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Essay / Research Paper Abstract
This 4 page paper is written in two parts. The first part of the paper looks at the use of US GAAP and IRFS, considering what they are as well as the similarities and differences. The second part of the paper looks at the differences seen in accounts of two firms; Unilever which prepare their accounts under IFRS and Kraft which prepares the accounts under US GAAP. The bibliography cites 2 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEifrsgaap.rtf
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Unformatted sample text from the term paper:
so that there is a degree of uniformity in the way that accounts are prepared. US GAAP (generally accepted accounting principles) and IFRS (international financial reporting standards) are two frameworks
that lay down the standards and processes for preparing accounts. IFRS is used by a large number of countries; this is a standard that is applicable to many countries, including
Australia, Canada and the EU. US GAAP is used by firms in the US, they may both undertake that same task, laying down foundation, but there are some conceptual as
well as practical differences but there does appear to be a gradual move towards IFRS by the US GAAP, Securities and Exchange Commission (FTC) has backed the convergence between the
US accounting standards and international standards, a move that surprised many commentators (Fulcrum Inquiry, 2007). There are also some disadvantages associated
with IFRS, with relevant advantages. In some instances the adoption of the international standards may go against a local culture or custom, and confuse the issues in a single country,
but in other cases that these may be issues that needed to be changed. An example of this is the use of last in first out stock management in the
US. This is now mainly outdated and not used, but it is still possible to be used. In other cases the changes may be more subjective.
The United States system may be seen as one that is more rules-based rather than principles based. Whereas the international financial accounting standards give a high
level of guidance, the US standards are beset with the large number of rules accounting for different situations. This can pose difficult this can pose difficulties where there is a
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