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The Difference between GAAP and IFRS
 
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ZACH DE GREGORIO, CPA www.WolvesAndFinance.com First you need to understand what these things are. GAAP and IFRS are accounting standards. GAAP stands for Generally Accepted Accounting Principles which is the accounting framework used in the United States. IFRS stands for International Financial Reporting Standards which is the accounting framework used in the rest of the world. What is an accounting standard? They are basically a set of guidelines you need to follow for accounting in your business. It is not laws, but it is really self-regulation where accountants have gotten together and agreed on the methods to use. When we talk about GAAP and IFRS, we are describing two different accounting standards. In general, GAAP and IFRS are very similar already. The fundamentals of accounting are the same anywhere in the world. You still have the same financial statements and basic processes. However, there are still some significant differences. The biggest difference between GAAP and IFRS is that GAAP is rules based, whereas IFRS is principles based. GAAP actually writes out all these different rules that US companies are required to follow, which does not leave much room for interpretation. IFRS focuses on the principles. This means that GAAP is much longer and more detailed than IFRS. The reason that GAAP is so detailed, is there have been some pretty big accounting scandals in the US. Every time a business has a major accounting scandal, more rules get added to the list, to make sure there are no misunderstandings in the future. One of the biggest differences that has not yet been resolved is LIFO. LIFO means Last-In First-Out which is a method of valuing your inventory. US companies are allowed to use LIFO. International companies are not. A lot of US companies use LIFO, because most of the time it reduces your reported profit, which reduces your taxes. We are talking about a lot of money. No one knows for sure what the estimated tax savings is, but it is estimated at over $100 Billion in the US over 10 years. To give you an idea of how complicated this is, for treatment of LIFO to change, the US would have to change that part of the IRS tax code, which would require the US legislature to pass a law increasing corporate taxes by $100 Billion. This presents a real challenge. LIFO is just one example, but there are many more differences between GAAP and IFRS. Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.
Views: 21144 WolvesAndFinance
Basic Accounting: IFRS Financial Reporting Principles
 
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Views: 3095 BlueBookAcademy.com
IFRS Basics  Part_1
 
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Basic Overview of IFRS_Part 1
Views: 1263 ShootFor Knowledge
IAS 12 - Deferred Tax Basic Principles (IFRS)
 
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Want more free videos to help you pass FAC3701? Visit https://bit.ly/2TMi3uo for more info. HOW DOES TABALDI HELP YOU PASS FAC3701? Tabaldi helps students pass their FAC3701 exams with affordable, easy-to-understand, bite-sized video lectures. Our online classroom is open 24/7 and we offer top quality lecturer support and discussion forums to help you pass your exams. FREE DEMO COURSES FOR UNISA FAC3701 Our DEMO courses are jam-packed with enormous value. When you sign up, you will receive free access to the first study unit of each of our courses. The following is included: • Free lecture videos • Free downloadable content • Free access to our online classroom
Views: 178389 Tabaldi Education
What is International financial reporting standards IFRS and difference with accounting standard
 
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In this video we will discuss What is International financial reporting standards IFRS and their difference with Indian accounting standard in Hindi  this video will be beneficial for the students of class 11th CA Foundation CPT CS Foundation IPCC and for beginners I hope you will like this video if you have any doubt please ask me in the comment box  ___________________________________________  Link for the PDF and notes : https://digeshshala.blogspot.com/2018/09/international-financial-reporting.html ___________________________________________   Playlist of all classes chapterwise in hindi   Class 12th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdATlcwk5xxuL9MTNAL9rYYx    Class 11th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdCyPUEqE9TN3SzIkiO_gJDJ   Class 11th Business studies lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdDSZWPBpHY78okveJI4Bhrx   GST all chapters playlist in Hindi : https://m.youtube.com/playlist?list=PLUsUBXYVOqdBIX5qqLF53derbjKsMGHW5 All Basic terms of accounting  https://m.youtube.com/playlist?list=PLUsUBXYVOqdAC3VKvwXWJr6X3oMZtbm-c   class 10thmaths from ncert book/cbse in hindi chapterwise with solutions  https://m.youtube.com/playlist?list=PLUsUBXYVOqdDs10r2RYPgYEfMYHZBCj-e     Learn all the journal entries in 5 minutes: https://youtu.be/bRxRM6a12sA   What is Asset? Expense? Capital? Liability? Income?????: https://youtu.be/S1iBPIR6umY ___________________________________________    You can contact me on:   Facebook page     :  https://www.facebook.com/Digeshshala.digeshsoni/?view_public_for=367201753757403   WhatsApp no. 9039927843   Whatsapp group : https://chat.whatsapp.com/0gSogGmkWk2AbJpP0bnpGn   Telegram group : https://t.me/joinchat/Jwr_IA7tbNG44-mdg7pvfw   Facebook profile : https://m.facebook.com/Digesh.soni.31   instagram : https://www.instagram.com/digesh.soni/   twitter : https://twitter.com/soni_digesh
Views: 16359 DIGESHSHALA
IAS 1 Presentation of Financial Statements - summary
 
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http://www.ifrsbox.com Summary of IAS 1 shortly explains IFRS financial statements, their purpose, general features and looks to the statement of financial position, statement of comprehensive income and statement of changes in equity. Get "Top 7 IFRS Mistakes" report and e-mail updates at http://www.ifrsbox.com
Views: 168173 Silvia M. (of IFRSbox)
What is IFRS?
 
