This document provides an overview of the IFRS-GP taxonomy, which expresses concepts presented or disclosed in financial statements prepared using International Financial Reporting Standards. It explores the fundamentals of the taxonomy to help users understand how to read, comprehend and use it. The taxonomy was created through collaboration between accounting experts and aims to provide a consensus-based method for electronically classifying financial reporting concepts, while not defining new standards or limiting professional judgment.
The document discusses the vision of the semantic web and how it could impact financial reporting if XBRL was widely used. It describes how the semantic web allows data to be shared and reused across applications and boundaries, enabling computers and people to work together. It provides several potential use cases, such as enabling real-time reporting and audits, more efficient loan applications that use electronic financial reports submitted every 30 days instead of quarterly paper reports, and intelligent agents that can identify promising investment opportunities. Finally, it discusses the concept of "extreme financial reporting", which would be driven by business rules compliance, embrace a single set of global accounting standards (IFRS), and involve accounting standards being expressed in XBRL taxonomies before they
This document discusses some advanced concepts relating to XBRL, including:
1. Extensibility mechanisms that allow users to customize XBRL taxonomies.
2. The Link Role Registry which standardizes metadata in XBRL documents.
3. The Generic Linkbase specification which provides a standard way to create linkbases and attach labels in multiple languages.
4. Issues around calculations, storage, and archiving of XBRL information over many years as taxonomies and specifications change.
This document provides tips, tricks, and traps for users of the US GAAP taxonomy. It highlights inconsistencies within the taxonomy and compares how similar concepts are modeled differently. The tips include understanding how to identify unnecessary components, the meaning of parent-child relationships, and avoiding misinterpretations of entry points, networks, and calculations. The traps warn of organizational issues, labeling inconsistencies, incorrect period types, and situations where presentation networks differ from calculation networks. The overall goal is to help users more effectively work with interactive financial data structured within the US GAAP taxonomy.
This document discusses the differences between formatting, rendering, styling and presentation of financial information in XBRL documents. It notes that while XBRL is good for exchanging information between computers, humans still need to be able to read and understand the information. The document provides examples to show how the same financial data can be formatted in different ways, such as in lists or columns, and discusses the need for a standardized way to describe formatting so all readers see the same styled presentation from an XBRL document.
This document discusses XBRL (eXtensible Business Reporting Language), a specification that allows sharing of business and financial information. It covers XBRL data types, arcroles, linkbase reference roles, label roles, reference roles, references to documentation, and background on the author Charles Hoffman, who is credited with bringing the idea of XBRL to the accounting industry.
This document discusses extracting and using information from XBRL instance documents. It notes that extracting specific pieces of data is straightforward with XBRL, as it was designed for reuse of financial information. However, properly interpreting and validating the extracted data requires understanding concepts, contexts, taxonomies, and XBRL rules. The document provides a basic example using VBA macros to extract a fact value from an XBRL document into an Excel spreadsheet, but cautions that reliably using XBRL data for analysis requires considering many additional complexities.
This document discusses assigning values to XBRL instance documents to express financial reporting information electronically in XBRL format. It notes there can be one-to-one, one-to-many, or many-to-one correlations between financial reporting concepts and taxonomies, and discusses balancing comparability, flexibility, and effort. The document provides examples of numeric and textual financial information and the challenges of expressing this information in XBRL instances while maintaining the original meaning. It also covers assigning contexts like entity, period, and scenario information to facts in XBRL instances.
This document provides an introduction to XBRL, including:
- The structure of the lesson, which covers theory, a status update, and more theory.
- XBRL is not new technology, but specifying it for financial reporting is new. Its adoption has been slower than expected.
- XBRL relates to areas like business process management, business process reengineering, culture/change management, finance, and auditing.
- It defines XBRL as an XML-based language for exchanging business information in a standardized way.
The document discusses the vision of the semantic web and how it could impact financial reporting if XBRL was widely used. It describes how the semantic web allows data to be shared and reused across applications and boundaries, enabling computers and people to work together. It provides several potential use cases, such as enabling real-time reporting and audits, more efficient loan applications that use electronic financial reports submitted every 30 days instead of quarterly paper reports, and intelligent agents that can identify promising investment opportunities. Finally, it discusses the concept of "extreme financial reporting", which would be driven by business rules compliance, embrace a single set of global accounting standards (IFRS), and involve accounting standards being expressed in XBRL taxonomies before they
This document discusses some advanced concepts relating to XBRL, including:
1. Extensibility mechanisms that allow users to customize XBRL taxonomies.
2. The Link Role Registry which standardizes metadata in XBRL documents.
3. The Generic Linkbase specification which provides a standard way to create linkbases and attach labels in multiple languages.
