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Accounting - GAAP vs. IFRS  

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Accounting for Managers - William H. Webster
Call Number: EBSCO eBook
ISBN: 9780071436472
Publication Date: 2004-01-01
"Accounting for Managers "defines essential terms--from general ledger to chart of accounts--and, more importantly, discusses their applications in everyday business. It also introduces managers to popular accounting software programs and their use in tracking and allocating funds in the organization.

Cover Art
Applied Equity Analysis - James English
Call Number: EBSCO eBook
ISBN: 9780071360517
Publication Date: 2001-05-14
Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise; and covers the entire valuation process from financial statement analysis through the final investment recommendation. Its integrated approach to valuation builds viable connections between a firm's competitive situation and the ultimate behavior of its common stock. Techniques explained include EVA, newer hybrid valuation techniques, and relative multiple analysis.

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Accounting for Dummies - John A. Tracy
Call Number: 657 TRA
ISBN: 0470246006
Publication Date: 2008-06-03
Learn the basics of practical accounting easily and painlessly with Accounting For Dummies, 4th Edition, which features new information on accounting methods and standards to keep you up to date. With this guide, you can avoid accounting fraud, minimize confusion, maximize profits, and make sense of accounting basics with this plain-English guide to your accountant's language. Understand how to manage inventory, report income and expenses for public or private companies, evaluate profit margins, analyze business strengths and weaknesses, and manage budgets for a better bottom line.

Cover Art
International Finance and Accounting Handbook - Frederick D. S. Choi (Editor)
Call Number: EBSCO eBook
ISBN: 9780471229216
Publication Date: 2003-08-08
The International Accounting and Finance Handbook is an excellent reference for assisting those with interests or responsibilities concerning the international dimensions of accounting, reporting, and control and finance. It provides the tools for managers who need to come to grip with the differences in accounting principles, financial disclosure and auditing practices in the worldwide finance and accounting arena. * Provides an overview of international accounting and finance issues * Contributors are from Big-5 firms, top legal and finance firms, and well-known academics * Author is a leading academic expert in international accounting and finance with a great deal of practical consulting experience * Shows important trends in international finance and accounting * Provides practical examples and case studies

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Is Fair Value Fair - Henk Langendijk (Editor); Dirk Swagerman (Editor); Willem Verhoog (Editor); Luc Keuleneer (Editor)
Call Number: EBSCO eBook
ISBN: 9780470850282
Publication Date: 2003-03-28
The failure of current mechanisms to either predict the collapse of various companies or curb corrupt practises has kept the subject of external reporting to the fore. Is Fair Value Fair? Financial Reporting in an International Perspective contains contributions from many highly-respected individuals involved in external reporting, regulation and standard setting.

GAAP vs. IFRS Assignment

ACCOUNTING RESEARCH

Generally Accepted Accounting Principles vs

International Financial Reporting Standards

OVERVIEW:  Generally Accepted Accounting Principles (GAAP) are the common set of accounting principles, standards and procedures that companies in the United States use to compile their financial statements. GAAP are imposed on companies so that investors have consistency in the financial statements they use when analyzing companies for investment purposes.

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.

OBJECTIVE:  To gain a better understanding of GAAP and IFRS through research of accounting principles.    

REQUIREMENTS:   

  1. Choose one GAAP Principle – listed below
  2. Write a 1 page research paper detailing the following:
    1. What is the meaning of the Accounting Principle?
    2. Why is this Principle necessary?
    3. How would a company be affected if this principle was not followed?
    4. Why would a company or group of people disagree with this Principle? 
  3. What is IFRS?  Research the difference between GAAP Standards and IFRS Standards.
  4. When completing your research be sure to cite 3 sources: one Book, one Website, and one Database.

 GAAP ACCOUNTING PRINCIPLES:   

  1. Economic Entity Assumption
  2. Monetary Unit Assumption
  3. Time Period Assumption
  4. Cost Principle
  5. Full Disclosure Principle
  6. Going Concern Principle
  7. Matching Principle
  8. Revenue Recognition Principle
  9. Materiality
  10. Conservatism 
      
     

    GAAP vs. IFRS Rubric

    Accounting Research

    Rubric 

     

    Points Possible

    Points Earned

    Contents

    Showed comprehensive understanding of material & provided supporting facts

     

     

    10

     

    Completeness

    Responded to all questions posed

     

     

    10

     

    Clear and Concise

    Information clear and concise

     

     

    10

     

    Citations

    Cited 3 sources: one book, one website, and one database

     

     

    5

     

    Spelling and Grammar

     

    5

     

     

    TOTAL

     

    40

     

    Subject Guide

    Kristin Brumbach

    Subject Guide

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    Ann Schmidt

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