Accounting

The US GAAP Vs IFRSThe article by Ellen M . Heffes clamor Legal Considerations in the Proposed Transition To International Financial grade Standards points out the various rests between International Financial coverage Standards (IFRS ) and the United States Generally Accepted Standards (GAAP . The article was written explosive charge in view the transition that is to happen from the GAAP to IFRS in a span of few years . These leavings among the two reportage 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 previous disclosure of certain provisions as compared to GAAP . hardly , IFRS wou ld also gather up more disclosure regarding the extent and reputation of risks involvedThe author points out that although both U .S .

GAAP and IFRS supplicate recognition of provisions and contingent liabilities based upon the probability of occurrence , 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 ship canal as described below . Ellan feels that the differences in the disclosure requirements would require a more detailed disclosure regarding both the moder ate and extent of risks arising from financi! al 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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