4. Issues around calculations, storage, and archiving of XBRL information over many years as taxonomies and specifications change.
This document provides tips, tricks, and traps for users of the US GAAP taxonomy. It highlights inconsistencies within the taxonomy and compares how similar concepts are modeled differently. The tips include understanding how to identify unnecessary components, the meaning of parent-child relationships, and avoiding misinterpretations of entry points, networks, and calculations. The traps warn of organizational issues, labeling inconsistencies, incorrect period types, and situations where presentation networks differ from calculation networks. The overall goal is to help users more effectively work with interactive financial data structured within the US GAAP taxonomy.
This document discusses the differences between formatting, rendering, styling and presentation of financial information in XBRL documents. It notes that while XBRL is good for exchanging information between computers, humans still need to be able to read and understand the information. The document provides examples to show how the same financial data can be formatted in different ways, such as in lists or columns, and discusses the need for a standardized way to describe formatting so all readers see the same styled presentation from an XBRL document.
This document discusses XBRL (eXtensible Business Reporting Language), a specification that allows sharing of business and financial information. It covers XBRL data types, arcroles, linkbase reference roles, label roles, reference roles, references to documentation, and background on the author Charles Hoffman, who is credited with bringing the idea of XBRL to the accounting industry.
This document discusses extracting and using information from XBRL instance documents. It notes that extracting specific pieces of data is straightforward with XBRL, as it was designed for reuse of financial information. However, properly interpreting and validating the extracted data requires understanding concepts, contexts, taxonomies, and XBRL rules. The document provides a basic example using VBA macros to extract a fact value from an XBRL document into an Excel spreadsheet, but cautions that reliably using XBRL data for analysis requires considering many additional complexities.
This document discusses assigning values to XBRL instance documents to express financial reporting information electronically in XBRL format. It notes there can be one-to-one, one-to-many, or many-to-one correlations between financial reporting concepts and taxonomies, and discusses balancing comparability, flexibility, and effort. The document provides examples of numeric and textual financial information and the challenges of expressing this information in XBRL instances while maintaining the original meaning. It also covers assigning contexts like entity, period, and scenario information to facts in XBRL instances.
This document provides an introduction to XBRL, including:
- The structure of the lesson, which covers theory, a status update, and more theory.
- XBRL is not new technology, but specifying it for financial reporting is new. Its adoption has been slower than expected.
- XBRL relates to areas like business process management, business process reengineering, culture/change management, finance, and auditing.
- It defines XBRL as an XML-based language for exchanging business information in a standardized way.
The document discusses the use of XBRL (eXtensible Business Reporting Language) for financial reporting and business registers. It provides an overview of XBRL, including what it is, how the IFRS Foundation develops the IFRS taxonomy in XBRL format, and examples of how various jurisdictions and organizations have adopted the IFRS taxonomy for regulatory filings, banking reporting, and other uses. The presentation also touches on challenges and opportunities around the growing adoption of XBRL globally.
The document discusses a proof of concept involving two software vendor tools, DecisionSoft and Rivet, that successfully rendered IFRS text while the XBRL user worked with the IFRS taxonomy by including references to IFRS paragraphs in the taxonomy.
This document provides an introduction to using XBRL (eXtensible Business Reporting Language) for financial reporting according to International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). It explains what XBRL is, how it works, and the benefits it provides for the exchange of financial information. The document also outlines the contents of the book and conventions that will be used.
The document provides an overview of the International Financial Reporting Standards (IFRS) Taxonomy, which is an XBRL representation of IFRS that allows financial information to be automatically accessed, extracted, and processed. The IFRS Foundation launched the IFRS XBRL initiative in 2001 to develop the IFRS Taxonomy and improve access to financial information. The IFRS Foundation XBRL Team maintains the IFRS Taxonomy and works with the IASB and two external committees to achieve consistent adoption of IFRS through XBRL.
The document discusses XBRL (eXtensible Business Reporting Language), which is an interactive data format used to tag financial statements for easier analysis. It outlines what XBRL is, key terms, SEC requirements, best practices for tagging, the tagging process, validation checks, and deliverables. Vintage Filings provides full-service XBRL tagging and filing services to help companies comply with SEC mandates in a cost-effective manner.
Goldratt's Theory of Constraints - An IntroductionFred Wiersma
The Theory of Constraints (TOC) is a management philosophy developed by Eliyahu Goldratt to achieve continuous improvement by identifying the constraint holding a system back and exploiting it. A constraint is anything that prevents a system from achieving higher performance. TOC provides tools to identify constraints, determine how to exploit them, and elevate the system. It has been applied successfully across various business areas like production, distribution, marketing, and finance. Companies can develop a "Viable Vision" using TOC to achieve a profit equal to their current turnover within four years.
