IFRS_end_quarter

IFRS_end_quarter - IFRS… a.k.a iGAAP Chapter ALL IFRS-1...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: IFRS… a.k.a. iGAAP Chapter ALL! IFRS-1 IFRS IFRS IMPACT TO CHAPTER 4 IFRS-2 IFRS IFRS… INCOME STATEMENT Just like USGAAP: Income statement is required; Segregate continuing from disc. Ops. Not like USGAAP: Expenses categorized by function or nature NO such thing as an extraordinary item. IFRS-3 IFRS IFRS-4 IFRS IFRS-5 IFRS IFRS: COMPREHENSIVE INCOME Items effect equity but not income (like our “other comprehensive income”). Same as USGAAP, non income items: WHOPPER of a difference: Unrealized gain/ loss on Avail. For Sale securities. Currency translation. Others which are discussed in 136C Gain/ Loss from reporting land & buildings at fair value. Don’t get too excited about how they present it (SRIE is what they call it, example follows) because they are reworking it to look more like ours! IFRS-6 IFRS IFRS EXAMPLE: SRIE… LIKE OUR COMPREH. INCOME IFRS-7 IFRS IFRS IMPACT TO CHAPTER 5 IFRS-8 IFRS Balance sheet LIKE US GAAP: Classified (Current vs. noncurrent) NOT LIKE USGAAP: Equity may be presented before liabilities. Long term may be presented before current. Use of the term “reserve” permitted. IFRS-9 IFRS IFRS-10 IFRS IFRS-11 IFRS STATEMENT OF CASH FLOWS VERY, VERY SIMILAR. NOTE: USGAAP shows net income and reconciles that to cash from operations, under IFRS this may be done in the footnotes. IFRS-12 IFRS IFRS-13 IFRS IFRS-14 IFRS CHAPTERS 8 & 9 IFRS to USGAAP INVENTORY is accounted for substantially in the same fashion as we taught for USGAAP, except as follows: LIFO is not allowed for IFRS; Lower of Cost or Market is still applied, but differs: No need to find three values… “Market” for IFRS is Net Realizable Value. Recovery of write-down is allowed; IFRS-15 IFRS CHAPTER 11 IFRS to USGAAP Again, substantially the same, but where it differs, it is very different: LIKE USGAAP: Capitalize all costs (including interest and overhead allocation) Exchanges of non-monetary assets that we just learned is based on recently revised GAAP.. Which was a “convergence” to IFRS. NOT LIKE USGAAP: Fixed assets at fair value! Unrealized gains & losses reported to equity without impacting net income (like our “O.C.I”) Therefore our rules re: undicsounted cash flows for determining if there is an impairment become moot. IFRS-16 IFRS NO SIGNIFICANT DIFFERENCES IFRS VS. USGAAP Concepts covered in the following chapters are substantially the same for USGAAP and IFRS 6,7 & 10 IFRS-17 IFRS ...
View Full Document

This note was uploaded on 12/25/2011 for the course ECON 136A taught by Professor Anderson during the Fall '08 term at UCSB.

Ask a homework question - tutors are online