PDF-IFRS for SMEs section UK GAAP difference Difference

Yes 2 Concepts and Pervasive Principles No significant differences No 3 Financial Statement Presentation Companies Act requirements in relation to the true and fair override Yes 4 Statement of Financial Position Replaced by Companies Act requirement. Accounting Changes and Error Corrections. Both GAAP and IFRS treat changes in accounting . estimates. prospectively. Changes in accounting . principles. are accounted for retrospectively for both GAAP and IFRS.. Liabilities under. US . Generally Accepted Accounting Principles vs. International Financing Reporting Standards. Rebecca Fay. Julia . Makarieva. Brenna Palazzo. The Fundamental Differences. US GAAP. GAAP “Capital Lease” Criteria. To be classified as a capital lease GAAP states that the lease must be non-cancelable and meet one of the following:. Transfers ownership. Bargain purchase option. Lease term is . www.pwc.ie/banking. 22 October 2014. Agenda. Background to IFRS 9: The project and timetable for implementation. Classification and measurement. Overview of Expected credit losses in IFRS . 9. Implementation . 1. The . IFRS for SMEs. Topic 1.5. Sections 3–8, 10, 30, 32 and 33 Financial Statement Presentation. 2. © 2011 IFRS Foundation. 2. . This PowerPoint presentation was prepared by IFRS Foundation education staff as a convenience for others. It has not been approved by the IASB. . 1. The IFRS for SMEs. Topic 1.2. Overview of the . IFRS for SMEs. Review of all sections of the standard. Highlight key differences with full IFRSs. © 2011 IFRS Foundation. 2. . This PowerPoint presentation was prepared by IFRS Foundation education staff as a convenience for others. It has not been approved by the IASB. . Nathanael Bryant. , Financial Systems & Reporting Analyst. Systemwide Financial Standards & Reporting, CO. Learning Objectives. Review requirements for completing capital asset reporting by state fund in Asset Management (AM). Liabilities are. Present obligations. Require the future transfer of assets or provision of services. Obligation cannot be avoided. Event giving rise to obligation has already occurred. GAAP and IFRS are about the same regarding liabilities. Financial Reporting Framework for Small- and Medium Sized Entities FRF for SMEs TM Accounting Framework Name of presenter Audience Date Our discussion today What is FRF for SMEs? FRF for SMEs in Action www.pwc.com. IFRS 13 Fair Value Measurement. Objectives. Provide single source of guidance . Clarify definition of fair value. Provide clear framework for measuring fair value . Enhance fair value disclosures. Chapter 6. Developing IFRS Standards. IFRS Foundation. Oversees IASB.. Independent body 22 trustees.. Mix of trustees reflects geographical spread of world’s capital markets.. Raises funds for standard setting process.. May 2014. . Overview. Current UK financial reporting regime. The current UK financial reporting regime. New UK financial reporting regime. The new standards. FRS 100 The application requirements. FRS 101 Reduced Disclosure Framework. n. a. n. cial. . R. e. p. o. rting. . S. t. a. n. d. a. rds. (. I. F. R. S. ). S. u. b. :. . F. i. n. a. n. c. ial. . R. e. p. o. r. ting. . a. n. d. . A. n. a. l. y. sis. C. o. u. r. s. e. . :. Saturday 17th March 2018. Korolevu. , FIJI. 1. Acknowledgements. This presentation is based on various documents including. IFRS for SMEs,. published by IASB. 2015 Amendments to the IFRS for SMEs. published by IASB.