2019-01-23T11:29:11+00:00 Assignments

Topic: Standard Format and Principles GAAP (Generally Accepted Accounting Principles)

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Topic: Standard Format and Principles GAAP (Generally Accepted Accounting Principles)


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Balance Sheet Your name November 20, 2016 Your institution of affiliation Since one of the primary purposes of accounting is to provide a comparison of the past performances and reports of different companies, standard format and principles have been employed by most businesses that there is. These standard format and principles are called GAAP (generally accepted accounting principles) (Edwards & Hermanson, 2007). In contrast to this, Edwards and Hermanson (2007) said that the IFRS or International Financial Reporting Standards “represents a fundamental change for the accounting profession.” Aside from the apparent difference in the methodologies used, two other differences include (1) Measurement of unexpected losses/provisions, (2) scope of asset impairments, and (3) recognition of contingent losses/provisions (Deloitte, n.d.). According to Deloitte (n.d.), the measurement of contingent provisions differs between the two, because the “minimum amount in the range is used to measure the amount to be accrued f


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