International Accounting Standard, accounting homework help

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International Accounting Standard 18 (IAS 18) provides the general standards for revenue recognition and measurement in the IFRS.

  • Provide 3 examples of the differences between the 2 sets of standards.

Review the IAS 7 statement of cash flows, and complete the following:

  • 1. Discuss the differences in classifications of cash flows between IFRS and U.S. GAAP.
  • 2. What impacts will these have on U.S. companies?
  • 3. Cover the differences with the classifications of contingent liabilities between U.S. GAAP and IFRS. Be sure to cover the topics of possible, probable, and bright-line tests. -Best estimates

–Risks

–Uncertainties

https://www.iasplus.com/en/standards/ias/ias37

4. When looking at cash and cash equivalents definitions between IFRS and U.S. GAAP, discuss the differences.


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