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What are Accounting Standards Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements. The objective of such standards is to provide financial information to investors, lenders, creditors, contributors and others that is useful in making decisions about providing resources to the entity. What is IFRS? IFRS is short for International Financial Reporting Standards. IFRS is the international accounting framework within which to properly organize and report financial information. It is derived from the pronouncements of the London-based International Accounting Standards Board (IASB). It is currently the required accounting framework in more than 120 countries. IFRS requires businesses to report their financial results and financial position using the same rules; this means that, barring any fraudulent manipulation, there is considerable uniformity in the financial reporting of all businesses using IFRS, which makes it easier to compare and contrast their financial results. IFRS is used primarily by businesses reporting their financial results anywhere in the world except the United States. Generally Accepted Accounting Principles, or GAAP, is the accounting framework used in the United States. GAAP is much more rules-based than IFRS. IFRS focuses more on general principles than GAAP, which makes the IFRS body of work much smaller, cleaner, and easier to understand than GAAP. IFRS covers a broad array of topics, including: • Presentation of financial statements • Revenue recognition • Employee benefits • Borrowing costs • Income taxes • Investment in associates • Inventories • Fixed assets • Intangible assets • Leases • Retirement benefit plans • Business combinations • Foreign exchange rates • Operating segments • Subsequent events • Industry-specific accounting, such as mineral resources and agriculture There are several working groups that are gradually reducing the differences between the GAAP and IFRS accounting frameworks, so eventually there should be minor differences in the reported results of a business if it switches between the two frameworks. There is a stated intent to eventually merge GAAP into IFRS, but this has not yet occurred.
Views: 519 Presentations Buddy
Overview of International Financial Reporting Standard (IFRS)
 
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http://zerotoprotraining.com Overview of International Financial Reporting Standard (IFRS) Category: ERP, Management Tags: IFRS Overview
Views: 39028 HandsonERP
Financial Accounting IFRS Ch 1 - 1
 
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Explain Financial Accouting - Chapter 1 What is Accounting?
Views: 34836 Ehab Abdou
IFRS BASICS 1
 
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IFRS FOUNDATION
Views: 200 IFRS Cool
US GAAP vs. IFRS on the Financial Statements
 
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You'll learn the key differences between US GAAP and IFRS on the 3 main financial statements (Income Statement, Balance Sheet, and Cash Flow Statement). By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" You'll also learn how to adjust an international company's financial statements to make it easier to model and project over time. Table of Contents: 1:46 Why US GAAP vs. IFRS Matters 5:28 Income Statement Terminology Differences 7:34 Balance Sheet Differences 14:09 How to Adjust the Financial Statements for an IFRS Company 20:02 Recap and Summary Income Statement: The Income Statement is very similar regardless of the accounting system. Some items have different names (e.g., Revenue is often called Turnover and Net Income is often called Profit), but that's about it. Balance Sheet: There are more differences on the Balance Sheet - items are often arranged in a different order (sometimes Long-Term Assets are listed first, then Current Assets, then Equity, then Long-Term Liabilities and Current Liabilities at the end). The Balance Sheet itself is usually called the "Statement of Financial Position." Also, items within the Equity section often have different names: Common Stock is called "Share Capital" or "Issued Capital." Additional Paid-In Capital is often called the "Share Premium." Retained Earnings and Treasury Stock tend to have similar names. IFRS-based companies also have many "Reserve" categories for items such as FX translation differences and unrealized gains and losses. For US-based companies, these items show up within Accumulated Other Comprehensive Income (AOIC) rather than being split out into separate "Reserve" categories. But the FUNCTIONALITY of the Balance Sheet is still very similar (items still flow in and change the same way), even if items have different names or are grouped differently. Cash Flow Statement There are more differences on the Cash Flow Statement, because most US-based companies use the INDIRECT method and most international companies use the DIRECT method. The Indirect Method starts with Net Income, makes non-cash adjustments, and lists the changes in Working Capital in the Cash Flow from Operations section. The Direct Method simply lists the cash received from customers and cash paid to suppliers and employees, along with income taxes and interest and other expenses, and so you don't see the full details behind the non-cash adjustments and working capital spending. When this happens, it is much, much harder to link the financial statements because changes in items such as Accounts Receivable and Accounts Payable won't flow into anything on the Cash Flow Statement. So we recommend ADJUSTING the financial statements as follows: First, find a reconciliation between this Cash Flow Statement and the company's operating income and/or net income. Then, make the Cash Flow Statement start with Net Income instead, as it normally does, and include all the line items from this reconciliation (non-cash adjustments, Working Capital changes, etc.). And if there are still remaining differences between items such as income taxes and interest expense on the Income Statement vs. Cash Flow Statement, make adjusting entries on the CFS that indicate the true cash amount that a company paid for those. Further Resources http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-GAAP-vs-IFRS.xlsx Examples of Financial Statements for US-Based Companies: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-Chuck-E-Cheese.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-US-Jazz-Pharmaceuticals.pdf Examples of Financial Statements for International Companies: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Australia-Telstra.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Brazil-Ambev.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-China-TenCent.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-France-Vivendi.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-India-Infosys.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Japan-Suntory.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Korea-Samsung.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Mexico-FEMSA.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Russia-Rostelecom.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Saudi-Arabia-Saudi-Telecom.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-Singapore-SG-Airlines.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-South-Africa-PPC.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-UAE-DP-World.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/105-09-UK-Easyjet.pdf
IFRS - IAS 1 - Presentation of Financial Statements
 
