FSA3e_Mod01_042612

Bothrequirethesamesetoffinancialstatementsa

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Unformatted text preview: d, compatibility is maintained. ©Cambridge Business Publishers, 2013 GAAP vs. IFRS Are financial statements prepared under IFRS substantially different from those prepared under U.S. GAAP? Both are prepared using accrual accounting and utilize similar conceptual frameworks. Both require the same set of financial statements: a balance sheet, an income statement, a statement of cash flows, a statement of stockholders’ equity, and a set of explanatory footnotes. The differences are typically technical in nature, and do not differ on broad principles discussed in this book. ©Cambridge Business Publishers, 2013 IFRS Insight ©Cambridge Business Publishers, 2013 Financial Statements ©Cambridge Business Publishers, 2013 The Accounting Equation ©Cambridge Business Publishers, 2013 Berkshire Hathaway’s Balance Sheet ©Cambridge Business Publishers, 2013 Walgreen’ s ©Cambridge Business Publishers, 2013 IFRS Insight ©Cambridge Business Publishers, 2013 Investing Activities ©Cambridge Business Publishers, 2013 Financing Activities...
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