What are the differences between recognition of accounts receivables under GAAP and IFRS ? ( please,...

What are the differences between recognition of accounts receivables under GAAP and IFRS ? ( please, I need the answer for A/R, not about the differences on revenue recognition in general )

Expert Solution

ekkarill92 answered 2 years ago

What are the differences between Generally Accepted Accounting Principles (GAAP) and IFRS concerning recognition of accounts...

What are the differences between Generally Accepted Accounting Principles (GAAP) and IFRS concerning recognition of accounts receivables?

There are several differences between IFRS and GAAP in regards to revenue recognition. First, there are...

There are several differences between IFRS and GAAP in regards to revenue recognition. First, there are differences in the conditions that must exist to recognize revenue from the sale of goods. For example, under IFRS, one of the conditions is that “The entity has transferred to the buyer the significant risks and rewards of the goods.” Where as one of the GAAP conditions is simply that “Delivery has occurred.” Second, there are differences in recognizing revenue from construction contracts. For...

What are the differences between Generally Accepted Accounting Principles (GAAP) and IFRS concerning valuation of accounts...

What are the differences between Generally Accepted Accounting Principles (GAAP) and IFRS concerning valuation of accounts receivables?

Discuss the differences between the cash flow statement under GAAP and IFRS. What is your opinion...

Discuss the differences between the cash flow statement under GAAP and IFRS. What is your opinion on the flexibility offered under IFRS? Defend your opinion.

"Asset Impairments" Compare and contrast the differences between asset impairment under U.S. GAAP and IFRS. What...

"Asset Impairments" Compare and contrast the differences between asset impairment under U.S. GAAP and IFRS. What are the financial statement implications of these differences?

Please By detiels ! One of the main differences between U.S. GAAP and IAS/IFRS is the...

Please By detiels ! One of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant & equipment subsequent to initial recognition. Read IAS 16 and answer the following questions. Provide a list of the references you have used to search this topic. 1) How should the recoverability of the carrying amount of property, plant & equipment be accounted for? 2) How should any revaluation surplus from a revalued asset be treated if the revalued asset...

Summarize IFRS/GAAP differences from the following: Differences • Presentation of the income statement under GAAP follows...

Summarize IFRS/GAAP differences from the following: Differences • Presentation of the income statement under GAAP follows either a single-step or multiple-step format. IFRS does not mention a single-step or multiple-step approach. • Under IFRS, companies must classify expenses by either nature or function. GAAP does not have that requirement, but the SEC requires a functional presentation. • IFRS identifies certain minimum items that should be presented on the income statement. GAAP has no minimum information requirements. However, the SEC rules...

List FIVE of the differences between IFRS and GAAP? What are the financial implications to U.S....

List FIVE of the differences between IFRS and GAAP? What are the financial implications to U.S. companies if IFRS is adopted?

What are the major differences in measuring net income between IFRS and U.S. GAAP.

1*differences between inventory valuation systems under the IFRS system and the current system based on GAAP...

1*differences between inventory valuation systems under the IFRS system and the current system based on GAAP principles (using FASB coding). 2*Using the FASB coding system as reference, describe the benefits and weaknesses of requiring estimates for bad debts. As part of your explanation, discuss alternative methods for accounting for bad debts.Are they appropriate? Why is one preferred over the other?

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