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. In GAAP there is only one way ...

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 ...

Nicolas Pologeorgis has 24+ years of experience in academic consulting. He has held administrative and faculty positions in various institutions. Chip Stapleton is a Series 7 and Series 66 license ...

The international financial reporting standards, or IFRS, are the International Accounting Standards Board's counterpart to the generally accepted accounting principles, or GAAP, set forth by the ...

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 ...

Under GAAP, the size of the net pension asset a company lists as part of employee benefits is not limited on the balance sheet. Under IFRS guidelines, the amount is limited and full explanation of ...

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 ...

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 ...

Namely, that the estimated 2,500 pages devoted to IFRS will inevitably turn into the roughly 25,000 pages filled by U.S. GAAP once the Americans are done with it. The feeling is tantamount to "leave ...

ranging from the perception that IFRS is superior to U.S. GAAP because it is more principles-based, to the belief that the IASB's standards-setting process is protected from political and other ...

As you convert to IFRS, consider the following IT implications: • New data requirements. Compared to Canadian GAAP, IFRS frequently mandates more detailed disclosures. For example, under ...

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 ...