The Gaap Gap

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The Gaap Gap

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Author : Robert E. Litan
language : en
Publisher: American Enterprise Institute
Release Date : 2000

The Gaap Gap written by Robert E. Litan and has been published by American Enterprise Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Accounting categories.

Today's knowledge-based economy requires an entirely new system of assessing the value of companies--a system tapping the vast communication capabilities of the Internet.

The Gap In The Perception Of The Gaap

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Author : Israel Klein
language : en
Publisher:
Release Date : 2016

The Gap In The Perception Of The Gaap written by Israel Klein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

Financial accounting is the language of the business world and generally accepted accounting principles (GAAP) comprise its terminology. The dictionary-like use of GAAP in business discourse conveys a conception of accounting standards as definitional rules, i.e., as rules that merely provide consensual definitions for financial discourse without affecting the content of the discourse. As such, GAAP is believed to be neutral and bias-free and consequently, promulgation of accounting standards and the content of the GAAP have not attracted much legal attention.This article challenges the prevailing legal indifference towards the GAAP and those promulgating it. By revealing GAAP's effects on corporate behavior and on the function of many social, political and financial systems that utilize accounting parameters, this article discusses the substantive power private parties gain through the promulgation of accounting standards and how these standards imply a biased agenda that prefers the investor perspective over other contrary perspectives, thereby establishing a skewed financial perception of reality, such that subordinates the social order entirely to investors' objectives. While reviewing how the GAAP is perceived by the court, this article further argues that the existing legal perception of accounting standards as neutral definitional rules has yielded court rulings that relieved accounting standards promulgators from professional duties and has prevented judicial review of the standards themselves, leaving the GAAP and its promulgators practically immune to legal scrutiny.Attention is then drawn to a possible solution presented by a recent SEC proposal to allow domestic issuers to disclose supplemental IFRS-based financial results in addition to those required by the GAAP. It is suggested that such additional financial disclosure can curtail GAAP's hegemony, curb its promulgators and partially ease some of the existing biases of financial accounting.

Bridging The Gap

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Author : Vincent T. Papa
language : en
Publisher:
Release Date : 2016-01-01

Bridging The Gap written by Vincent T. Papa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-01 with categories.

Gaap Gaab Gap Gapp

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Author : Claudia Däubler-Hauschke
language : en
Publisher:
Release Date : 2005

Gaap Gaab Gap Gapp written by Claudia Däubler-Hauschke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Bridging The Gaap

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Author : Itzhak Venezia
language : en
Publisher: World Scientific
Release Date : 2012

Bridging The Gaap written by Itzhak Venezia and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.

Bridging the GAAP: Recent Advances in Finance and Accounting aims to promote a stronger interface between researchers in accounting and finance that will enhance the understanding of the similarities and differences between these two fields. Such dialog will also acquaint researchers in each area with significant recent advances in the other area, and will enable a cross fertilization of thoughts, from which both can significantly benefit. This consolidates the efforts to bridge the gap between finance and accounting by looking at diverse topics in accounting and finance and providing interesting points of view on different topics. Most of the chapters concentrate on the topic of fair value accounting and on the question of the extent to which accounting reflects the financial situation of a firm. The book combines new developments in the area of theoretical finance and accounting, and the convergence of these two approaches to better serve investors and the general public.

The Gap In Gaap

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Author : Susannah Blake Goodman
language : en
Publisher:
Release Date : 2003

The Gap In Gaap written by Susannah Blake Goodman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Corporations categories.

The European U S Gaap Gap

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Author : Elaine Henry
language : en
Publisher:
Release Date : 2008

The European U S Gaap Gap written by Elaine Henry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.

