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Essay / Research Paper Abstract
This 6 page paper looks at the definitions of US GAAP, IFRS, GAAS and IAAS and looks at the Norwalk Agreement. The paper then looks at three companies who’s annual reports are prepared under different regulatory regimes; Apple Swatch and Nikon, identifying several differences. The bibliography cites 6 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEintdefs.doc
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Unformatted sample text from the term paper:
are prepared in any jurisdiction, which have been developed over time so that different companies accounts are generally comparable with a degree of uniformity as the accounts are prepared in
compliance with he same rules. US GAAP are the rules that have been developed and are applicable in the US where they have been developed by the financial accounting standards
board (FASB) (FASB, 2011). They are made up of rules, conventions, standards and procedures and lay down a rules based approach to the way that the accounts are prepared (FASB,
2011). The system has been in place for many years, but there is now a gradually movement towards increased convergence with the international accounting standards, where there is some
divergence in the rules and conventions. Securities and Exchange Commission (SEC) has backed the convergence between the US accounting standards and international standards, a move that surprised many commentators (Fulcrum
Inquiry, 2007). There US companies are quoted in international market the differences that result from the application of the different frameworks are likely to be declared in their annual accounts.
International Financial Reporting Standards (IFRS) IFRS are a principles1 set of accounting standards that have been developed by the International Accounting Standards Board (IASB). The board is made up
of representatives from the accounting professions in many countries, and the standards have been adopted by many countries who have adapted their national standards to be compliant with the international
standards (IFAC, 2011). These standards initially started in 1973, where many of the rules were issues as international accounting standards (IAS), which form part of the current IFRS (IFAC, 2011).
As with US GAAP standards may be reviewed and updated. The benefits of harmonised accounting standards increase the potential for free cash flow by developing a framework that will
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