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Jinen

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Submitted By jinenshah88
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FINANCIAL REPORTING ANALYSIS

CHAP - 22

Standard-setting bodies are professional organization of accountants & auditors that establish financial reporting standards.
Regulatory authorities are govt. agencies that have legal authority to enforce compliance with financial reporting standards.

Difference Between GAAP & IFRS GAAP (FASB) | IFRS (IASB) | Under U.S GAAP firms can choose to report comprehensive income in the statement of shareholder’s equity. | Under IFRS the income statement can be combined with “other comprehensive income” & presented as a single statement of comprehensive income. Alternatively presented separately. |

CHAP – 24 GAAP (FASB) | IFRS (IASB) | FASB framework includes revenue, expenses, gains, losses and comprehensive income. | IASB framework lists income and expenses as elements related to performance. | FASB defines an asset as a future economic benefit. It also uses word probable in its definition of assets and liabilities. | IASB defines it as a resource from economic benefit is expected to flow. | FASB does not allow the upward valuation of most assets. | ------------- | U.S GAAP has traditionally been more rules-based, but the common conceptual framework is moving towards an objective-oriented approach. | IFRS is largely a principles-based approach. | Companies must disclose their accounting policies and estimates in the footnotes and Management’s Discussion Analysis. | Companies must disclose their accounting policies and estimates in the footnotes and Management’s Discussion Analysis. |

CHAP – 25 GAAP (FASB) | IFRS (IASB) | When the outcome of a long term contract can b reliably estimated, percentage-of –completion method is used. | When the outcome of a long term contract can b reliably estimated, percentage-of –completion method is used. | The completed-contract method is used when the

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