This document is the guide for the International Financial Reporting Standards (IFRS) Taxonomy 2010. It provides an overview of the IFRS Taxonomy architecture and describes how to use the taxonomy for preparing and extending financial statements in XBRL format. The guide is intended for preparers, extenders, and users of financial information based on the IFRS standards. It explains key aspects of the taxonomy including its folder structure, schemas, linkbases, and new technologies like versioning and formulae. The document also offers best practices for mapping to the taxonomy, customizing extensions, and creating valid XBRL instance documents.
The document provides an overview of the US Financial Reporting Taxonomy Framework (USFRTF) from an accountant's perspective. It explains that the USFRTF is a collection of taxonomies that expresses financial reporting concepts in accordance with US GAAP for public companies. While not definitive, the USFRTF provides a standardized way to tag financial information using XBRL. It aims to reflect common reporting practices but allows for flexibility, as companies can modify it or create extension taxonomies. The USFRTF was created through consensus among accounting firms and is intended as a starting point, not a replacement, for existing financial reporting guidance and tools.
International Financial Reporting Standards (IFRS) are designed to provide a common global language for business financial reporting to make company accounts understandable and comparable internationally. IFRS are replacing many different national accounting standards. Pakistan has adopted most IFRS, with some exceptions. This document discusses the history and standard-setting bodies of IFRS and Generally Accepted Accounting Principles (GAAP), the objectives and concepts of financial reporting, and how accounting standards are set in different jurisdictions and institutions.
6.3 Substance over form is a recipe for failing to achieve compar.docxalinainglis
6.3 “Substance over form is a recipe for failing to achieve comparability between financial statements of different enterprises.” Discuss.
ANSWER 1:
Substance over form is an accounting principle, which ensures the relevant and true picture of the transactions in the financial statements of the entity. It is an accounting concept, where items are accounted according to their economic reality and substance, rather than focusing merely on the legal aspects of transactions. The key point is to highlight the transactions should not be recorded in order to hide the intention behind the transaction.
However, this recipe fails to compare the financial statements of different enterprises, as in some cases, it is difficult to identify the intent behind the transaction and the substance linked to the transaction, hence the difference, in how to present the transaction can lead to various results. For example: For a company, say X, the intent over creation of an asset or a liability is not identified, based on the benefits and obligations attached to it. Hence, a problem arises, which gives different results in different situations.
ANSWER 2:
Financial information is irrelevant unless it can be compared across periods and companies. This requires that any changes should be disclosed.
It is important that financial statements released by enterprises have similar and consistent form. It is not just about what numbers you have on the statements, but also how the statements are constructed.
6.4 Explain why it is necessary to define either “asset” or “expense” from first principles, but not both. Why has the IASB chosen to define the former?
It is important to define either asset or expense from first principles because you must understand weather to use the matching concept ort the revenue principle. The IASB chooses to use the second way of defining the elements because it has the effect of reducing the importance of the matching concept.
6.5 Is it necessary and useful to have different valuation bases for different assets?
Yes, it is necessary and useful to have different valuation bases for different assets. The different valuations can be used for differing classes of assets. Such as intangible fixed assets, tangible assets, biological assets, etc. Depending on the classification of the asset, an appropriate means of valuation, depreciation (and impairment if applicable) can be applied to the asset.
6.7 “In recent years, the IASB has clearly been moving towards the use of current values rather than historical costs.” Discuss.
Under the historical cost doctrine, assets are generally carried on the balance sheet at their acquisition cost and liabilities are usually carried at the prices at which they were incurred. For many years this model, which reflects the profession's traditionally conservative approach, was sufficient.
The use of historical cost has been a traditionally conservative approach and was proven sufficient for many years.
In recent years.
This document discusses differences between U.S. GAAP and IFRS accounting standards regarding extraordinary items, warranty expenses, inventory, and contingencies. Specifically, it notes that U.S. GAAP reports extraordinary items separately on the income statement, while IFRS does not isolate them. It also explains differences in how each standard accounts for warranty expenses, with U.S. GAAP accruing expenses as a percentage of revenue and IFRS offsetting accrual against revenue.
The document provides an overview of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). It discusses how GAAP is established by individual countries while IFRS was developed by the International Accounting Standards Board to address issues with companies operating in multiple countries. The document also notes some key differences between GAAP and IFRS, such as GAAP being more rules-based while IFRS is more principles-based.
