05 Jun Question ACC403 Mod 1 Suppose a store sells a MP3 playe
Question
ACC403 Mod 1
Suppose a store sells a MP3 player in December to a customer who agrees to pay for it in January. Should the business recognize (report) the sale as a December transaction or as a January transaction?
It really does not matter as long as the storeowner discloses the rule the decision is based on and applies it consistently to other transactions. Because businesses may use different reporting rules, however, clear communication also requires full and fair disclosure or the accounting rules chosen.
Communicating business results would be simpler if each type of business activity were reported using only one measurement method. World economies and financial reporting practices, however, have not evolved uniformly. Even in highly sophisticated countries such as the United States, companies exhibit significant diversity in reporting methods. Providers of accounting reports assume that users are educated about accounting practices.
Question:
What is U.S. GAAP?
What is IFRS?
Comment on the differences between these two measurement rules and discuss the application of each.
Do research on the Internet and show the reference for the information.
Please watch the following videos (click on the following link to access these videos) and post your comments.
http://www.youtube.com/watch?v=NFnD4MoLZ54 Quarter close, Q4 2012: Eurozone, FASB disclosure, and other financial reporting
http://www.youtube.com/watch?v=C9KomlV206o Impact of the joint FASB/IASB leasing proposal
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