Department of English & Foreign Languages. The Department of English shares a broad objective with other departments in the School of Humanities and Social Sciences: to teach the skills which will enable you to interpret, evaluate, and, in your own way, change your world.
In short, GAAP requires accrual accounting rather than cash accounting, because the accrual basis better fits the defined objectives of the Financial Accounting Standards Board (FASB). Accrual accounting requires companies to record transactions in the time period in which financial events occur.
FASB's original mission has always been to establish the U.S. GAAP and standards for accounting and financial reporting; however, the mission has been enhanced to include the convergence and harmonization of U.S. standards with international ones (IFRS).FRS does not allow LIFO for inventory valuation whereas the U.S. GAAP provides the option of either LIFO, average cost or FIFO. Under the IFRS the EPS calculation does not average the individual interim period calculations, but the U.S. GAAP does.