Principles of Accounting Under Canadian Law.pdfGlocal RPO
It is crucial to take into account the aforementioned factors while selecting accounting outsourcing companies in USA. The business should also be able to customize its services to match your unique demands and should offer a wide choice of services. Leading outsourced accounting firms Glocal Accounting takes care of each of these requirements.
This document provides an overview of key accounting concepts and requirements under International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). It discusses regulatory bodies that establish accounting standards, classification of assets and liabilities, requirements for balance sheets and income statements, and accounting for topics such as business combinations, foreign currency translation, and interim financial reporting. The document is intended to help readers understand the main differences between IFRS and US GAAP and ensure compliance with relevant standards.
This document discusses business rules and their use in financial reporting using XBRL. It begins by defining key concepts like semantics, metadata, and business rules. It explains that business rules express the semantic meaning of financial data and reports. The document then provides examples of how business rules can be used to express financial reporting relationships, calculations, and disclosure requirements. It argues that expressing business rules in a standardized way through XBRL can improve financial analysis and reporting.
Generally accepted accounting principlessanjoygiri
Introduction of Generally Accepted Accounting Principles: These widely accepted accounting principles that are generally recognized by almost all the persons associated with accounting along with representation of accepted accounting practices are known as ” Generally Accepted Accounting Principles”.
It is the summation of all theories, doctrine, conventions, or principles closely related to the accounting which got global recognition.
The document provides an overview of the similarities and differences between US GAAP and IFRS accounting standards. Key similarities include financial statement components and accrual basis of accounting. Differences include requirements for comparative financial statements, classification of expenses, and presentation of discontinued operations. The document also discusses convergence efforts by standard setting boards and reasons why some differences still exist.
The document discusses accounting standards and the organizations that set them. It notes that there are two main sets of standards - US GAAP and IFRS. GAAP is set by FASB and tends to be more rules-based, while IFRS is set by IASB and is considered more principles-based. Both have similarities in their conceptual frameworks and financial statement requirements, but also differences in areas like reporting classifications and treatment of certain items. The FASB and IASB are working to further converge the standards in areas like the financial statement presentation model.
The document discusses the Financial Accounting Standards Board (FASB) and the standard-setting process. FASB is a seven member board that establishes and communicates generally accepted accounting principles (GAAP) in the United States to ensure transparency, credibility and understandability of financial statements. The standards aim to create uniformity in financial reporting across companies. They facilitate high quality financial reporting to meet user needs and enhance accounting methodologies. The standards also make it easier for companies to refer to set guidelines in preparing financial statements. This enhances comparability, relevance and reliability of financial reporting, allowing investors to make rational economic decisions.
International Financial Reporting Standards (IFRS)AbhirajSingh67
Accounting for Managers
International Financial Reporting Standards(IFRS) – Meaning or Definitions
Frameworks for IFRS
Importance
Advantages & Disadvantages
Requirements of the IFRS
Please read instructions carefully and completely Due date 41.docxLeilaniPoolsy
Please read instructions carefully and completely
Due date 4/17/15 8am Arizona time
No plagiarism in own words
Will run through a plagiarism checker
Will not accept if after due date will dispute
References page must include a valid URL to take the reader to the electronic copy of each source.
If cannot complete with the given instructions do not reply
Please contact me if you have questions
Write as a team discussion example: we discussed, she, he or I
I may change some areas at later date
Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The essay is an individual assignment; however, team collaboration is worth 30 % of the available points for the essay. Input regarding the questions for IFRS 8-1, 9-1, 9-2 and 9-3 must be posted during Week 2. Input regarding IFRS 10-2 and 10-3 must be posted during Week 3. Input posted during Week 4 must relate to the information regarding IFRS at the end of Chapters 12 and 13. For example, input regarding IFRS 10-2 posted in Week 4 will not be eligible to earn collaboration credit since the topic was related to Week 3. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following:
· IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
· IFRS 9-1: What is component depreciation, and when must it be used?
· IFRS 9-2: What is revaluation of plant assets? When should revaluation be applied?
· IFRS 9-3: Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how a company decides which classification is appropriate.
· IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.
· IFRS10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.
Format your essay consistent with APA guidelines.
Use the Financial Accounting text and at least two additional scholarly-reviewed references from the University of Phoenix Online Library. Inclusion of the URLs to take the reader directly to the Library databases is required to be eligible to earn credit for this requirement. Cite these sources when appropriate as in-text citations and list cited sources on the References page. Listed cited sources on the References page must include a valid URL to take the reader to the electronic copy of each source. The essay will not be supported if cited sources (in-text citations and References page) are omitted. If the instructor is not able to access the electronic copies by the provided URL links the essay is not supported.
