What are some current changes proposed by the International
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What are some current changes proposed by the International Accounting Standards Board and how it will affect U.S. GAAP?
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What are some current changes proposed by the International Accounting Standards Board and how it will affect U.S. GAAP?
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What are some current changes proposed by the International Accounting Standards Board and how it will affect U.S. GAAP?
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There are numerous changes that will affect GAAP, and most of the proposed changes have come under extreme scrutiny. The IASB is more principles based, and does not provide nearly as much specific accounting guidance compared to what is required under GAAP. GAAP is an extremely rule-based accounting system, where there is not much leeway.
I am going to give you the points that are the biggest controversies for the IASB convergence.
Under the IASB, all equity instruments that are employer-issued and held by an ESOP will follow the same accounting method as share-based payments follows.
Under GAAP, the same employer-issued equity instruments are not accounted for in the same manner as share-based payments. Each instrument (equity based vs. share based) follows a different reporting model.
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Under the IASB, share based payments that are awarded to employees by a subsidiary are classified as liabilities in the ...
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