Does GM use GAAP?
Management uses this non- GAAP financial measure to assess its automotive cash flow when evaluating the performance of GM, its business units and its management teams and when making decisions to allocate resources among GM’s business units.
Is GAAP and US GAAP the same?
International Financial Reporting Standards (IFRS) – as the name implies – is an international standard developed by the International Accounting Standards Board (IASB). U.S. Generally Accepted Accounting Principles (GAAP) is only used in the United States.
What is the difference between US GAAP and International GAAP?
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.
What is the difference between GAAP and accounting standards?
GAAP are the more generic accounting rules that every country holds, and are directly influenced by the different accounting boards of each jurisdiction, whereas, IAS is the specific set of internationally recognized accounting standards, set by the IAS Committee.
Who audits GM?
Ernst & Young LLP
DETROIT – General Motors Co. (NYSE: GM) announced today that the Audit Committee approved and its Board of Directors unanimously ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2018.
Where is the headquarters of General Motors?
General Motors Company (GM) is an American multinational automotive manufacturing company. Headquartered in Detroit, Michigan, the company is the largest automobile manufacturer based in the United States and one of the largest worldwide.
What is the difference between Indian GAAP and US GAAP?
Indian GAAP, like UK GAAP and IAS, allows the revaluation of property, plant and equipment, while US GAAP does not allow revaluation. Foreign currency transaction differences (AS 11).
What is the difference between US GAAP and Canadian GAAP?
Basically, US GAAP bases their accounting standards on the AICPA Accounting and Audit guide, whereas the Canadian GAAP bases their standards to their Accounting Guideline *8. For US GAAP however, they only record the regular way purchases and other transactions of securities on a date of trade basis.
What is the difference between Indian GAAP and accounting standards?
The key difference between IFRS vs Indian GAAP is that IFRS is the international accounting standards that provide guidance on how different transactions should be reported by the company in their financial statements which is used by many countries, whereas, Indian GAAP are the generally accepted accounting principles …
Who is Coca Cola’s auditor?
Vice President, Internal Audit Barry Ballow is vice president of internal audit for The Coca-Cola Company.
Who are HSBC’s auditors?
HSBC has been audited by PwC, one of the Big Four auditors since 2015.
How much of GM is owned by China?
GM China has a 44.0 percent stake, SAIC a 50.1 percent stake and Wuling Motors a 5.9 percent stake. SAIC-GM-Wuling is based in Liuzhou, Guangxi Zhuang Autonomous Region, in southwestern China.
What is the difference between international GAAP and Indian GAAP?
The Indian GAAP reflects international GAAP in the key accounting principles such as: prudence, going concern, consistency, accruals, substance over form and materiality. While currently the most significant accounting differences are absence of consolidation and deferred tax accounting.
What is inventory under GAAP in India?
Inventories: Under Indian GAAP, Carried at the lower of cost or net realisable value (being sale proceeds less all further costs to bring the inventories to completion). Reversal is required for a subsequent increase in value of inventory previously written down.
How are gains and losses recognized under GAAP in India?
Under Indian GAAP, gains and losses are recognized immediately in the statement of profit and loss. Note: Gains and losses as referenced under US GAAP include (1) the differences between actual and expected return on assets and (2) changes in the measurement of the benefit obligation.
What is the difference between US GAAP and Ind as 109?
Under US GAAP, the impairment loss depends on the triggering event, whereas Ind AS 109 introduces a new expected credit losses model for impairment. IFRS US GAAP Ind AS Indian GAAP