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Part A
I .What is GAAP?
II. Key differences between GAAP and IFRS in relation to overall application of standard
III. The key difference between GAAP and IFRS in relation to financial statement
Income statement
Cash flows statement

Part B
I. Time line for the US is likely to fully adopt IFRS
II. Positive and Negative for companies during this transaction phase.

Part C
What stage are Japan and Singapore in their convergence process to IFRS?

Part A
I .What is GAAP?
According to FASB, the term “generally accepted accounting principles” is defined as a specific meaning for accountants and auditors who is the member of the AICPA Code of Professional Conduct. It is not allowed from expressing an opinion or staring affirmatively that the financial statement or any financial data have to be presented fairly in conforming to GAAP. In 1973 FASB was designated by AICPA Council to response for set up GAAP for federal reporting entities. FASB designs GAAP hierarchy which is encompassing the source of accounting principles used in preparing the financial statement of all reporting entities. It means that all the financial statement have to follow the framework for selecting principles without bias or prejudice. The GAAP also provide the list of the priority sequence of sources that the reporting entities should look to for accounting and reporting guidance. On the other hand, IFRS was created in 2003 as a new international accounting standard under IASB and have created the big impact to global economic. Lary Gray (2009) points that IFRS have significant influence to the global economic, the evidence was that Europe Union required listed companies in EU to adopt IFRS by 2005.And two year later, US securities and exchange commission (SEC) adopt the rule amendment to eliminate GAAP and IFRS’s difference.
II. Key differences between GAAP and IFRS in relation to overall application of standard
In the special edition...