GAAP closes gaps in interpreting financial information
Generally accepted accounting principles (GAAP) closes gaps in interpreting financial information, by providing rules for the financial reporting road.
IFRS
Revenue recognition
“Revenue recognition” refers to when sales and other revenues are recorded. Recognizing revenue is fundamental to accounting. In theory, you recognize revenue when you earn it. It sounds like it should be simple, but it isn’t.
The challenges of IFRS transition in Alberta
The Alberta Securities Commission has released its 2011 Corporate Finance Disclosure Report. Not surprisingly, during this transition year, the commission came across several problems with reporting issuers' IFRS conversion filings...