This study evaluates the extent to which the FASB and IASB convergence projects and the EU-wide adoption of IFRS have impacted the differences between firms' financial results under U.S. GAAP and IFRS. Using 2004 to 2006 reconciliation disclosures of 75 EU cross-listed firms, we find that the average gap between U.S. GAAP and IFRS income and between U.S. GAAP and IFRS shareholders' equity declined from 2004 to 2006, consistent with convergence, though the net income gap remains significant. Although both pensions and goodwill are included in the convergence projects, these adjustments appear to be the dominant reconciliation items. Across the EU, net income and shareholders' equity reconciliation amounts differ significantly by industry and by legal origin of the firm's home country, raising questions about the homogeneity of IFRS as implemented. Furthermore, most firms report IFRS net income (shareholders' equity) higher (lower) than U.S. GAAP net income (shareholders' equity), with the result that 28 percent of the sample firms' 2006 ROE under IFRS is more than 5 percentage points higher than under U.S. GAAP, while fewer than 10 percent of the sample report ROE more than 5 percentage points lower. Finally, shareholders' equity reconciliations and income reconciliations appear value-relevant, although results are somewhat sensitive to model specification. Overall, our findings indicate that significant numerical differences still exist between results under IFRS and U.S. GAAP, despite convergence. In light of the SEC's elimination of the requirement for reconciliations between the two sets of standards and the potential adoption of provisions allowing U.S. firms to choose between the standards, investors and other financial statement users should be aware of the significant numerical differences.

The Research Practice Gap On Accounting In The Public Services

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Author : Laurence Ferry
language : en
Publisher: Springer
Release Date : 2018-11-11

The Research Practice Gap On Accounting In The Public Services written by Laurence Ferry and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-11 with Political Science categories.

This book considers how the practical and public policy relevance of research might be increased, and academics and practitioners can better engage to define research agendas and deliver findings relevant to accounting and accountability in the public services. To do so, an international comparative analysis of the research-practice gap in public sector accounting has been undertaken. This involved academic perspectives from over twenty countries, and practitioner perspectives from leading international professional accounting bodies actively involved in the public services arena. It was found that research is valued for informing practice, but engaging at a high level of policy engagement has been primarily by a small group of experienced researchers. For other researchers the impact accomplished may not always be valued highly in the academic community relative to other, more scholarly, activities. The book therefore looks at how engagement and impact between academics and practitioners can be increased.

Gaap S Gap Part Ii

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Author : M. A. Gumport
language : en
Publisher:
Release Date : 2009

Gaap S Gap Part Ii written by M. A. Gumport and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

The Financial Accounting Standards Board (FASB) has long recognized shortcomings in fundamental accounting principles that are exacerbated by the proliferation of increasingly complex financial instruments. The FASB has been engaged since 1986 in a project to align financial reporting with economic substance and improve consistency.The FASB recently issued its Preliminary Views. Key points are:- After a 22 year effort, the result should be good. It is not. - A carve out is provided to allow separate consideration at a future date for the treatment of compensation options. Until then, option compensation accounting (SFAS 123R), though flawed, is exempted. Hot potato!The FASB Preliminary Views lists two fundamental premises of accounting that contribute to engineered earnings and inconsistent reporting: 1) The definition of equity, and 2) The exclusion of equity items from the income statement. The FASB's proposed solution is to redefine equity and deals with only the first premise while ignoring the second. If adopted, the result will be a tedious, case by case dispute on whether an instrument qualifies to be treated as equity, and a crop of new securities will surely arise to skirt the revised rules. Meanwhile, a simple, comprehensive opportunity (the claims approach, part of a 1990 FASB Discussion Memorandum) to modernize accounting by marking equity to market within the income statement has been scrapped.

Wiley International Trends In Financial Reporting Under Ifrs

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Author : Abbas A. Mirza
language : en
Publisher: John Wiley & Sons
Release Date : 2012-10-05

Wiley International Trends In Financial Reporting Under Ifrs written by Abbas A. Mirza and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-05 with Business & Economics categories.

Wiley International Financial Reporting Trends provides copious examples of footnote disclosures and financial statement formats, carefully culled from the world's leading international companies ("Global 500") that are already compliant with IFRS and report under IFRS standards promulgated by the International Accounting Standards Board, the IASB. Arranged topically, this book is a quick source of reference to find answers to issues of interest to financial statement preparers. It provides hundreds of illustrations taken from financial statements prepared under IFRS by global conglomerates thereby helping preparers and users of financial statements to expeditiously obtain examples of footnote disclosures and financial statements presented under these Standards which are popularly referred to as "principles-based" standards (as opposed to "rules-based" standards). Additionally, Wiley International Financial Reporting Trends contains comparisons of IFRS to US GAAP, Indian GAAP, and Chinese GAAP, making it a truly global reference resource.