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Module 4 similarities between U.S GAAP and IFRS Essay
Module 4 similarities between U.S GAAP and IFRS Essay
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Description/Paper Instructions
Module 4 similarities between U.S GAAP and IFRS Essay
The major similarities of U.S GAAP and IFRS come from the similar models they use as well as earnings per share both understand stock-based compensation built upon the similar model they both follow.
The differences between GAAP and IFRS come from the different characteristics of debt and equity coming from the accounting for securities. GAAP uses long term debt that proceeds convertible debt and IFRS convertible bonds are bifurcated into equity. It is said that the major difference also comes from the fact that IFRS is principal based while GAAP is rule based. IFRS does not allow the use of the last in, first out accounting methods whereas GAAP does.
I would personally choose IFRS because it more widely used as it is starting to become the global standard for preparing financial statements for companies. This would bring less confusion if these was the only one used IFRS also reports any long-term assets using the best accounting standards to insure accurate financial statements which can be comparable to foreign countries.
This makes the IFRS more interesting to me. GAAP does not use documentations such as replacement cost or current market value, they rely only of the original amount paid.
References
Miller-Nobles, T. L., Mattison, B. L., & Horngrens, E. M. (n.d.). Financial & Managerial Accounting 6th edition.
Module 4 Discussion
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Principals of Financial Accounting ACC-201-OL02 Module 4 Discussion
Discuss the major similarities and differences between U.S. GAAP and IFRS.
Generally Accepted Accounting Practices (GAAP) have a strict adherence to rules developed in the US enforced by the SEC. The International Financial Reporting Standards (IFRS) allow for professional decision making in record keeping while still following basic guidelines for financial reporting.
For example, both GAAP and IFRS require the use of balance sheets and income statements. Both also require retained earnings or cash flow to be used. Additionally, both GAAP and IFRS follow the same equation for calculating value Assets = Liabilities + Equities. Where GAAP and IFRS vary is in the value of assets and the write off debts.
For example, GAAP requires the purchase price to be used when recording value. IFRS allows the business to record current fair value, including the periodic reassessment of value. GAAP allows for businesses to determine when a debt is noncollectable, where IFRS standards are stricter.
Which of the differences do you find most interesting?
In reviewing the two accepted accounting practices, GAAP and IFRS, what I found most interesting was how the IFRS allows companies to record fluctuating value of the same item based on current fair pricing. This practice would cause equity to fluctuate based on the economy rather than purchase price and could cause ever shifting balance sheets.
Would you choose the U.S. GAAP or IFRS method? Why?
I would choose the GAAP method. The method covers all required reporting, but also leaves very little discretionary entries. This type of reporting creates a clear recording method.
References
Miller-Nobles, T. L., Mattison, B. L., & Matsumura, E. M. (2017). Horngren’s Financial & Managerial Accounting 6th Edition. New York: Pearson.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. 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Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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