Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

Financial Accounting

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

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Multiple Choice

Which of the following pronouncements are included under Generally Accepted Accounting Principles (GAAP)?

International Financial Reporting Standards (IFRS)

Statements of Financial Accounting Standards (SFAS)

International Public Sector Accounting Standards (IPSAS)

International Accounting Standards (IAS)

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Verified step by step guidance

Understand the concept of Generally Accepted Accounting Principles (GAAP). GAAP refers to a set of accounting standards, principles, and procedures that companies in the United States must follow when preparing financial statements.

Recognize that GAAP is specific to the United States and is governed by the Financial Accounting Standards Board (FASB). It does not include international standards such as IFRS, IPSAS, or IAS.

Identify the Statements of Financial Accounting Standards (SFAS) as part of GAAP. SFAS are issued by the FASB and are a key component of GAAP.

Clarify that International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), and International Accounting Standards (IAS) are international standards and are not included under GAAP.

Conclude that the correct pronouncement included under GAAP is the Statements of Financial Accounting Standards (SFAS), as it is directly issued by the FASB for use in the United States.