International Accounting vs. U.S. Accounting

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Essay #: 067077
Total text length is 6,509 characters (approximately 4.5 pages).

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The beginning:
International Accounting vs. U.S. Accounting
Accounting for Price Changes: GAAP vs. IFRS
The price of goods and services varies during the course of the fiscal year. The price also varies according to purchase agreements that the selling company has with the buying company. This presents challenges when companies selling goods try to report the value of goods sold. For example how does a company recognize revenue from goods sold over a period of time with multiple delivery dates, where the same goods have different prices? The valuation of goods can create artificial wide swings in a company’s financial statements. The objective of financial statements is to accurately reflect the financial position of a company for the benefit of all...
The end:
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FASB Accounting Standards Update. (2009, October) Update No. 2009-13. Revenue recognition (Topic 605): Multiple-deliverable revenue arrangements—a consensus of the FASB Emerging Issues Task Force. p. 2, para. 2.
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