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| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
define the differences in terms specified between U.S. GAAP and IFRS in understanding the comparability issues between differences in financial reporting terms. (One example is provided: Retained earnings).
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TERMS & DEFINITIONS |
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Terms |
U. S. GAAP |
IFRS |
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Accruals |
Revenues is recognized when earned and expenses are recognized when incurred. |
An entity shall recognized items as assets liabilities equity. Income and expenses when they satisfy the definition and recognition criteria for those elements in the frameworks of IFRS. |
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Bank borrowings |
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Called-up share capital |
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Capital allowances |
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Creditors |
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Earnings |
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Finance Lease |
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Fised asset investment |
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Freehold |
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Loans |
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P&L Statement |
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Reserves |
Retained Earnings are a corporationAc€?cs undistributed earnings. |
Reserves are equivalent to retained earnings in the U.S and represent amounts retained in the business and not distributed to owners. |
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Share premium account |
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Stocks |
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Turnover |
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