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𝟓 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐄𝐱𝐩𝐥𝐚𝐢𝐧𝐞𝐝: 𝐔𝐊 𝐆𝐀𝐀𝐏 𝐯/𝐬 𝐈𝐅𝐑𝐒 𝐈𝐅𝐑𝐒 stands for International Financial Reporting Standards – Globally 🌍 𝐔𝐊 𝐆𝐀𝐀𝐏 stands for Generally Accepted Accounting Practice - United Kingdom 🇬🇧 𝐄𝐱𝐩𝐥𝐚𝐢𝐧𝐢𝐧𝐠 𝐅𝐈𝐕𝐄 𝐌𝐚𝐣𝐨𝐫 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐁𝐎𝐑𝐑𝐎𝐖𝐈𝐍𝐆 𝐂𝐎𝐒𝐓 🏗️ 𝐈𝐅𝐑𝐒: Users must capitalize all borrowing costs incurred while assets are being constructed. 𝐔𝐊 𝐆𝐀𝐀𝐏: Users can decide to either capitalize or expense out the borrowing costs. 𝐑𝐄𝐕𝐄𝐍𝐔𝐄 💹 𝐈𝐅𝐑𝐒: Revenue can be recognized overtime basis and follows 5 Step Model. 𝐔𝐊 𝐆𝐀𝐀𝐏: Revenue recognized only when it is reliably measured (no overtime basis) and do not follow 5 step model. 𝐆𝐎𝐎𝐃𝐖𝐈𝐋𝐋 ✨ 𝐈𝐅𝐑𝐒: Goodwill is not amortized and there is annual impairment review. 𝐔𝐊 𝐆𝐀𝐀𝐏: Goodwill is amortized on a systematic basis by its expected life. 𝐃𝐄𝐅𝐅𝐄𝐑𝐄𝐃 𝐓𝐀𝐗𝐀𝐓𝐈𝐎𝐍 💸 𝐈𝐅𝐑𝐒: Deferred tax calculation is based on taxable temporary differences. 𝐔𝐊 𝐆𝐀𝐀𝐏: Deferred tax is based on timing differences at reporting date. 𝐅𝐈𝐍𝐀𝐍𝐂𝐈𝐀𝐋 𝐈𝐍𝐒𝐓𝐑𝐔𝐌𝐄𝐍𝐓 💱 𝐈𝐅𝐑𝐒: Expected Loss model when valuing financial instruments at reporting date of financial statements 𝐔𝐊 𝐆𝐀𝐀𝐏: Divides financial instruments in two types, basic and other and follows incurred loss model. Find this post useful, please repost ♻️ to share with your audience. Be a Part of our Community 🤝 : Accounting Jobs Pakistan ✅