Accounting

The US GAAP Vs IFRSThe article by Ellen M . Heffes bring forward Legal Considerations in the Proposed Transition To International Financial key out Standards points out the various rests between International Financial coverage Standards (IFRS ) and the United States Generally Accepted Standards (GAAP . The article was written complaint in view the transition that is to happen from the GAAP to IFRS in a span of few years . These discrepancys among the two reporting standards would have a far reaching impact on businesses (especially those of the publicly traded companiesThe differencesOne of the significant differences between both the reporting standards is the difference in disclosure rentments by both the reporting standards . IFRS entreats antecedent disclosure of certain provisions as compared to GAAP . notwith standing , IFRS would also need more disclosure regarding the extent and discomfortament of risks involvedThe author points out that although both U .S . GAAP and IFRS assume recognition of provisions and contingent liabilities based upon the probability of degree , the definition of probability differs under the two accounting standards (Heffes , 2009Impact on publicly traded companiesThe differences pointed above could affect the publicly traded companies in ways as described below . Ellan feels that the differences in the disclosure requirements would require a more detailed disclosure regarding both the temper and extent of risks arising from financial instruments held or issued by a US issuer . A transition to IFRS requires more specific qualitative and decimal fraction disclosures by the publicly traded companiesOne of the significant impacts...If you want to get a full essay, order it on our website: BestEssayCheap.com
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