Đang chuẩn bị liên kết để tải về tài liệu:
Lecture International accounting (4/e): Chapter 4 - Timothy Doupnik, Hector Perera

Chapter 4 - International financial reporting standards: Part I. After reading the material in this chapter, you should be able to: Discuss the types of differences that exist between International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP); describe IFRS requirements related to the recognition and measurement of assets, specifically inventories; property, plant, and equipment; intangibles; and leased assets;. | Chapter 4: International Financial Reporting Standards: Part I Learning Objectives Discuss the types of differences that exist between International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP) Describe IFRS requirements related to the recognition and measurement of assets, specifically inventories; property, plant, and equipment; intangibles; and leased assets Explain major differences between IFRS and U.S. GAAP on the recognition and measurement of assets Describe the requirements of IFRS in a variety of disclosure and presentation standards 4-2 2 Learning Objectives Explain major differences between IFRS and U.S. GAAP on certain disclosure and presentation issues Analyze the impact that differences between IFRS and U.S. GAAP can have on the financial statements 4-3 Types of Differences Between IFRS and U.S. GAAP Definition differences Recognition differences Measurement differences Alternatives Lack of requirements or guidance Presentation differences Disclosure differences 4-4 IFRS and U.S. GAAP IFRS more flexible in many cases Choice between alternative treatments in accounting IFRS generally have less bright-line guidance More judgment is required in applying IFRS IFRS is a principles-based accounting system: whereas U.S. GAAP is a rules-based system 4-5 IAS 2, Inventories Provides more extensive guidance than U.S. GAAP Cost of inventories include: Costs of purchase Costs of conversion Other costs design, interest if takes time to bring to saleable condition Cost of inventories exclude: Abnormal waste Storage unless necessary for the production process Administrative overhead Selling costs 4-6 IAS 2, Inventories Limited choice with regard to cost formulas Does not allow LIFO Standard cost method and retail method are acceptable only if they approximate cost as per IAS 2 Cost of inventories not ordinarily interchangeable and produced and segregated for specific projects should use specific identification An . | Chapter 4: International Financial Reporting Standards: Part I Learning Objectives Discuss the types of differences that exist between International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP) Describe IFRS requirements related to the recognition and measurement of assets, specifically inventories; property, plant, and equipment; intangibles; and leased assets Explain major differences between IFRS and U.S. GAAP on the recognition and measurement of assets Describe the requirements of IFRS in a variety of disclosure and presentation standards 4-2 2 Learning Objectives Explain major differences between IFRS and U.S. GAAP on certain disclosure and presentation issues Analyze the impact that differences between IFRS and U.S. GAAP can have on the financial statements 4-3 Types of Differences Between IFRS and U.S. GAAP Definition differences Recognition differences Measurement differences Alternatives Lack of requirements or guidance .