Assessment of business subsidiary operations and consolidated financial statements through a common global accounting language, IFRS vs. GAAP

Paul J. Lee

Abstract


The focus of this paper is to provide a comprehensive overview of financial accounting as it relates to business combinations.  Additionally, comparisons have been made with regard to International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US GAAP).  Inclination for the research is based upon the study of IFRS and US GAAP separately at the collegiate level, having a solid understanding of full consolidation under US GAAP, and the desire to learn more about full consolidation under IFRS.   Due to convergence of IFRS with US GAAP on many levels of accounting practices, the overview of full consolidation and logic behind such convergences proves significant in determining usefulness and impact of provided financial data.  


Full Text:

PDF

References


Accounting Issues with Investments in Foreign Subsidiaries. KPMG, 7 May 2012. Web. 27 Aug. 2013.

.

Arons, Steven. Convergence of IFRS and US GAAP Is Not Dead, Just Dormant. CFO Insight, 13 Dec. 2012. Web. 26 Aug. 2013. .

Comparison between U.S. GAAP and International Financial Reporting Standards. Grant Thornton, May 2013. Web. 27 Aug. 2013. .

Doupnik, Timothy S., Joe B. Hoyle, and Thomas F. Schaefer. Advanced Accounting. Boston: Irwin/McGraw-Hill, 2012. Print.

Doupnik, Timothy S, and Hector B. Perera. International Accounting. New York: McGraw-Hill Irwin, 2012. Print.

Forgeas, Remi. Is IFRS that Different from U.S. GAAP? CPA Insider, 16 June 2008. Web. 9 Sept. 2013. .

Legotte, Leonard C. Jr. IFRS Adoption in the United States in 2015. Global Executive Training and Development Association, 24 Aug. 2012.

Web. 26 Aug. 2013. .

Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards.

IFRS, 29 Nov. 2010. Web. 26 Aug. 2013. .

Shamrock, Steven E. IFRS and US GAAP: A Comprehensive Comparison. Hoboken, N.J.: John Wiley, 2012. Print.

The Impact of Combining the U.S. GAAP and IFRS. Investopedia, 21 Jan. 2013. Web. 5 Sept. 2013. .

The Organisation. IFRS: The Website of the IFRS Foundations and the IASB. Web. 26 Aug. 2013. .

US GAAP versus IFRS: The Basics. Ernst & Young, Nov. 2012. Web. 26 Aug. 2013. .

US GAAP versus IFRS: The Basics. Ernst & Young, Jan. 2009. Web. 26 Aug. 2013. .

Why Do Companies Invest Overseas? Globalization 101: A Project of Suny Levin Institute, 2002. Web. 27 Aug. 2013. .

Work Plan for the Consideration of Incorporating International Financial Reporting Standards into Financial Reporting System for U.S. Issuers: A Comparison of U.S. GAAP and IFRS. Securities and Exchange Commission, 16 Nov. 2011. Web. 9 Sept. 2013. < .




DOI: http://dx.doi.org/10.18533/ijbsr.v5i7.746

Refbacks

  • There are currently no refbacks.




Copyright (c) 2015 International Journal of Business and Social Research

 ...........................................................................................................................

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

............................................................................................................................

If you find difficulties in submitting manuscript please forward your doc file to support@thejournalofbusiness.org. Our support team will assist you in submission process and other technical matters.

In order to get notifications on inbox please add  this domain thejournalofbusiness.org in your email safe list.

International journal of business and social research (Print)
ISSN 2164-2540

International journal of business and social research (Online)
ISSN 2164-2559

[International Journal of Business and Social Research (IJBSR) previously published by MIR Center for Socio-Economic Research, MD, USA. From February 2018 this journal is published by the LAR Center Press, OR, USA]