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An overview of the requirements of IAS 1 - Presentation of Financial Statements along with applicability for Indian entities under Ind AS. Courtesy: The Institute of Computer Accountants (www.icajobguarantee.com)
Views: 162719 Vikash Goel
Lecture 1: Basic definition and difference of IAS, IFRS and GAAP
 
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In this video we will learn about the meaning of International Accounting Standards, International Financial Reporting Standards and Generally Accepted Accounting Principles and the difference between them (in Hindi).
Views: 106 concept decoded
IFRS in 1 minute Basic IAS 23 borrowing costs
 
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ACCA/CIMA Pass Guarantee Course. More than 90% pass rate. Expert tutors and excellent exam approach. Please visit for more . This video explains what Borrowing Cost is and the Accounting Treatment of Borrowing Cost Borrowing Cost is Interest and other cost incurred in connection . A mind map for IAS 23 - Borrowing Costs. -------------------------- EruditeApe is now Chartered Education! To download these mind maps, please visit: . Lecture presented by Richard Starkey CA (SA) A high level summary and overview of IAS 23 Borrowing Costs to start your studies of this accounting standard.
Views: 1277 Pam Barber
IFRS 1: First Time Adoption of IFRS | International Financial Reporting Standard | ACCA Dip.IFRS
 
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The session briefly discusses the major implications of IFRS 1: First Time Adoption of IFRS (International Financial Reporting Standard). International Financial Reporting Standards (IFRS) are accounting standards and principles set by the International Accounting Standard Board (IASB) and are becoming global standards for preparation of financial statements. Most countries are converging their standards towards IFRS or adopting IFRS as they are, to enable uniform reporting. India, as a step closer to convergence with IFRS, has adopted Ind-AS. Benefits of Studying Dip.IFRS • Various IFRS profiles are being offered in several sectors of the industry that include ITES, software, pharmaceutical, auto spare part, professional advisory companies, auditing firms, banking industry, the Insurance industry, KPOs, etc. • Skilled and experienced IFRS experts can establish their own consultancies to help companies migrate to IFRS • Practical knowledge of these universal standards will open doors across the globe as more than 100 countries have given a green signal in their accounting boundaries. • Application of these standards is complex and time consuming which underlines the significance of IFRS professionals • Continuous amendments to these standards by regulators is creating need for IFRS professionals with thorough understanding of these standards • Currently, more than 150 countries have already adopted & the number will touch 200 by the end of 2017 • IFRS implementation for Indian accounting professionals will be what Y2K was for the software professionals, in other words, huge earning potential • Hence, there is a huge need to train professionals about IFRS in India in order to get prepared for IFRS convergence To buy this course follow the link below:- https://www.takshilalearning.com/course/acca-diploma-ifrs-online-classes-course/ For further assistance please call us at: 8800-999-280/011-45639131 Follow us :- Facebook:-https://www.facebook.com/takshilalearn/ Twitter:-https://twitter.com/TakshilaLearn Linkedin:-https://www.linkedin.com/company/takshila-learning-pvt.-ltd.?trk=biz-companies-cym
Views: 16745 takshila learn
IFRS BASICS
 
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Views: 16 IFRS Cool
IFRS BASICS
 
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Views: 129 IFRS Cool
#3 ACCOUNTING PRINCIPLES/CONCEPTS, AS, IFRS I CA CMA RAVI KUMAR I IMP FOR EVERY COMMERCE STUDENTS
 
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ACCOUNTING PRINCIPLES/CONCEPTS, AS, IFRS I CA RAVI KUMAR I IMPORTANT FOR EVERY COMMERCE STUDENTS I FREE EDUCATION FOR ALL I KEEP SHARING. GO TO PLAYLIST AND FIND YOUR SUBJECT AND START LEARNING.
Accounting concepts principle convension assumptions accounting standards ifrs class 11th in-hindi
 
