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Finance & Accounts
US GAAP Vs. IFRS
Tags :
cpa, ifrs, gaap, fasb, accounting, accounting information, revenue recognition, gaap accounting, accounting standards, financial reporting, international accounting, business accounting software,
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Banking
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About "US GAAP Vs. IFRS" topic:
This topic is created to provide a broad understanding of the major differences between the accounting methods and to identify the impact those changes could have on individual companies. Discuss around IFRS and US GAAP: Similarities and differences......
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on topic: "US GAAP Vs. IFRS"
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In a “nutshell,” IFRS are “principles-based,” whereas Generally Accepted Accounting Principles in the United States (U.S. GAAP) are “rulesbased”. The SEC is asking for best doomsday and celebratory scenarios in response to a 72-question concept release on whether U.S. companies should be allowed to use International Financial Reporting Standards instead of GAAP. US is leader of world trade,WTO,World bank and even UN! Thus it is better that US SEC accept to comply IFRS instead of GAAP because it isn't logically multinational companies in US using dual standards. From an historical perspective, IFRS had been called International Accounting Standards (IAS) and were issued between 1973 and 2001...
Insight: "What If IFRS Replaced GAAP ?" deleted from your view.
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Ashim Chowdhury
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| 4 years ago
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IFRS: More 'principles-based' standards with limited application guidance. US: More 'rule-based' standards with more specific application guidance. IFRS: One year comparative financial information is required. US: No specific requirement under US...
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Answer: "What are the Critical differences between US GAAP and IFRS and future convergence plans?" deleted from your view.
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Accounting concept of IFRS
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Central Excise, Sales Tax
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Balwinder kumar
| Argues in support of
"Accounting concept of IFRS "
| 1 year ago
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Today we have to work on such a platform where the accounting concepts should be alike therefore we have to appreciate this IFRS which help allover growth of Economy and the trade with other world with out any such complication of Different...
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Debate: "Accounting concepts regarding IFRS, and Central Excise, Salestax " deleted from your view.
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