The essay will include answers to above identified International Financial Reporting Standards.
The document discusses the use of XBRL (eXtensible Business Reporting Language) for financial reporting and business registers. It provides an overview of XBRL, including what it is, how the IFRS Foundation develops the IFRS taxonomy in XBRL format, and examples of how various jurisdictions and organizations have adopted the IFRS taxonomy for regulatory filings, banking reporting, and other uses. The presentation also touches on challenges and opportunities around the growing adoption of XBRL globally.
The document discusses a proof of concept involving two software vendor tools, DecisionSoft and Rivet, that successfully rendered IFRS text while the XBRL user worked with the IFRS taxonomy by including references to IFRS paragraphs in the taxonomy.
This document provides an introduction to using XBRL (eXtensible Business Reporting Language) for financial reporting according to International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). It explains what XBRL is, how it works, and the benefits it provides for the exchange of financial information. The document also outlines the contents of the book and conventions that will be used.
The document provides an overview of the International Financial Reporting Standards (IFRS) Taxonomy, which is an XBRL representation of IFRS that allows financial information to be automatically accessed, extracted, and processed. The IFRS Foundation launched the IFRS XBRL initiative in 2001 to develop the IFRS Taxonomy and improve access to financial information. The IFRS Foundation XBRL Team maintains the IFRS Taxonomy and works with the IASB and two external committees to achieve consistent adoption of IFRS through XBRL.
The document discusses XBRL (eXtensible Business Reporting Language), which is an interactive data format used to tag financial statements for easier analysis. It outlines what XBRL is, key terms, SEC requirements, best practices for tagging, the tagging process, validation checks, and deliverables. Vintage Filings provides full-service XBRL tagging and filing services to help companies comply with SEC mandates in a cost-effective manner.
Goldratt's Theory of Constraints - An IntroductionFred Wiersma
The Theory of Constraints (TOC) is a management philosophy developed by Eliyahu Goldratt to achieve continuous improvement by identifying the constraint holding a system back and exploiting it. A constraint is anything that prevents a system from achieving higher performance. TOC provides tools to identify constraints, determine how to exploit them, and elevate the system. It has been applied successfully across various business areas like production, distribution, marketing, and finance. Companies can develop a "Viable Vision" using TOC to achieve a profit equal to their current turnover within four years.
This document is the guide for the International Financial Reporting Standards (IFRS) Taxonomy 2010. It provides an overview of the IFRS Taxonomy architecture and describes how to use the taxonomy for preparing and extending financial statements in XBRL format. The guide is intended for preparers, extenders, and users of financial information based on the IFRS standards. It explains key aspects of the taxonomy including its folder structure, schemas, linkbases, and new technologies like versioning and formulae. The document also offers best practices for mapping to the taxonomy, customizing extensions, and creating valid XBRL instance documents.
The document provides an overview of the US Financial Reporting Taxonomy Framework (USFRTF) from an accountant's perspective. It explains that the USFRTF is a collection of taxonomies that expresses financial reporting concepts in accordance with US GAAP for public companies. While not definitive, the USFRTF provides a standardized way to tag financial information using XBRL. It aims to reflect common reporting practices but allows for flexibility, as companies can modify it or create extension taxonomies. The USFRTF was created through consensus among accounting firms and is intended as a starting point, not a replacement, for existing financial reporting guidance and tools.
International Financial Reporting Standards (IFRS) are designed to provide a common global language for business financial reporting to make company accounts understandable and comparable internationally. IFRS are replacing many different national accounting standards. Pakistan has adopted most IFRS, with some exceptions. This document discusses the history and standard-setting bodies of IFRS and Generally Accepted Accounting Principles (GAAP), the objectives and concepts of financial reporting, and how accounting standards are set in different jurisdictions and institutions.
6.3 Substance over form is a recipe for failing to achieve compar.docxalinainglis
6.3 “Substance over form is a recipe for failing to achieve comparability between financial statements of different enterprises.” Discuss.
ANSWER 1:
Substance over form is an accounting principle, which ensures the relevant and true picture of the transactions in the financial statements of the entity. It is an accounting concept, where items are accounted according to their economic reality and substance, rather than focusing merely on the legal aspects of transactions. The key point is to highlight the transactions should not be recorded in order to hide the intention behind the transaction.
However, this recipe fails to compare the financial statements of different enterprises, as in some cases, it is difficult to identify the intent behind the transaction and the substance linked to the transaction, hence the difference, in how to present the transaction can lead to various results. For example: For a company, say X, the intent over creation of an asset or a liability is not identified, based on the benefits and obligations attached to it. Hence, a problem arises, which gives different results in different situations.
