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- 2011-7-11
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7#
发表于 2011-7-11 19:22
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magicskyfairy Wrote:
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> i don't feel like there were that many differences
> tbh. off the top of my head, here are a few, could
> be wrong on some of them cuz this is just from
> memory, so please correct me if that's the case,
> but here we go:
>
> Inventory
> IFRS - LIFO not allowed
> GAAP - LIFO is allowed
>
> R & D
> IFRS - research expensed, development capitalized
> GAAP - both expensed, except for developed
> software to be used internally, or something like
> that with software, it's unlikely to come up.
>
> Goodwill
> IFRS - Partial goodwill prefered
> GAAP - Full goodwill prefered
>
> Business combinations
> IFRS - Proportionate consolidation preferred for
> joint ventures
> GAAP - Equity Method preferred for joint ventures
>
> Intercorporate investments
> IFRS - allows securites to be 'designated at fair
> value' which pretty much locks it in as a trading
> security. can't reverse the decision once it's
> designated this way.
> GAAP - no such designation as 'designated at fair
> value'
>
> Available for sale securities
> IFRS - allows FX currency gains/losses resulting
> from holding a foreign AFS security to go straight
> to the income statement
> GAAP - no provision for this; this gain/loss would
> go to OCI along with all other unrealized
> gains/losses associated with the AFS security
>
> Goodwill impairment
> IFRS - loss amount is equal to difference between
> book and fair value
> GAAP - first test if there is impairment (compare
> fair value to carrying value), and if carrying
> value > fair value, impairment is calculated as
> carrying amount less implaid fair value
>
> Pensions
> IFRS - income smoothing allowed. Also, can show
> pension expense with all components listed, or in
> single line item, but components must be shown in
> footnotes if single line item is chosen.
> GAAP - no income smoothing allowed. Must show
> pension expense components as single line item
> with components in footnotes.
>
> Definition of Hyperinflation
> IFRS - no specific definition, just use 'prudent
> judgement', 3 years cumulative at or approaching
> 100% inflation is good indicator
> GAAP - 3 years cumulative of 100% inflation
>
> Treatment of multinationals under hyperinflation
> IFRS - adjust so the effects of hyperinflation and
> vanishing plant syndrome are eliminated (kind of
> play it by ear i guess)
> GAAP - temporal method mandatory
>
> Ok, i guess there are more of them than I thought
> : /
oh yeah magicskyfairy? whats the difference between IFRS GAAP treatment of FAS 142 goodwill accounting. Oh yeah magicsky? Whats the difference between the translation adjustment made during hyperinflation for GAAP and IFRS? |
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