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 ...

In sum, guided by the SEC, the GAAP, sets rules-based accounting standards that are used mosty by U.S. firms. The international financial reporting standards (IFRS) foundation sets principles ...

While companies in the United States operate under the generally accepted accounting principles (GAAP), most other countries use the International Financial Reporting Standards (IFRS). There are ...

It is the U.S. equivalent of the International Financial Reporting Standards (IFRS). Though only regulated and publicly traded businesses are legally obligated to follow GAAP, some private ...

However, following GAAP principles does not ensure that financial statements are free of errors or information that could mislead investors. The IFRS is set by the International Accounting ...

If you aren't a publicly traded company, following GAAP standards may not be necessary. However, all businesses should be familiar with these five basic accounting principles: International Financial ...