Comparison Of IFRS to GAAP
Comparing IFRS to GAAP
This paper looks at relevant comparisons of IFRS, “International Financial Reporting Standards” and GAAP, “Generally Accepted Accounting Principles”. These two frameworks of accounting principles and practices share a lot of standards and procedures, but also differ on accepted policies. This paper will answer those standards and differences but also show the comparison of the two.
Let’s look at what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP. IFRS “International Financial Reporting Standards” doesn’t command a precise order of …show more content…
Reading this article by Bloomberg about these two agencies and their potential to merge their practices and policies in the near future. “Bloomberg”,
“http://bnasoftware.com/Software_Resource_Center/Articles/IFRS_Versus_GAAP_Potential_Convergence_of_Competing_Standards_Could_Transform_Fixed_Assets_Management.asp © 2014 BNA Software, a division of Tax Management Inc. All Rights Reserved. | Bloomberg BNA.”
“More than 100 countries have adopted the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Meanwhile, in the U.S., companies continue to rely on Generally Accepted Accounting Principles (GAAP) issued by the Financial Accounting Standards Board (FASB). Efforts to