ANSWER 2:
Financial information is irrelevant unless it can be compared across periods and companies. This requires that any changes should be disclosed.
It is important that financial statements released by enterprises have similar and consistent form. It is not just about what numbers you have on the statements, but also how the statements are constructed.
6.4 Explain why it is necessary to define either “asset” or “expense” from first principles, but not both. Why has the IASB chosen to define the former?
It is important to define either asset or expense from first principles because you must understand weather to use the matching concept ort the revenue principle. The IASB chooses to use the second way of defining the elements because it has the effect of reducing the importance of the matching concept.
6.5 Is it necessary and useful to have different valuation bases for different assets?
Yes, it is necessary and useful to have different valuation bases for different assets. The different valuations can be used for differing classes of assets. Such as intangible fixed assets, tangible assets, biological assets, etc. Depending on the classification of the asset, an appropriate means of valuation, depreciation (and impairment if applicable) can be applied to the asset.
6.7 “In recent years, the IASB has clearly been moving towards the use of current values rather than historical costs.” Discuss.
Under the historical cost doctrine, assets are generally carried on the balance sheet at their acquisition cost and liabilities are usually carried at the prices at which they were incurred. For many years this model, which reflects the profession's traditionally conservative approach, was sufficient.
The use of historical cost has been a traditionally conservative approach and was proven sufficient for many years.
In recent years.
This document discusses differences between U.S. GAAP and IFRS accounting standards regarding extraordinary items, warranty expenses, inventory, and contingencies. Specifically, it notes that U.S. GAAP reports extraordinary items separately on the income statement, while IFRS does not isolate them. It also explains differences in how each standard accounts for warranty expenses, with U.S. GAAP accruing expenses as a percentage of revenue and IFRS offsetting accrual against revenue.
The document provides an overview of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). It discusses how GAAP is established by individual countries while IFRS was developed by the International Accounting Standards Board to address issues with companies operating in multiple countries. The document also notes some key differences between GAAP and IFRS, such as GAAP being more rules-based while IFRS is more principles-based.
Principles of Accounting Under Canadian Law.pdfGlocal RPO
It is crucial to take into account the aforementioned factors while selecting accounting outsourcing companies in USA. The business should also be able to customize its services to match your unique demands and should offer a wide choice of services. Leading outsourced accounting firms Glocal Accounting takes care of each of these requirements.
This document provides an overview of key accounting concepts and requirements under International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). It discusses regulatory bodies that establish accounting standards, classification of assets and liabilities, requirements for balance sheets and income statements, and accounting for topics such as business combinations, foreign currency translation, and interim financial reporting. The document is intended to help readers understand the main differences between IFRS and US GAAP and ensure compliance with relevant standards.
This document discusses business rules and their use in financial reporting using XBRL. It begins by defining key concepts like semantics, metadata, and business rules. It explains that business rules express the semantic meaning of financial data and reports. The document then provides examples of how business rules can be used to express financial reporting relationships, calculations, and disclosure requirements. It argues that expressing business rules in a standardized way through XBRL can improve financial analysis and reporting.
Generally accepted accounting principlessanjoygiri
Introduction of Generally Accepted Accounting Principles: These widely accepted accounting principles that are generally recognized by almost all the persons associated with accounting along with representation of accepted accounting practices are known as ” Generally Accepted Accounting Principles”.
It is the summation of all theories, doctrine, conventions, or principles closely related to the accounting which got global recognition.
The document provides an overview of the similarities and differences between US GAAP and IFRS accounting standards. Key similarities include financial statement components and accrual basis of accounting. Differences include requirements for comparative financial statements, classification of expenses, and presentation of discontinued operations. The document also discusses convergence efforts by standard setting boards and reasons why some differences still exist.
The document discusses accounting standards and the organizations that set them. It notes that there are two main sets of standards - US GAAP and IFRS. GAAP is set by FASB and tends to be more rules-based, while IFRS is set by IASB and is considered more principles-based. Both have similarities in their conceptual frameworks and financial statement requirements, but also differences in areas like reporting classifications and treatment of certain items. The FASB and IASB are working to further converge the standards in areas like the financial statement presentation model.
The document discusses the Financial Accounting Standards Board (FASB) and the standard-setting process. FASB is a seven member board that establishes and communicates generally accepted accounting principles (GAAP) in the United States to ensure transparency, credibility and understandability of financial statements. The standards aim to create uniformity in financial reporting across companies. They facilitate high quality financial reporting to meet user needs and enhance accounting methodologies. The standards also make it easier for companies to refer to set guidelines in preparing financial statements. This enhances comparability, relevance and reliability of financial reporting, allowing investors to make rational economic decisions.
