Differences between u.s. gaap and ifrs
Problem: Briefly describe some of the similarities and differences between U.S. GAAP and IFRS with respect to the accounting for investments.
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Assess and discuss the criteria and procedures involved in accounting changes and error analysis. What are the major reasons why companies change accounting methods?
Statement evaluation. designing and implementing accounting information systems requires judgment and critical thinking. Your job is to explain whether each statement is (i) always true, (ii) sometimes true, or (iii) never true. If you answer (ii)
Problem 1. What are the essential elements of an accounting information system? Problem 2. What does AIS mean to you? How do you incorporate AIS into your daily life?
Problem: Describe the current convergence efforts of the FASB and IASB in the area of accounting for taxes.
Briefly discuss how accounting convergence efforts addressing liabilities is related to the IASB/FASB conceptual framework project.
Give two examples of fixed assets that you believe should be depreciated with different methods. Do not identify the appropriate methods.
Now that you have an appreciation for the government's need of property tax revenue, as well as an understanding of the taxpayers side,
Crosscut Corporation makes and sells four products. September's budgeted and actual sales and margins for these products were as follow:
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Explain why financial statements are important to a business and how they help a business determine its financial health.
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