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Cash flows between ifrs and u.s. gaap

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Reference no: EM131356631

Question:

International Accounting Standard 18 (IAS 18) provides the general standards for revenue recognition and measurement in the IFRS.

Provide three examples of the differences between the 2 sets of standards.

Review the IAS 7 statement of cash flows, and complete the following:

Discuss the differences in classifications of cash flows between IFRS and U.S. GAAP.

What impacts will these have on U.S. companies?

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.

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

Best estimates

Risks

Uncertainties

Verified Expert

The said paper is in relation to making a comparison between IFRS and US GAAP in relation to the following matter: 1. IAS 18: revenue Recognition 2. IAS 7: Cash flow statement: 3. IAS 37: Provision and Contingent Liabilities.

Reference no: EM131356631

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