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