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In this video we will discuss what is accounting concept accounting assumption accounting principle accounting standards in Hindi this video will be beneficial for the students of class 11th CA Foundation CPT CS Foundation IPCC and for beginners I hope you will like this video if you have any doubt please ask me in the comment box #accounting #principle #standards #assumption #concept ___________________________________________ Link for the PDF and notes : https://digeshshala.blogspot.com/2018/09/accounting-concept-principles-and.html?m=1 ___________________________________________ Playlist of all classes chapterwise in hindi Class 12th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdATlcwk5xxuL9MTNAL9rYYx Class 11th accounts lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdCyPUEqE9TN3SzIkiO_gJDJ Class 11th Business studies lectures in hindi chapterwise https://m.youtube.com/playlist?list=PLUsUBXYVOqdDSZWPBpHY78okveJI4Bhrx GST all chapters playlist in Hindi : https://m.youtube.com/playlist?list=PLUsUBXYVOqdBIX5qqLF53derbjKsMGHW5 All Basic terms of accounting  https://m.youtube.com/playlist?list=PLUsUBXYVOqdAC3VKvwXWJr6X3oMZtbm-c class 10thmaths from ncert book/cbse in hindi chapterwise with solutions https://m.youtube.com/playlist?list=PLUsUBXYVOqdDs10r2RYPgYEfMYHZBCj-e    Learn all the generalentries in 5 minutes: https://youtu.be/bRxRM6a12sA What is Asset? Expense? Capital? Liability? Income?????:https://youtu.be/S1iBPIR6umY ___________________________________________ You can contact me on: Facebook page : https://www.facebook.com/Digeshshala.... WhatsApp no. 9039927843 Whatsapp group : https://chat.whatsapp.com/0gSogGmkWk2... Telegram group : https://t.me/joinchat/Jwr_IA7tbNG44-m... Facebook profile : https://m.facebook.com/Digesh.soni.31 instagram : https://www.instagram.com/digesh.soni/ twitter : https://twitter.com/soni_digesh
Views: 1868 DIGESHSHALA
GAAP vs IFRS: Basic Terminology | Financial Accounting | CPA Exam FAR
 
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Website: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/
Introduction to Ind AS & IFRS by CA Raj K Agrawal
 
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To Buy Complete Classes visit www.studyathome.org or Call: 8737012345. StudyAtHome.org is a Online Platform, that provides CA/ CS/ CMA classes from India's Best Professors at your Home.
Views: 62462 Study At Home
IFRS 3 / IFRS 10 Introduction to Consolidation and Group Accounts
 
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http://www.ifrsbox.com Introduction to consolidation and group accounts: There are 6 IFRS dealing with group accounts and consolidation: IAS 27 Separate Financial Statements IAS 28 Investments in Associates IFRS 3 Business Combinations IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities First, we need to determine what type of investment we have. Then we need to apply the accounting method based on the type of investment: 1. Subsidiaries -- acquisition method + full consolidation 2. Associates -- equity method 3. Joint arrangements -- based on the type: joint venture using equity method and joint operation -- only own share on assets, liabilities, revenues and expenses 4. Other investments -- financial instruments Subscribe to http://www.ifrsbox.com and learn more!
Views: 117464 Silvia M. (of IFRSbox)
USGAAP and IFRS
 
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CPA USGAAP and IFRS Accounting world Convergence of USGAAP and IFRS A bilingual accounting world: US GAAP & IFRS Comparability to replace Convergence! US GAAP vs. IFRS: Few differences Fundamental Differences Inventory valuation Asset Impairment Asset Valuation R&D Call/Whatsapp - 7666608880 Whatsapp - 9167446744 http://www.consultifrs.com/
Views: 711 ConsultIFRS. Com
IFRS - IAS 23: Summary of Core Theory
 
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For more information on our products, visit www.tabaldi.org
Views: 9620 Tabaldi Education
IFRS-Principle based system
 
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Subject:Commerce Paper:Accounting Theory And Practice
Views: 61 Vidya-mitra
Chapter 1 Principles of Accounting
 
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Animated PowerPoint for chapter one
Views: 45914 Marc Christofferson
Lecture 3. IFRS. Pinciples-based approach and rules based approach.
 
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IFRS. Pinciples-based approach and rules based approach.
Views: 642 Knowledge Serfer
FAC3703 - LU2 - L1 - IFRS 7 CORE PRINCIPLE
 
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Want more free videos to help you pass FAC3703? Visit https://bit.ly/2WWzfz2 for more info. HOW DOES TABALDI HELP YOU PASS FAC3703? Tabaldi helps students pass their FAC3703 exams with affordable, easy-to-understand, bite-sized video lectures. Our online classroom is open 24/7 and we offer top quality lecturer support and discussion forums to help you pass your exams. FREE DEMO COURSES FOR UNISA FAC3703 Our DEMO courses are jam-packed with enormous value. When you sign up, you will receive free access to the first study unit of each of our courses. The following is included: • Free lecture videos • Free downloadable content • Free access to our online classroom
Views: 1626 Tabaldi Education
PwC's IFRS 15 the basics – Introduction to the standard
 
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Learn more at For PwC.com/IFRS please use https://pwc.to/2D78FfO The PwC revenue specialists have started a new series of videos covering IFRS 15 Revenue from Contracts with Customers. The short video series are intend to quickly help you understand IFRS 15. This first video covers the basic principles including the 5 step model in IFRS 15. PwC's Inform also provides various tools for IFRS 15. https://www.pwc.com/gx/en/services/audit-assurance/inform.html
Views: 64450 PwC's Inform
International Accounting Standards Board (IASB)
 
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This video discusses the structure and role of the International Accounting Standards Board (IASB). The IASB, which is based in London, was formed in 2001 to create a single set of global accounting standards. The IASB periodically issues International Financial Reporting Standards which have been adopted as Generally Accepted Accounting Principles (GAAP) by more than one hundred countries. IASB board members are selected by IFRS Foundation Trustees. The IASB is supported by the IFRS Advisory Council and the IFRS Interpretations Committee. The advisory council provides guidance to the IASB and the Interpretations Committee aims to reduce divergent accounting practices by clarifying the appropriate accounting treatment with the existing IFRS. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 15247 Edspira
NFRA, GAAP, AS, IND AS, IFRS all Concepts | in hindi
 
