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  • Brown Aesthetic Cute Group Project Presentation

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    Renelyn Filoteo
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    Group B presented on international accounting. International accounting refers to accounting practices across borders and considers various international standards and regulations for financial reporting. The key differences between US GAAP and IFRS are that US GAAP is rules-based while IFRS is principles-based, US GAAP provides more guidance on specific transactions while IFRS allows for more flexibility, and they also differ in their approaches to inventory management, asset revaluation, depreciation, impairment losses, extraordinary items, fair value, and accounting for research and development costs.

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    Group B presented on international accounting. International accounting refers to accounting practices across borders and considers various international standards and regulations for financial reporting. The key differences between US GAAP and IFRS are that US GAAP is rules-based while IFRS is principles-based, US GAAP provides more guidance on specific transactions while IFRS allows for more flexibility, and they also differ in their approaches to inventory management, asset revaluation, depreciation, impairment losses, extraordinary items, fair value, and accounting for research and development costs.

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    5 views10 pages

    Brown Aesthetic Cute Group Project Presentation

    Uploaded by

    Renelyn Filoteo
    Group B presented on international accounting. International accounting refers to accounting practices across borders and considers various international standards and regulations for financial reporting. The key differences between US GAAP and IFRS are that US GAAP is rules-based while IFRS is principles-based, US GAAP provides more guidance on specific transactions while IFRS allows for more flexibility, and they also differ in their approaches to inventory management, asset revaluation, depreciation, impairment losses, extraordinary items, fair value, and accounting for research and development costs.

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    © All Rights Reserved
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    of 10

    GROUP

    PROJECT

    Presented by Group Bblarnn


    INTERNATIONAL ACCOUNTING

    International accounting refers to the practice of accounting in a global


    context, taking into account the various international financial reporting
    standards, rules, and regulations that govern financial reporting and
    disclosure.
    US GAAP VS. IFRS

    US GAAP IFRS
    • accounting rules are set by the • overseen by the International
    Financial Accounting Standards Board Accounting Standards Board (IASB)
    (FASB) • is a principles-based system
    • is a rules-based system • allows for more flexibility in
    • provides more detailed guidance on interpretation
    how to account for specific
    transactions and events
    KEY DIFFERENCES
    INVENTORY MANAGEMENT

    US GAAP IFRS
    • LIFO METHOD
    • FIFO METHOD
    • FIFO METHOD
    • WEIGHTED
    • WEIGHTED AVERAGE
    AVERAGE
    LONG-LIVED ASSET

    REVALUATION

    DEPRECIATION

    IMPAIRMENT LOSSES
    EXTRAORDINARY ITEMS

    US GAAP IFRS

    PRESENTED NOT
    SEPARATELY RECOGNIZED
    FAIR VALUE

    US GAAP IFRS
    FOLLOW A THREE-
    ONLY TWO LEVELS:
    LEVEL HIERARCHY
    (LEVEL 1 AND LEVEL
    (LEVEL 1, LEVEL 2, AND
    2)
    LEVEL 3)
    RESEARCH AND DEVELOPMENT COST
    US GAAP IFRS

    EXPENSE OUTRIGHT CAPITALIZATION


    A WARM
    THANK YOU
    TO ALL OF YOU!

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