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DOCUMENT SCORE

AMcCauley_Course Project Week 2_101116

83 of 100 ISSUES FOUND IN THIS TEXT

33 PLAGIARISM

4%

Contextual Spelling 4 Mixed Dialects of English 3

Confused Words 1

Grammar 1 Faulty Subject-Verb Agreement 1

Punctuation 3 Comma Misuse within Clauses 3

Sentence Structure 0 No errors

Style 10 Wordy Sentences 6

Passive Voice Misuse 3

Improper Formatting 1

Vocabulary enhancement 15 Word Choice 15

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Mr 1 Mr 2 Accounting Principles (GAAP) and the

International

AcceptedGenerally 5 4

3

in order to 6

generally 7 to ensure that 8

AMcCauley_Course Project Week 2_101116

Memorandum IFRS & GAAP

Amanda McCauley

Professor's Name

Corporate and International Accounting

10/16/2016

Memorandum

To: Connor and Martin in Generally Accepted Accounting Principles

From: Amanda McCauley

Date: 16th October 2016

Subject: IFRS and GAAP

Connor & Martin,

Financial Reporting Standards are financial

organizations that usually offer the financial statements that are of

interest to the public for most of the world's capital markets. One of the

major similarities between these two is that in both of them are

consistent with each other and that they are both working

ensure that the United State Stock Exchange runs on smoothly. They

are meant there is as much control as

possible in the financial industry.

1 [ Mr ]. 2 [ Mr ]. 3 Unoriginal text: 8 words smallbusiness.chron.com/gaap-vs-ias-35636.html

4 [ ]Generally Accepted → Accepted

5 [ ]Generally → Generally,

6 [ ]in order to → to

7 [ ]generally 8 Repetitive word: ensure

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major 9

is 10

own 11

terminologies 12

is contained 13

educed 14 In addition 15

basically 16, 17 categorised 18

problems 19

conceptual 20 interim 21 itself .22 longer 23

interim 24 integral 25 are

based 26 revenue 27 expenses 28

One of the advantages of this type

of 29 decentralised 30 businesses 31 analyse 32

The difference between IFRS and GAAP is that the GAAP is

rule-based while the IFRS is principle-based. GAAP has its research

focused the more on the literature whereas IFRS has the review of the

fact patterns being more thorough. Other differences between these

two organizations that IFRS does not allow the company at hand

to record the gains or losses or even the purchases made by the

company of its shares. Further, these two organizations are

governed by different terminologies, For instance, GAAP uses

common terminologist such as common stock, stockholders and

retained earnings while the IFRS uses different such

as share capital-ordinary, shareholders, nominal or face values and

retained profits.

In GAAP the interim reporting is included in the FASB accounting

standards codification while in IFRS; the guidance related to interim

reporting in the International Accounting Standard. In

both organizations, the permit condensed interim financial statements

should be presented together with the disclosure

requirements. , both organizations do not require an

entity to present the interim financial information. They both calculate

the income taxes by the use of an estimated annual effective tax rate.

Interim reporting faces two main problems. One of these

is the accounting problem which is further into inventory

problems, matching and the extent of disclosure problem.

We then have the conceptual issues whereby the interim reporting

restricts the quality of accounting measurements. The vital

issue is whether or not the period is part of the

longer period or a period in The period is known as

the integral view while the period is known as the discrete

view. Under the view, the expenses and revenue

on the estimate of the total annual and

.

Segmented reporting is when a business reports its financial activity

by sector rather than as a whole.

financial disclosure is that it respects the

. Segment reporting is the best way to the

losses and the profits for that sector. Further, segment reporting

enables the investors to have in their minds the full picture of the firm

9 Overused word: major

10 [ ]is → are

11 [ ]own

12 Repetitive word: terminologies

13 Passive voice

14 Possibly confused word: educed

15 [ ]In addition → Also

16 [ ]basically 17 Overused word: basically

18 [ ]categorised → categorized

19 Repetitive word: problems

20 Repetitive word: conceptual

21 Repetitive word: interim

22 [ ]itself . → itself.

23 Repetitive word: longer

24 Repetitive word: interim

25 Repetitive word: integral

26 Passive voice

27 Repetitive word: revenue

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public

companies 33

be defined 34

effectively 35

IFRS 10 3 Similarities and Differences between GAAP and -

ACC 291 - 291 36

especially the companies that have a lot of sectors. One of the

disadvantages of segment reporting is that it applies only to the

, so the private companies do not get to enjoy this

service.

The operating segment can as the component of an n

entity that gets engaged and incorporated in the business to earn

revenue and incur expenses. One of the requirements for segment

reporting is that for it to be applied, the company where

the application is to take place must b a public company since it is not

applicable for the private companies as earlier stated. Under the

GAAP, an operating segment ushers in the activities of the business

from which it earns and incurs expenses has some discrete financial

information and whose results are also reviewed regularly by the

entity's decision maker.

Best,

Amanda McCauley

References

U. (n.d.)

Retrieved October 12, 2016, from

https://www.coursehero.com/file/p7qie6s/IFRS-10-3-

Similarities-and-Differences-between-GAAP-and-IFRS-Some-of-the/

Schiff, M. (1978) Accounting reporting problems: Interim reporting.

New York: Financial Executives Research Foundation.

Segment reporting (2000). Kuala Lumpur: Malaysian Accounting

28 Repetitive word: expenses

29 Unoriginal text: 8 words www.coursehero.com/tutors-problems/Business/84…

30 [ ]decentralised → decentralized

31 Repetitive word: businesses

32 [ ]analyse → analyze

33 Repetitive word: companies

34 Passive voice

35 Overused word: effectively

36 Unoriginal text: 8 words www.coursehero.com/file/p7qie6s/IFRS-10-3-Similar…

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Standards Boards.

What is segment reporting? - Questions & Answers - Accounting

Tools. (n.d.) Retrieved October 12, 2016, from

http://www.accountingtools.com/questions-and-answers/what-is-

segment-reporting.html