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Free Study Material for paper 1, 2 https://youtu.be/sLn6SJqhiMU For notes and PDF: https://navclasses.blogspot.in/2018/03/gaap-as-ind-as-ias-ifrs-nfra-notes.html Full Study Playlist for CBSE UGC NET in Hindi: https://goo.gl/1NvyMk Paper 1 Important topics and time table for UGC NET June 2018: https://youtu.be/-MKDioVT0Zk Human resource management in Hindi: https://goo.gl/v96yPm If any one wants to get PDFs by Navclasses then click here: https://www.facebook.com/groups/navclasses/files/ Subscribe Nav Classes for regular lectures Ask you doubts here in comment box If any one wants to get PDFs by Navclasses then click here: https://www.facebook.com/groups/navclasses/files/ Nav classes Videos in English language: https://goo.gl/iXUuG8 CBSE UGC NET in Hindi: https://goo.gl/1NvyMk Data Interpretation tricks: https://goo.gl/Or5lWg HRD lectures in Hindi: https://goo.gl/MiPZLF HRD lectures in English: https://goo.gl/Hg7cWg Reasoning Tricks in Hindi: https://goo.gl/WULwTn Math Tricks: https://goo.gl/3WYJDu CBSE UGC NET: https://goo.gl/j4qvzZ SHRM: https://goo.gl/oMU6IP Human resource management in English: https://goo.gl/2E4Py8 Human resource management in Hindi: https://goo.gl/v96yPm Arrangement puzzles: https://goo.gl/xWFWSP Syllogisms: https://goo.gl/chw3Vq Nav Online Classes for all commerce Lectures & tricks to crack exams All carve for Knowledge ends here Here you will get all possible help and personal assistance Procedure 1. Subscribe https://goo.gl/r6rSqV and Ring Bell with it to get all lectures on your inbox 2. New lecture Daily Featured Sunday for CBSE UGC NET, SSC, CGL, BANK PO, IBPS, Railway, CPO, UPSC, BOB & NIACL AO and ASSISTANT, DENA BANK, SBI PO MAINS 3. Google Group for more interaction: https://groups.google.com/d/forum/navclasses 4 like Facebook Page: https://www.facebook.com/navclassesonline/ 5 Join Fb Group https://www.facebook.com/groups/navclasses/ Subscribe to http://navclasses.blogspot.in/ for written notes and MCQs
Views: 16596 Nav classes
IAS 28 Investments in Associates and Joint Ventures
 
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http://www.ifrsbox.com This is the short summary of the standard IAS 28 Investments in Associates and Joint Ventures .The objective of IAS 28 is: • To prescribe the accounting for investments in associates, and • To set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures. Standard IAS 28 defines significant influence as the power to participate in the financial and operating policy decisions of the investee, but is NOT a control or joint control of those policies. The main indicator of significant influence is holding (directly or indirectly) more than 20% of the voting power of the investee. The basic principles of equity method are: 1. The investment in an associate or joint venture is recognized at cost on initial recognition (acquisition date). 2. The carrying amount of the investment is increased or decreased by the investor’s share on investee’s net profit or loss after the acquisition date. 3. When investee distributes some dividends to the investor, then this distribution decreases the carrying amount of the investment. IAS 28 sets also exemptions from equity method, when to discontinue equity method and equity method procedures.
Views: 62113 Silvia M. (of IFRSbox)
Conceptual Framework of Accounting or IFRS Framework--OBJECTIVE QUALITATIVE CHARACTERISTICS ELEMENT
 
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This video includes: What is Conceptual Framework? Objective of financial reporting Qualitative characteristics of useful financial information 1. Fundamental qualities A. Relevance (1) predictive value (2) confirmatory value B. Faithful representation (1) completeness (2) neutrality (3) free from error 2. Enhancing qualities: (1) comparability (2) verifiability (3) timeliness (4) understandability Definition, recognition and measurement of the elements from which financial The elements directly related to financial position (balance sheet) are: Assets Liabilities Equity The elements directly related to performance (income statement) are: Income Expenses Recognition, Measurement, and Disclosure Concepts ASSUMPTIONS 1. Economic Entity 2. Going Concern 3. Monetary Unit 4. Periodicity 5. Accrual PRINCIPLES 1. Measurement 2. Revenue Recognition 3. Expense Recognition 4. Full Disclosure CONSTRAINTS 1. Cost 2. Materiality
Views: 14782 Md. Azim
Principles of Accounting - Lecture 01a
 
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Principles of Accounting; deifition; identify; record; communicate; organization, interested users; financial statements; stakeholders; internal users; external users; management; human resources; finance; customers; SEC; creditors; labor unions; investors; pay raise; dividend; ethics; financial scandals; Sarbanes-Oxley; balance sheet; income statement; GAAP; FASB; IASB; cost principle; historical cost; purchase price; verifiability; fair value;
Views: 392597 Krassimir Petrov
IAS 17 Leases - summary
 
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http://www.ifrsbox.com Summary of IAS 17 Leases describes basic principles related to lease accounting in line with IAS 17. This summary also explains current development of IAS 17 leading to new reconsidered lease standard. Get "Top 7 IFRS Mistakes" report and e-mail updates at http://www.ifrsbox.com
Views: 134607 Silvia M. (of IFRSbox)
Conceptual Framework for Financial Reporting 2018 (IFRS Framework)
 
