- This topic has 17 replies, 15 voices, and was last updated Aug-2310:53 am by
RaviVooda.
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Up::52
This is particularly useful and looks amazing! However, I’m a little concerned that the post is now 5 years old, would any accountants out there be able to comment on whether there has been changes to IFRS or GAAP which makes some of the information now out of date or incorrect?
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Up::6
Discontinued Operations – Under U.S. GAAP, you report it as “extraordinary net of tax”. I believe it should be reported below Income from continuing operations but above Extraordinary Items.
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Up::5
Your last row reads “To change inventory accounting method from FIFO to LIFO.” IFRS reads “Demonstrate the benefit”, but isn’t LIFO prohibited in IFRS?
Maybe the row should read “To Change Inventory Accounting Method” (strike the from/to specifics)? Your call.
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Up::3
Dividends paid are to be recognized under CFF in GAAP
FYI
http://www.iasplus.com/en-us/standards/ifrs-usgaap/cashflows#footnote3 -
Up::2
I’ve been using this sheet, its extremely helpful not just in remembering what standard goes with what, but is a helpful exercise is running through each of the concepts as well, i.e. IFRS has FIFO while GAAP allows for FIFO or LIFO, means IFRS will usually present lower COGS=higher net income
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Up::1
Good info, but for lvl 1 but you really don’t need to spend that much time memorize the nuances of what’s different between IFRS and GAAP.
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