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What are the differences between Generally Accepted Accounting Principles (GAAP) and IFRS concerning recognition of cash...

  1. What are the differences between Generally Accepted Accounting Principles (GAAP) and IFRS concerning recognition of cash and related items?
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Answer #1
Cash and cash equivalents refers to the line item on the balance sheet that reports
the value of a company's assets that are cash or can be converted into cash immediately
IFRS
1 Bank Overdrafts are included in cash and cash Equivalent only if they form an integral part of company's cash management
2 Short term is not defined in IFRS, But IFRS mentions a three month maturity from date of purchase
Us Gaap
1 Bank Overdrafts are classified as liabilities.Bank Overdrafts are considered a form of short term financing
2 Us Gaap defines Short term which is generally a remaining maturty of three months or less from date of purchase
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