[Anonymous]

in the NINJA notes, it says one of the key differences between gaap and ifrs is that under ifrs, going concern was assumed. however, in my cpaexcel review material, it says the difference is that under ifrs, accrual accounting is assumed but not under gaap. can anyone clarify?

thanks

[Anonymous]

If I remember correctly, IFRS has only two assumptions: Accrual accounting and Going Concern. GAAP has both of these and many more.

[Anonymous]

If I remember correctly, IFRS has only two assumptions: Accrual accounting and Going Concern. GAAP has both of these and many more.

[jeff]

GC is not an assumption with GAAP.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[jeff]

GC is not an assumption with GAAP.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

Hmm.. I just went back to my FAR 2013 Becker textbook and it says that Going Concern is a fundamental assumption of US GAAP. Not sure if it has changed for 2014 though.

[Anonymous]

Hmm.. I just went back to my FAR 2013 Becker textbook and it says that Going Concern is a fundamental assumption of US GAAP. Not sure if it has changed for 2014 though.

[jeff]

There is far less guidance with GAAP about GC disclosures vs IFRS.

With IFRS – the entity has to be a GC and it's a key difference between the two for exam purposes.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[jeff]

There is far less guidance with GAAP about GC disclosures vs IFRS.

With IFRS – the entity has to be a GC and it's a key difference between the two for exam purposes.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Author]

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