Discussion Response's

Week 3 Discussion 1 GAAP vs. IFRS

Response to John's post

John has rightly identified some of the similarities between GAAP and IFRS, such as both the systems recognize the accrual basis of accounting for the reporting of financial information with certain exception in representation of statement of cash flow as also mentioned by (Shamrock, 2012). I agree with the point that concept of consistency and materiality of entities has set the similar standards while preparing the financial statements. Moreover, the key differences are also well picked up by John in reporting of intangibles, long lived assets, inventory costs, and business combinations. ...