Ifrs Chapter 15

Sky Dick BUA 302 IFRS Concepts and Application, Chapter 15 2/9/2012 IFRS 15-2 The similarities mingled with IFRS and in the main accepted accounting principles with respect to accounting for stockholders blondness uttermost exceed the differences. In general the accounting for transaction, such as topic stock, purchasing treasury stock, paying dividends is very(prenominal) similar. The differences in the midst of IFRS and GAAP are aroundly related to terminology, introduction of modern terms, and how the stockholders justice information is presented. Examples of different terminology for the same concepts include the undermentioned: additional paid in capital vs. share premium, common stock vs. share ca pital ordinary, and preferred stock vs. gustatory perception shares. For a GAAP user the most outstanding new term introduced in IFRS may have to be review surplus. Its an account where unrealized gains and losses on PPE, mineral resources, and intangible assets can be reported. Its very unsung for a GAAP user to attract employ to this because of the diachronic cost and conservatism principles.

Finally, the IFRS equivalent of the disceptation of stockholders beauteousness is called the statement of changes in equity and is formatted in rows instead of a pillar and includes things that GAAP doesnt consider equity such as revaluation surplus. IFRS 15-3 ! The joint venture between the FASB and IASB is a prominent idea because it would make it easier for investors and companies from other countries to do business concern with US businesses, and vice versa. There would be a widely distributed example for financial statements and this would include how to present equity. The equity prick would most likely have to include everything...If you want to get a full essay, order it on our website: OrderEssay.net

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