International Financial Reporting Standards (IFRS)AbhirajSingh67
Accounting for Managers
International Financial Reporting Standards(IFRS) – Meaning or Definitions
Frameworks for IFRS
Importance
Advantages & Disadvantages
Requirements of the IFRS
Please read instructions carefully and completely Due date 41.docxLeilaniPoolsy
Please read instructions carefully and completely
Due date 4/17/15 8am Arizona time
No plagiarism in own words
Will run through a plagiarism checker
Will not accept if after due date will dispute
References page must include a valid URL to take the reader to the electronic copy of each source.
If cannot complete with the given instructions do not reply
Please contact me if you have questions
Write as a team discussion example: we discussed, she, he or I
I may change some areas at later date
Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The essay is an individual assignment; however, team collaboration is worth 30 % of the available points for the essay. Input regarding the questions for IFRS 8-1, 9-1, 9-2 and 9-3 must be posted during Week 2. Input regarding IFRS 10-2 and 10-3 must be posted during Week 3. Input posted during Week 4 must relate to the information regarding IFRS at the end of Chapters 12 and 13. For example, input regarding IFRS 10-2 posted in Week 4 will not be eligible to earn collaboration credit since the topic was related to Week 3. The summary should be structured in a subject-by-subject format. An introduction and a conclusion are needed. Your essay should include the answers to the following:
· IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
· IFRS 9-1: What is component depreciation, and when must it be used?
· IFRS 9-2: What is revaluation of plant assets? When should revaluation be applied?
· IFRS 9-3: Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how a company decides which classification is appropriate.
· IFRS 10-2: Explain how IFRS defines a contingent liability and provide an example.
· IFRS10-3: Briefly describe some similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.
Format your essay consistent with APA guidelines.
Use the Financial Accounting text and at least two additional scholarly-reviewed references from the University of Phoenix Online Library. Inclusion of the URLs to take the reader directly to the Library databases is required to be eligible to earn credit for this requirement. Cite these sources when appropriate as in-text citations and list cited sources on the References page. Listed cited sources on the References page must include a valid URL to take the reader to the electronic copy of each source. The essay will not be supported if cited sources (in-text citations and References page) are omitted. If the instructor is not able to access the electronic copies by the provided URL links the essay is not supported.
The essay will include answers to above identified International Financial Reporting Standards.
Financial Standard SettingIntroductionInternational Fina.docxbryanwest16882
Financial Standard Setting
Introduction
International Financial Reporting Standards (IFRS) are guidelines and rules that are designed by the International Accounting Standards Board (IASB) that are used to provide a uniform language and platform for reporting different financial statements. The IFRS has been adopted in many countries in Europe, Asia, South America, and Australia. The most notable absentee is the United States who uses the Generally Accepted Accounting Standards (GAAP). IFRS is meant to create transparency in financial reporting so that it can assist the end-users in informative decision making. https://coolassignment.com/2021/06/01/discuss-the-importance-of-an-organization-determining-its-operational-alignment/ The IFRS improves efficiency and accountability in reporting in the global markets. The IFRS is considered as a principle based standard compared to the U.S. GAAP which is rule-based standard. Since its adoption, Australia has benefited from IFRS in various ways, such as low cost of capital and uniformity in financial reporting. This paper will focus on some of the principles of IFRS, its benefits and how it compares to the U.S. GAAP.
The International Financial Reporting Standards has been able to promote transparency in that it has encouraged firms with subsidiaries to synchronize operations of the company like auditing reporting and training standards. It will be easy to monitor the processes of the firm and its subsidiaries if there are set standards that are universal to the whole company. The format used in the business entity should be similar in all the offices so that there is consistency in accounting and reporting the company records (Devereux, 2011).
The International Financial Reporting Standards pursues to level the playing field in preparation and presentation of financial statement of a person or a business entity. It is easy to compare the performance of both the domestic and foreign business entities. The use of a common accounting dialect by the multinational corporations and the subsidiaries to use IFRS in consolidation of the financial statements helps everyone in the system to understand. The use of a similar accounting and reporting standard helps to eradicate the differences brought about by the use of different accounting modes in financial statements (Kieso, Weygandt & Warfield, 2012). https://bestofassignment.com/criminology/write-a-personal-philosophy-of-leadership-through-your-construction-of-a-persona/
The use of a similar accounting standard will eliminate unnecessary cost and time in the preparation of reporting the financial statements. The use of different regulations and the standards in a firm may prove to be costly than use of the same standards. To embed IFRS uniform accounting standards in the firm and the subsidiaries reduces the cost of preparation of financial statement. This system will provide accurate and on time statements that are critical in the decision making of th.
