HAdams_BibliographyOutline_022611 - Accounting Standards in...

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Accounting Standards in China 1 RUNNING HEAD: ACCOUNTING STANDARDS IN CHINA Accounting Standards in China Helen Adams Rasmussen College
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Accounting Standards in China 2 Accounting Standards in China Deloitte Global Services Limited, (2010), Comparisons of IFRS to Local GAAPs, Retrieved from http://www.iasplus.com/country/compare.htm In this particular article, the overview of the IASB, IFRS and FASB 141 has been given. The article states that in certain instances, IFRS and GAAP follow different approaches for the determination of specified amounts as well as how these amounts are acknowledged in financial statements and within the notes. Unlike GAAP which accepts the weighted-average methods LIFO, and FIFO, IFRS does not accept LIFO. It says when inventory is recorded on balance sheets; IFRS requires it to be reported at Net Realizable Value or the lower of historical cost or GAAP. The article has also shown the difference occurring in the measurement of plant, equipment, and property. Plant, equipment, and property are measured at cost originally. However, IFRS and GAAP have variations in how they have treated the assets. Under IFRS, PPE can be revaluing if there is a higher fair value; GAAP does not allow for any revaluation after recognition. It has given the various systems through which the IASB, IFRS and FASB differ from each other in standards. This article contains the difference between the standards and how they are being used in various
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HAdams_BibliographyOutline_022611 - Accounting Standards in...

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