IFRS/GAAP Topic – Effect on Accountant and Auditor Liability Cases (1270 words)

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GAAP and IFRS address accounting processes from different perspectives. You will pick a topic where they do not agree and discuss the issue (this is a compare/contrast paper). You may use one of the conference topics or you may use a totally different topic. It is recommended that your paper include research for the most current information. Many large accounting firms have extensive analyses on GAAP/IFRS issues on their websites. GAAP and IFRS address accounting processes from different perspectives. Pick a topic where they do not agree and discuss the issue (this is a compare / contrast paper). At least two pages no more than four single spaced and include your citations. Cover pages, abstract/ executive summary, table of content if you chose to include or bibliography / reference lists do not count toward page count. You may use one of the conference topics or you may use a totally different topic. Many large Accounting Firms have extensive analyses on GAAP/IFRS issues, so check their websites for the most current information.

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IFRS/GAAP: Treatment of Fixed Assets
The treatment of fixed assets is one of the key areas where the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) differ. Under the GAAP, an entity’s fixed assets are valued using the cost model while under the GAAP valuation of fixed assets can be done using either the cost model or the revaluation model. Since the GAAP strictly follows the cost model, there is no comparability for an entity that opts to follow the revaluation model provided for under the IFRS. One of the main underlying assumptions under the revaluation model is the ability to reliably measure the fair value of a fixed asset. Under the cost model of fixed assets valuation, an entity’s fixed assets are recorded using the historical value. Accumulated depreciation is deducted from the fixed asset’s historical value to arrive at the current value. In comparison, under the revaluation model, the value of an entity’s fixed assets is based on fair value on the date of evaluation. The subsequent accumulated depreciation and impairment losses are deducted from the fair value to arrive at the current value (IFRS, 2013)....
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