The document discusses the relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). It describes how the IASB was created to establish a single set of global accounting standards. It discusses the challenges both boards have faced in harmonizing standards due to differences in languages, cultures, and economic/political environments. It outlines some of the short-term goals agreed upon by both boards at the 2002 Norwalk Agreement to improve compatibility of financial reporting standards.
This document provides an overview of using XBRL (eXtensible Business Reporting Language) for financial reporting according to IFRS (International Financial Reporting Standards) and US GAAP (Generally Accepted Accounting Principles). It acknowledges contributions from various sources and organizations in developing an understanding of XBRL taxonomy frameworks.
This document provides examples for creating financial statements using eXtensible Business Reporting Language (XBRL). It begins with simple examples like creating financial highlights and progresses to more complex areas like explanatory disclosures. For each example, it describes the reporting scenario, data used, required taxonomy extensions, and steps to create the XBRL instance document and related taxonomy components. The goal is to give readers a "cookbook" for expressing real-world financial information in XBRL through worked examples that gradually increase in complexity.
This document provides an overview of using XBRL dimensions to express multidimensional information in financial reporting. It begins with examples of how dimensions like segments, products, and time periods are commonly used in reporting. It then explains key concepts around multidimensional analysis and how XBRL dimensions can be used to define relationships between different data points in a way that computers can understand.
This document provides an overview of validating XBRL instance documents and taxonomies. It discusses the purpose of validation, which is to ensure documents are syntactically and semantically correct. It also covers the benefits of validation for automated exchange of business information, and potential problems that can occur with validation.
This document discusses modeling financial reporting concepts in taxonomies using XBRL. It describes 20 common patterns found in financial reporting, from simple to complex, and provides taxonomy and sample instance files to illustrate each pattern. The goal is to help those creating XBRL taxonomies understand and apply these patterns to build taxonomies that are consistent, comparable, and correctly express real-world financial reporting concepts and data.
The document discusses using software to create XBRL instance documents. It describes the basic functions of an instance creation tool, including opening and creating instance documents, adding taxonomy mappings, validating documents, and importing/exporting data. The tool allows users to build XBRL instances by mapping financial reporting data and concepts from taxonomies.
This document provides instructions for using software to create XBRL taxonomies and instance documents. It begins with an overview of the software's features for working with taxonomies, such as creating, opening, saving, printing and validating taxonomies. It then provides exercises walking through building basic taxonomies, including creating elements, links and extending existing taxonomies. The exercises are intended to familiarize users with the basic functionality of the software.
This document provides an overview of key concepts in XBRL (eXtensible Business Reporting Language), which is a standard for electronic communication of business and financial data. It defines terminology used in XBRL and explains how taxonomies define financial reporting concepts and how instance documents contain fact values that use these concepts. Taxonomies and instance documents are structured using XML.
XBRL is becoming a global standard for exchanging business data and financial reports. It provides a common format for structured financial information that allows for consistent analysis and data sharing. The document discusses the history and development of XBRL, including the creation of taxonomies for US GAAP and IFRS financial reporting. It also outlines the current and potential future uses of XBRL by regulators, governments, and organizations around the world to modernize financial reporting and analysis.
XBRL provides benefits for businesses exchanging financial information. It allows for both broad access to data (reach) and detailed, timely data (richness). XBRL uses open standards like XML, which lowers costs compared to proprietary formats. Metadata and business rules are key concepts - metadata provides structure and meaning for data, while business rules automate validation and workflows. Overall, XBRL enables automated exchange of high-quality financial data between businesses, regulators, and other parties in a consistent, cost-effective manner.
This document is the preface to a book about using XBRL (eXtensible Business Reporting Language) for financial reporting according to IFRS and US GAAP standards. It discusses how the emerging semantic web and XBRL can transform financial reporting by facilitating the automated exchange of financial data between computers without human involvement. The book aims to explain what XBRL is, how it works today, and how it may develop further to streamline the financial reporting process and make information sharing more useful, timely and cost-effective for all participants.
This document provides a guide to using the Extensible Business Reporting Language (XBRL) for financial reporting according to International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). The guide was written by Charles Hoffman, who played a major role in developing XBRL. It covers the business case for XBRL, an overview of XBRL including its history and capabilities, how to get started using XBRL, and advanced topics such as modeling financial reporting concepts and validating XBRL documents.
The document discusses different approaches to extending XBRL, including XML extensibility, XML Schema extensibility, basic XBRL extensibility using link roles and arc roles, and custom extensions. It provides examples of each approach and explains how portable, or reusable in other environments, each extension method is.