US GAAP Versus IFRS
Write a 1,050- to 1,400-word cardboard that addresses the afterward book and questions:
Your aunt afresh accustomed the anniversary address for a aggregation in which she has invested. The address addendum that the statements accept been able in accordance with "generally accustomed accounting principles." She has additionally heard that assertive agreement accept appropriate meanings in accounting about to accustomed use. She would like you to explain the acceptation of agreement she has appear beyond accompanying to accounting.
Go to the FASB website and admission the FASB Concepts Statements and use the IASB website to acknowledge to the afterward items. (Provide branch citations.) When you accept accessed the documents, you can use the chase apparatus in your Internet browser.
Explain how "materiality" is authentic by both FASB and IASB.
The concepts statements accommodate several examples in which specific quantitative achievement guidelines are provided to firms. Identity at atomic two of these examples. Do you anticipate the achievement guidelines should be quantified? Why or why not?
The concepts statements altercate the abstraction of "articulation" amid banking account elements. Briefly abridge the acceptation of this appellation and how it relates to an entity's banking statements.
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