TAILIEUCHUNG - Lecture International accounting (3/e): Chapter 4 - Timothy Doupnik, Hector Perera

Chapter 4 - International financial reporting standards (Part I). The main goals of this chapter are to: Discuss the differences between IFRS and . GAAP, explain the major differences between IFRS and . GAAP on the recognition and measurement of assets, describe the IFRS requirements in a variety of disclosure and presentation standards,. | Chapter Topics Differences between IFRS and US GAAP. Inventories. Property, Plant & Equipment. Investment Property. Impairment of Assets. Intangible Assets. Goodwill. Borrowing Costs. Leases. Disclosure and Presentation Standards. Learning Objectives Discuss the differences between IFRS and . GAAP. Describe IFRS requirements for recognition and measurement of inventories; property, plant and equipment; intangibles and leased assets. Explain the major differences between IFRS and . GAAP on the recognition and measurement of assets. Describe the IFRS requirements in a variety of disclosure and presentation standards. Explain the major differences between IFRS and . GAAP on certain disclosure and presentation issues. Analyze the impact that the differences between IFRS and . GAAP can have on financial statements. Definitions. Recognition. Measurement. Alternatives. Lack of requirements or guidance. Presentation. Disclosure. Learning Objective 1 IFRS more flexible in many cases: Choice of alternatives. Less guidance leads to more judgment in applying IFRS. Learning Objective 1 Initial cost. Cost formulas to allocate cost of inventories to expense. Subsequent balance sheet measurement. Learning Objective 2 Costs included: Cost of purchase (purchase price and direct acquisition costs). Conversion costs (labor and overhead). Other costs (design, interest if takes time to bring to saleable condition). Costs excluded: Abnormal waste. Storage unless necessary for production process. Purely administrative overhead. Selling costs. Learning Objective 2 Cost formulas: No LIFO! Must use same cost formula for similar inventory items. Must report on balance sheet at lower of cost or net realizable value: Unlike . GAAP which uses lower of cost or market. NRV = estimated selling price less costs of completion and other costs to make sale. Learning Objectives 2 and 3 Historic cost is constant over the life of the inventory. . GAAP—market = replacement cost: .

• Kế toán - Kiểm toán
• International accounting
• Kế toán quốc tế
• Bài giảng Kế toán quốc tế
• Lecture International accounting
• International financial reporting standards
• Intangible assets
• Lesson International Accounting
• International accounting main contents
• Main contents
• Accounting standards
• International convergence
• Financial reporting
• International accounting standard
• International federation of accountants
• Comparative accounting
• Accounting environment
• Accounting profession
• Accounting regulation
• Auditing research
• Accounting research
• International research
• Environment of international research
• International accounting environment
• International accounting standards board
• Chuẩn mực kế toán quốc tế
• International Accounting Standard 8
• Accounting policies
• Accounting estimates
• Borrowing costs
• International taxation
• International business decisions
• Corporate income tax
• Tax jurisdiction
• Corporate governance
• International trends
• International diversity
• The adjusting process
• Accrual accounting versus cash basis
• Other accounting principles
• Two categories of adjusting entries
• The adjusted trial balance
• Completing the accounting cycle
• The worksheet
• Closing the accounts
• Classifying assets
• Liabilities and payrol
• Current liabilities of known amount
• Current liabilities
• Accounting for payroll
• Worldwide accounting diversity
• Accounting diversity
• Inflation accounting
• Inflation accounting internationally
• Consolidated financial statements
• Foreign capital markets
• Financial statements
• International harmonization
• Comparative international accounting
• International differences
• International classification
• International Accounting Standard 39
• Financial instruments
• Financial liability
• Financial assets
• Merchandise inventory
• Accounting principles
• Inventory costing methods
• Inventory accounting
• Government grants
• Accounting for government grants
• International Accounting Standard 20
• Government assistance
• International business
• Foreign customer
• International transfer pricing
• Cost minimization
• International corporate social reporting
• Corporate social reporting