This week’s objectives and the following concepts comparing the GAAP to the IFRS

this week’s objectives and the following concepts comparing the GAAP to the IFRS

Discuss last week’s and this week’s objectives and the following concepts comparing the GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?

IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP?

IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.

IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet?

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The firms’ main difference is that in the case of IFRS there is no specific order for ranking different items when covering their content. The items are placed randomly without following any specific order and this is when it is used to make the statement of financial position. This is however different when it comes to considering the many GAAP. In this system, items have to be placed in a systematic order….

APA

434 words

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