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Us Gaap-Ifrs

In: Business and Management

Submitted By howard2013
Words 541
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Item | IFRS | US GAAP | Other comprehensive income | 1. Combine with income statement and present a single statement of comprehensive income 2. OR present separately | Report in the statement of shareholder’s equity | FS standards | Income, expenses | 1. Revenues, expenses, gains, losses 2. Use probable in definition of A/L 3. Not allow revaluation of most assets | Completed-contract method | Recognize revenue = cost for each period, recognize profit at completion | Recognize revenue, cost, profit all at completion | Barter transaction | Recognize revenue on fair value of revenue from similar nonbarter transactions with unrelated parties | 1. recognize revenue at fire value only if the firm has historical received cash payment and can use historical experience to determine FV 2. OR record at the carrying amount of the asset surrendered | Inventory | 1. FIFO, weighted average cost 2. Lower of cost or net realizable value (NRV = selling price – completion cost – selling cost) 3. Write down, write up | 1. FIFO, weighted average cost, LIFO 2. Lower of cost or market (market = replacement cost, NRV – normal profit margin < market < NRV) 3. Write down, no write up | PPE | 1. Cost model(historical cost – accumulated dep, amo, loss) 2. OR revaluation model (fair value – accumulated depreciation) 3. Allow impairment loss recovery | Cost model | Investment property | 1. Include assets that generate rental income or capital appreciation 2. Report at amortized cost like PPE 3. Fair value (change in FV recognized in IS) | No specific definition | Identifiable intangible assets | Cost or revaluation model like PPE | Cost model | R&D | Research: expenseDevelopment: capitalize | Expense both | Dividend paid | Operating or financing | Financing | Interest Paid | Operating or financing | Operating |

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