Quick Answer: Does Apple Use GAAP Or IFRS?

What are the 5 basic accounting assumptions?

These key assumptions are:Accrual assumption.

Conservatism assumption.

Consistency assumption.

Economic entity assumption.

Going concern assumption.

Reliability assumption.

Time period assumption..

Does Apple use GAAP?

Apple Inc., along with other companies like Cisco and other companies show their earnings in non-GAAP (generally accepted accounting principles) figures, as they are believed to reflect their earnings better. Apple undertook a non-GAAP accounting principle in the first quarter of 2010 (Adhikari, 2010).

What are the similarities and differences between GAAP and IFRS?

A major similarity between GAAP and IFRS is that both standards use an income statement, a balance sheet, and a statement of cash flows. When dealing with cash and cash equivalents, both methods are essentially the same.

What are GAAP rules?

Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

What are the 3 accounting standards in Canada?

In Canada, for-profit businesses have three main options to choose from when selecting the accounting standards (or, basis of accounting) on which they will base their financial statements. These three options are: International Financial Reporting Standards (IFRS) Accounting Standards for Private Enterprises (ASPE)

What ERP does Apple use?

SAPApple uses SAP to manage its huge volume of orders in iTunes. It’s about using your supply chain as a strategic weapon in business.

Does Canada use IFRS or GAAP?

As of 2015, Canadian GAAP for all publicly accountable enterprises is IFRS Standards, although regulators provide an option for those filing in the United States and for rate-regulated companies to apply US GAAP, rather than Canadian GAAP.

Which is better GAAP or IFRS?

At the conceptual level, IFRS is considered more of a principles-based accounting standard in contrast to GAAP, which is considered more rules-based. By being more principles-based, IFRS, arguably, represents and captures the economics of a transaction better than GAAP.

Who should use IFRS?

IFRS Standards are required for use by all or most domestic publicly accountable entities. IFRS Standards are permitted, but not required, for use by at least some domestic publicly accountable entities, including listed companies and financial institutions.

Why is GAAP important?

GAAP allows investors to easily evaluate companies simply by reviewing their financial statements. … When applied to government entities, GAAP helps taxpayers understand how their tax dollars are being spent. GAAP also helps companies gain key insights into their own practices and performance.

Which ERP is used by Google?

German business software giant SAP SE today said that its SAP Cloud Platform products are now available on the cloud infrastructure platforms from Google Inc., Microsoft Corp., and Amazon.com Inc., extending the availability of its enterprise resource planning (ERP) suite to a wider market.

What is the difference between GAAP and IFRS?

The primary difference between the two systems is that GAAP is rules-based and IFRS is principles-based. This disconnect manifests itself in specific details and interpretations. Basically, IFRS guidelines provide much less overall detail than GAAP.

Who uses GAAP and IFRS?

Local vs. IFRS is used in more than 110 countries around the world, including the EU and many Asian and South American countries. GAAP, on the other hand, is only used in the United States. Companies that operate in the U.S. and overseas may have more complexities in their accounting.

What are the 3 accounting rules?

Take a look at the three main rules of accounting:Debit the receiver and credit the giver.Debit what comes in and credit what goes out.Debit expenses and losses, credit income and gains.

What does GAAP stand for?

Generally Accepted Accounting PrinciplesGenerally Accepted Accounting Principles (GAAP or US GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting.

Where is GAAP used?

the United StatesGAAP is used primarily by businesses reporting their financial results in the United States. International Financial Reporting Standards, or IFRS, is the accounting framework used in most other countries. GAAP is much more rules-based than IFRS.

What accounting system does Apple use?

SAPApple uses SAP. Google uses Oracle EBS.

What are the 4 principles of GAAP?

The four basic constraints associated with GAAP include objectivity, materiality, consistency and prudence.