Accounting for Cash, Receivables and Prepaid Expenses
IFRS versus GAAP
Listed below are some of the major differences in accounting for cash, receivables and prepaid expenses between International Financial Reporting Standards (IFRS) and U.S. GAAP. This material is excerpted from Wiley IFRS 2008: Interpretation and Application of International Financial Reporting Standards.
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U.S. GAAP Treatment of
Cash, Receivables, and Prepaid Expenses |
IFRS Treatment of
Cash, Receivables, and Prepaid Expenses |
No specific guidance offered under US GAAP or IFRS
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No specific guidance offered under either set of standards
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Industry specific guidance for acquired loans and receivables
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Loans and receivables measured at amortized cost
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Accounting for pledging, factoring similar under IFRS
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Accounting for pledging, factoring similar under US GAAP
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Contact IFRS international accounting expert Dr. Barry Epstein, CPA for more information. He can be reached at bepstein@rnco.com or 312-464-3520.
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