Acc 501 Mod 1

This essay will cut short the five following price: primarily certain bill principles, international fiscal bet standards, Norwalk Agreement, generally reliable auditing standards, and international auditing and assurance standards. on with these terms, I will attempt to comparison the financial statements of three advantageously known companies: Apple, Swatch Group and Nikon. allows first repair the most common term, the generally accepted accounting principles (generally accepted accounting principles). generally accepted accounting principles is practice by U.S. companies and consists of many distinguishable widely accepted rules as to what is the correct companionship of presenting financial data to the world. This allows for around air of a standard for companies to examine others what they made or wooly for a given fourth dimension period. GAAP is for taxations, liabilities and bottom-line profit. Along with the GAAP, on that point is the International Financial insurance coverage Standards (IFRS). According to the IFRS website, although equal to each(prenominal) other there be still earthshaking differences between GAAP and IFRS: IFRS does not appropriate Last In offshoot Out (LIFO) as an caudex costing method. IFRS usances a single-step method for impairment write-downs rather than the two-step method used in U.S. GAAP, making write-downs more likely.

IFRS has a different hazard scepter and measurement objective for contingencies. IFRS does not permit circle debt engagement violations after year-end. IFRS guidance regarding revenue recognition is lower-ranking protracted than GAAP and contains relatively little industry-specific instruction. To achieve compatibility between GAAP and IFRS, the Financial explanation Standards shape up (FASB) and the International Accounting Standards panel (IASB) converged in 2002 to put unneurotic a entry of judgment which was known as the Norwalk Agreement. At that meeting, both the FASB and IASB pledge to use their best efforts to (a) make their alert financial inform standards fully compatible as soon as is practicable...If you pauperism to pull out a full essay, order it on our website: Orderessay

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