Discover the key differences between IFRS and GAAP accounting standards, and learn how they impact financial reporting for ...

GAAP reports in detailed, precise formats; IFRS allows flexible, principle-based reporting. GAAP does not permit asset value recovery post-impairment; IFRS allows revaluation. IFRS does not mandate ...

In the area of fixed assets and the resultant depreciation there are some major differences between the GAAP rules codified in ASC Topic 360 and the IFRS rules in IAS 16. Processing Content In GAAP ...

Merchants and manufacturers rely on the sale of inventory to create gross profits. Whether you purchase your inventory or make it yourself, you need to observe the relevant accounting standards to ...

What Are Generally Accepted Accounting Principles (GAAP)? Your email has been sent Understanding GAAP is essential for anyone involved in finance or accounting. Learn the key principles and their ...

Discover why IFRS prohibits LIFO accounting, including issues like distorted financials, outdated inventory values, and ...

PricewaterhouseCoopers has released a useful report demonstrating the many differences that remain between U.S. GAAP and International Financial Reporting Standards. Despite more than a decade of work ...

Accountants preparing and auditing financial statements for U.S. companies stand a good chance of encountering IFRS. The SEC requires financial statements to be filed in U.S. GAAP, and U.S. users of ...

Have There Been Benefits to the Convergence Process? Gven this background, the purpose of this discussion is twofold: to provide a review of the events surrounding the convergence movement over the ...

When a public company issues a financial statement, everything needs to be clear and well-understood by everyone reading it. To ensure this, it’s paramount to have a baseline for reporting. That’s ...