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https://www.ifrsbox.com This is the summary of the Conceptual Framework as updated in 2018. Please learn more on https://www.ifrsbox.com/
CFA Level I - US GAAP vs IFRS - Part I (of 2)
 
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Part II of this video series is available to FinTree On-line Program Subscribers. To know more visit us at : FinTree website link: http://www.fintreeindia.com FB Page link :http://www.facebook.com/Fin... We love what we do, and we make awesome video lectures for CFA and FRM exams. Our Video Lectures are comprehensive, easy to understand and most importantly, fun to study with! This Video lecture was recorded by our popular trainer for CFA, Mr. Utkarsh Jain, during one of his live CFA Level I Classes in Pune (India). This Video Lecture series covers following key differences between US GAAP vs IFRS which can be tested on CFA Level I Exams. 1. Statement of Comprehensive Income IFRS : Income Statement can be Combined with Other Comprehensive Income and presented a Single Statement of Comprehensive Income i.e. IS + OCI = CI OR IS and CI can be presented separately US GAAP: Similar Presentation except that firms can choose to report Comprehensive Income in Statement of Shareholders Equity 2. Elements Related to Performance IFRS : Income , Expenses US GAAP : Revenues, Expenses, Gains, Losses, Comprehensive Income 3. Revenue Recognition Criteria for Sale of Goods IFRS : Risk and Reward is transferred No control over the goods Revenue reliably measured Probable flow of economic benefits Cost can be reliably measured US GAAP : Revenue is realized/ realizable Earned 4. Long Term Contracts IFRS : When outcome can’t be reliably measured-revenue is recognized to the extent of cost, cost are expenses when incurred, profit recognized on completion US GAAP : When outcome can’t be reliably measured- Completed Contract Method, Revenue, expenses and profit is recognized when the contract is complete 5. Barter Transactions IFRS : Revenue must be based on fair value of revenue from similar non barter transaction with non related parties US GAAP : Revenue can be recognized at fair value only if firm has historically received cash payments for such goods/services 6. Extraordinary Items IFRS : Does not allow extraordinary items to be reported separately US GAAP : Unusual and Infrequent items- Reported separately in the income statement , net of tax, after income from continuing operations 7.Balance Sheet Presentation IFRS : IFRS does not specify the order in which current or non current assets/ liability should be presented Generally, Companies using IFRS order balance sheet information from least liquid to most liquid. US GAAP : Generally, Companies using U.S. GAAP (e.g., Colgate) order items on the balance sheet from most liquid to least liquid 8. Cash Flow Statement Items- Non Financial Firm IFRS : Dividend Paid: CFO/CFF Interest Paid: CFO/CFF Dividend Received: CFO/CFI Interest Received: CFO/CFI Taxes Related to Operating activities: CFO Taxes related to Financing Activities: CFF Taxes Related to Investing activities: CFI US GAAP : Dividend Paid: CFF Interest Paid: CFO Dividend Received: CFO Interest Received: CFO Taxes Related to Operating activities: CFO Taxes related to Financing Activities: CFO Taxes Related to Investing activities: CFO 9.Cash Flow Statement Presentation US GAAP: If direct method is used, Firm must add a disclosure of indirect method Most companies use indirect method IFRS: No such disclosure required 10. Inventory Valuation Methods IFRS: Specific Identification Weighted Average FIFO US GAAP: Specific Identification Weighted Average FIFO LIFO 11. Inventory Write Downs Explained through a Flow Chart. 12. Capitalized Interest IFRS: Income earned by temporary investing borrowed funds reduces the interest that is eligible for capitalization US GAAP: No such reduction 13. Research and Development cost IFRS : Research cost - Expensed Development Cost - Capitalized US GAAP : Research Cost- Expensed Development Cost – Expensed (* Software Development Cost ) 14.Software Development Cost Explained through a Flow Chart. 15. Component Depreciation IFRS : IFRS Requires firms to depreciate component of Assets separately Requiring useful life estimates for each component US GAAP: Component Depreciation is allowed, but seldom used. 16. Cost vs. Revaluation Model IFRS : Firms can either use Cost or Revaluation Model However, same model should be asset for entire asset class Revaluation model is rarely used in practice US GAAP : Assets are reported at Cost (–) Accumulated Depreciation 17.Impairment of PPE Explained through a Flow Chart/ 18. Investment PPE IFRS : Property owned for the purpose of collecting rental income or capital appreciation is classified as Investment PPE. Gives a choice of Cost or Fair Value for Investment PPE Use same valuation model for all PPE 19. Long Term Bond Liability- Calculation 20. Bond Issuance Cost 21. Deferred Tax Assets/ Deferred Tax Liabilities 22. Classification of Lease- Books of Lessee 23. Classification of Lease- Books of Lessor 24. Component of Pension Expense
Class 11th Accountancy Chapter: Theory Base of Accounting
 
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Explanation of three fundamental accounting assumptions and all the accounting principles along with examples. Please Like | Share | Comment Follow us on : https://www.facebook.com/caparagguptasir/ Visit : https://www.caparaggupta.com/
Views: 92062 CA. Parag Gupta
IFRS 10 Consolidated Financial Statements - summary
 
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http://www.ifrsbox.com This is the short summary of IFRS 10 Consolidated Financial Statements. The objective of IFRS 10 is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10: - requires to present consolidated financial statements; - defines the principle of control - sets out the accounting requirements for consolidated financial statements and - defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity. An investor controls an investee when It is exposed to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Consolidated financial statements are the financial statements of a group presented as those of a single economic entity. Consolidation procedures: Step 1 – Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. Step 2 - Offset or eliminate carrying amount of parent’s investment in subsidiary with parent’s portion of equity of each subsidiary. Step 3 - Offset or eliminate in full intragroup assets, liabilities, equity, income, expenses and cash flows relating to transactions between companies in the group. Investment entity is an entity that: - Obtains funds or money from one or more investors for the purpose of providing those investor(s) with investment management services; - Its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and - It measures and evaluates the performance of substantially all of its investments on a fair value basis. If you’d like to learn how to consolidate, or anything about IFRS in general, please visit http://www.ifrsbox.com and subscribe to our free IFRS mini-course. Thank you!
Views: 114469 Silvia M. (of IFRSbox)
What are US GAAP and IFRS - Video Slides 1-20
 
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This video the full video that includes all 20 slides used to discuss the topic "What are US GAAP and IFRS?" The individual slide-specific videos are available in a playlist titled "What are US GAAP and IFRS?" I created this full video for those who felt that watching the videos using the playlist took too long. The reality is that this edited full video is a bit shorter than the slide videos because I have edited out some silence. These videos are part of a free online course in accounting created by Kevin Kimball of Brigham Young University -- Hawaii using the Canvas Network's Learning Management System (LMS). The actual course will first become available for enrollment a couple months prior to the start of Winter Semester 2014 (which starts in January) at learn.canvas.net. Aside from that, all of the videos in this course will be freely available in YouTube with no registration requirement, you just won't have access to the outcome assessment features (i.e. quizzes) and the interaction with the professor and fellow students that will be available in the full course at learn.canvas.net. The reason I broke the full presentation into multiple individual video slides what twofold 1) it was easier to edit and 2) so that the students taking my online course could jump to each individual slide's video so that they could watch just the video segments they needed most. Brought to you by the Debits and Credits Trainer Android App.
Views: 49516 Kevin Kimball
IFRS vs Indian GAAP | Definition (Top 3 Differences You Must Know)
 
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In this video, we'll examine the main differences between IFRS vs Indian GAAP. 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐈𝐅𝐑𝐒 𝐯𝐬 𝐈𝐧𝐝𝐢𝐚𝐧 𝐆𝐀𝐀𝐏 ------------------------------------------------------------------------- In terms of scope and application, IFRS (International Financial Reporting Standards) is a much wider accounting standard. 110 countries have used IFRS. The Indian GAAP is very narrow and applies only to the Indian. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐈𝐅𝐑𝐒? --------------------------- International Financial Reporting Standards is the full form of IFRS. It was prepared and modified by an independent, non-profit organization. IFRS (International Financial Reporting Standards) is used in 110 countries and it is one of the most popular standards for bookkeeping. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐈𝐧𝐝𝐢𝐚𝐧 𝐆𝐀𝐀𝐏? -------------------------------------- GAAP Indian is a set of accounting standards designed specifically for the Indian context. GAAP stands for Generally Accepted Accounting Principles. Most Indian companies follow the Indian GAAP during the preparation of their accounting. 𝐓𝐨𝐩 𝟑 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐈𝐅𝐑𝐒 𝐯𝐬 𝐈𝐧𝐝𝐢𝐚𝐧 𝐆𝐀𝐀𝐏? --------------------------------------------------------------------------------- # 1- For IFRS, centralized financial statements may need to be prepared if they do not fall under the exemption of IAS-27 (Para 10), Whereas The Indian GAAP (Generally Accepted Accounting Principles.) does not require a company to prepare consolidated statements. # 2 - According to IFRS (International Financial Reporting Standards), the companies should disclose that they comply with the IFRS. Whereas, In the case of the Indian GAAP,(Generally Accepted Accounting Principles) however, there is no need for a declaration that the company complies with the Indian GAAP. # 3 - Income is always considered to be the fair value of the amount received or received in the case of IFRS (International Financial Reporting Standards). Whereas, According to the Indian GAAP, ( Generally Accepted Accounting Principles) revenue is taken into account when companies charge products / services and also receive benefits from their resources. If you want to know more about 𝐈𝐅𝐑𝐒 𝐯𝐬 𝐈𝐧𝐝𝐢𝐚𝐧 𝐆𝐀𝐀𝐏, you can visit the 𝐥𝐢𝐧𝐤 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐡𝐞𝐫𝐞:- https://www.wallstreetmojo.com/ifrs-vs-indian-gaap/ Subscribe to our channel to get new updated videos. Click the button above to subscribe or click on the link below to subscribe - https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1
Views: 210 WallStreetMojo
Basic Accounting: Cash Flow Reporting under IFRS and US GAAP
 
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This video is part of a BlueBook Academy course on Cash Flow Statements. BlueBook Academy is an online finance school to get people job ready, without debt and then help them find jobs. Start on a learning path, a selection of hand-picked certificates, designed to give you the essentials you need to land your dream job. Study towards exams and increase your chances of success with free tutorials, quizzes and extra learning resources. Or start on a specific course and earn an accredited certificate to add to your LinkedIn profile and CV. BlueBook Academy students have successfully landed their dream jobs at Accenture, Morgan Stanley, Citigroup, KPMG and many more. We've been featured at the QS-Wharton Reimagine Education Awards and the UK National Undergraduate Employability Awards. Learn for free - get certified - land your dream job. Join our fast growing community of learners at bluebookacademy.com
Views: 745 BlueBookAcademy.com
What is GAAP?
 
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GAAP stands for Generally Accepted Accounting Principles; these are the standard and commonly accepted ways of recording and reporting accounting. GAAP is the acronym for generally accepted accounting principles. That means the basic accounting principles and guidelines such as the cost principle, matching principle, full disclosure, etc., the detailed standards and other rules issued by the Financial Accounting Standards Board and its predecessor the Accounting Principles Board, and generally accepted industry practices. GAAP must be adhered to when a company distributes its financial statements outside of the company. If a corporation's stock is publicly traded, the financial statements must also adhere to rules established by the overseeing governmental agency. This includes having its financial statements audited by an independent accounting firm. Accountants use generally accepted accounting principles to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession. In 2008, the Securities and Exchange Commission issued a preliminary "roadmap" that may lead the United States to abandon Generally Accepted Accounting Principles in the and to join more than 100 countries around the world instead in using the London-based International Financial Reporting Standard. The SEC expressed their aim to fully adopt International Financial Reporting Standards in the U.S. by 2014. With the convergence of the U.S. GAAP and the international IFRS accounting systems, as the highest authority over International Financial Reporting Standards, the International Accounting Standards Board is becoming more important in the United States. By Barry Norman, Investors Trading Academy
IFRS Basics and Ind AS   An Introduction
 
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This is an introductory video made on IFRS, where you can understand what do you mean by IFRS a brief overview of all the IFRS along with comparison between the Ind AS as well. Please refer to the below links of IFRS 1. https://www.ifrs.org/ 2. http://www.mca.gov.in/MinistryV2/Stand.html (For IND AS) Please do like my videos and subscribe to my channel to stay updated on all the new IFRS and detailed learning on IFRS.
Views: 254 ShootFor Knowledge
Introduction of IFRS | Hindi
 
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Hi ! I am Vinod. Your accounting teacher . Today, we introduce IFRS in lecture. 1. Conversion of international standard (IAS) into International financial reporting standard in 2001 by International Accounting Standard board ( IASB). 2. IFRS new interpretation has given by International financial reporting interpretation committee ( IFRIC), 3. Remember its 4 assumption a) Accrual b) Going concern c) Measuring unit d) Constant purchasing power IFRS Based statement 1. Statement of financial position 2. Income statement 3. Statement of changing in equity 4. Cash flow statement 5. Notes of accounting policies. Download full financial accounting ebook at https://www.krantikari.org/2016/09/financial-accounting-ebook.html
Views: 12471 Accounting Education
IAS 39 Financial Instruments: Recognition and Measurement
 
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http://www.ifrsbox.com This summary speaks about IAS 39 replacement by IFRS 9 and explains main issues in IAS 39, namely financial assets, financial liabilities, derecognition, embedded derivatives and hedge accounting. Get "Top 7 IFRS Mistakes" report and e-mail updates at http://www.ifrsbox.com
Views: 128727 Silvia M. (of IFRSbox)
US Gaap Versus IFRS - Overview
 
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Maths Guide now available on Google Play. . Video by SSK Advisory Website : www.sskadvisory.com Check out our knowledge page on http://www.siddharthkadakia.com/ Subscribe to us YouTube on https://www.youtube.com/channel/UCAnTXIXnZH5vlnfxbbl47OQ Like us on Facebook at https://www.facebook.com/SSKAdvisory Follow us on Twitter at https://twitter.com/AdvisorySsk Read our blogs on http://sskadvisory.blogspot.com/ Contact us on +91 9987903701 Email us on [email protected] You are watching US Gaap Versus IFRS - Overview on https://youtu.be/kbyL7rUv_vI It is often said that US GAAP employs a “rules”-based approach. IFRS, on the other hand, is considered a “principles”-based approach. US GAAP standards are usually explicit as to precise rules that must be followed for recognition, measurement, and financial statement presentation. IFRS attempts to set general principles for recognition, measurement and reporting, and allows professional judgment in applying these principles. In 2002, the FASB and the IASB agreed to work toward convergence in the accounting standards. Therefore, you will find some IFRS accounting treatments identical, some similar, and others different from US GAAP. But still differences exists in three areas. Differences can be grouped into Vocabulary or definition differences, Recognition and measurement differences and Presentation and disclosure differences. https://play.google.com/store/apps/details?id=com.ssk.mathsguide
Views: 4937 Knowledge Platter
Basics of Indian Accounting Standards | Convergence from IFRS | Roadmap & Applicability of Ind AS
 
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This video helps CA and Students to understand the basics of Indian Accounting Standards, Introduction of Ind AS, Meaning of Convergence from IFRS, Carve outs, Carve Ins, Removal of Options, Road map and Applicability of Ind AS. This tutorial is recorded by CA. Alok Garg
Views: 4756 CA Alok Garg

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