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Accounting Song – IFRS vs GAAP (FAR)

MP3 Download (Right-click and Save): IFRS: King on this Street CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, we gonna beat Any exam, we achieve that feat IFRS be the king on this street VERSE 1: International Account Standards Board issues IFRS They do that and more The most authoritative place you can see That management looks for guidance accounting policies IASB Framework Yea, it helps to develop standards that work But it’s not a standard itself, no it ain’t Can’t supersede any standard’s authority Verifiability Different people would reach the same conclusion, are you feelin’ me? Understandability Easy to use and understand, that’s the plan, let’s keep goin’ and Timeliness, uh I need that info on time so I can decide how to do things right IFRS don’t allow Extraordinary Items IFRS don’t allow LIFO, it don’t like ‘em CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, […]

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