CFA一级财务报表GAAP与IFRS异同全面总结

CFALevel-IFinancialReportingAnalysisFinQuiz.com1READING31:FINANCIALREPORTINGSTANDARDSFRAMEWORKU.S.GAAPIFRSSimilaritiesPurposeofFrameworkTheFASBframeworkresideslowerinhierarchy.Managementisnotrequiredtoprioritizeitifnostandardisavailable.ManagementisexplicitlyrequiredtoprioritizetheIASBframeworkifthereisnostandardorinterpretationavailable.Boththeframeworksaresimilarintheirpurposetoassistindevelopingandassistingstandards.ObjectivesoffinancialstatementItprovidesdifferentobjectivesforbusinessentitiesversusnonbusinessentities.Itgivesoneobjectivefordifferentbusinessentities.Bothframeworkshaveabroadfocustoproviderelevantinformationtoawiderangeofusers.UnderlyingassumptionsAlthoughitrecognizes,butnotgivenmuchprominenceisgiventoaccrualandgoingconcernbasis.InfactgoingconcernassumptionisnotwelldevelopedinparticularGiveimportancetoaccrualandgoingconcernbasisQualitativeCharacteristicsSamecharacteristicsbutwithahierarchyRelevanceandReliabilityareprimaryqualities.Comparabilityisthesecondaryquality.Understandability,treatedasuser-specificIthasthesamecharacteristics(understandability,comparability,relevanceandreliability)butthereisnosuchhierarchy.Thecharacteristicsaresame.ApproachRulesbasedapproachinthepastbutmovingtowardsadoptingobjectorientedapproachPrinciplesbasedapproachFinancialstatementelements(definition,recognition,andmeasurement)PerformanceelementsElementsarerevenues,expenses,gains,losses,andcomprehensiveincome.RevenuesandExpensesFinancialPositionelementsAsset:afutureeconomicbenefit.Term‘Probable’isusedtodefineassetsandliabilitieselements.Asset:afutureeconomicresourcewithwhichfutureeconomicbenefitsareexpected‘Probable’isapartoftheframeworkrecognitioncriteria.RecognitionofelementsDoesnotdiscuss“Probable”forrecognitioncriteria.Hasseparatecriteriabasedupon“Relevance”IASBframeworkrequiresthatitisprobablethatanyfutureeconomicbenefittoflowto/fromtheentity.MeasurementofelementsFASBgenerallyprohibitsrevaluationsexceptforcertaincategorieswhichmustbecarriedatfairvalue(discussedinlatertopics).Revaluationisusuallypermitted(discussedinlatertopics)Measurementattributeslikehistoricalcost,currentcost,settlementvalue,currentmarketvalue,andpresentvaluearebroadlyconsistent.CFALevel-IFinancialReportingAnalysisFinQuiz.com2READING32:COMPONENTSANDFORMATOFTHEINCOMESTATEMENTU.S.GAAPIFRSSimilaritiesRevenueRecognitionItspecifiesthatrevenueshouldberecognizedwhenitis“realizedorrealizableandearned.”1.Thereisevidenceofanarrangementbetweenbuyerandseller.2.Theproducthasbeendelivered,ortheservicehasbeenrendered.3.Thepriceisdetermined,ordeterminable.4.Thesellerisreasonablysureofcollectingmoney.Thebasicrevenuerecognitiondealwiththedefinitionof“earned.”Theconditionsare:1.Theentityhastransferredtothebuyerthesignificantrisksandrewardsofownershipofthegoods;2.Theentityretainsneithercontinuingmanagerialinvolvementtothedegreeusuallyassociatedwithownershipnoreffectivecontroloverthegoodssold;3.Theamountofrevenuecanbemeasuredreliably;4.Itisprobablethattheeconomicbenefitsassociatedwiththetransactionwillflowtotheentity;and5.Thecostsincurredortobeincurredinrespectofthetransactioncanbemeasuredreliably.RevenueRecognition(Service)DoesnotdealseparatelyTheoutcomeofservicecanbeestimatedreliably,revenueassociatedwiththetransactionwillberecognizedwithreferencetothestageofcompletionofthetransactionatthebalancesheetdate.Theconditionstomeasurereliablyare:1.Theamountofrevenuecanbemeasuredreliably;2.Itisprobablethattheeconomicbenefitsassociatedwiththetransactionwillflowtotheentity;3.Thestageofcompletionofthetransactionatthebalancesheetdatecanbemeasuredreliably;and4.Thecostsincurredforthetransactionandthecoststocompletethetransactioncanbemeasuredreliably.3CFALevel-IFinancialReportingAnalysisFinQuiz.comLongtermContractsUnderU.S.GAAP,adifferentmethodisusedwhentheoutcomecannotbemeasuredreliably,termedthe“completedcontractmethod.”Underthecompletedcontractmethod,thecompanydoesnotreportanyrevenueuntilthecontractisfinished.UnderU.S.GAAP,thecompletedcontractmethodisalsoappropriatewhenthecontractisnotalong-termcontract.Iftheoutcomeofthecontractcannotbemeasuredreliably,thenrevenueisonlyreportedtotheextentofcontractcostsincurred(ifitisprobablethecostswillberecovered).Costsareexpensedintheperiodincurred.Underthismethod,noprofitwouldbereporteduntilcompletionofthecontract.IFRSprovidethatwhentheoutcomeofaconstructioncontractcanbemeasuredreliably,revenueandexpensesshouldberecognizedinreferencetothestageofcompletion.U.S.GAAPhasasimilarrequirement.UnderbothIFRSandU.S.GAAP,ifalossisexpectedonthecontract,thelossisreportedimmediately,notuponcompletionofthecontract,regardlessofthemethodused.BarterU.S.GAAPstatesthatrevenuecanberecognizedatfairvalueonlyifacompanyhashistoricallyreceivedcashpaymentsforsuchservicesandcanthususethishistoricalexperienceasabasisfordeterminingfairvalue.UnderIFRS,revenuefrombartertransactionsmustbemeasuredbasedonthefairvalueofrevenuefromsimilarnonbartertransactionswithunrelatedparties(partiesotherthanthebarterpartner)GrossVs.NetReportingToreportgrossrevenues,thefollowingcr