as they become due.
6 pages (1500 words) Assignment
Analysis of SEEK Limited, Telstra Limited and Ansell Limited
The data use will be ending in June 2015. Later, 30different portfolios will be constructed which will entail various weights of the above three chosen three stock companies. This essay will also attempt to determine the expected rate of return as well as the standard deviation for every asset. Every result will be justified and the interpreted.
10 pages (2500 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT