IFRS VS.GAAP Tyana Campbell ACC/291 November 12, 2014 Habib Ousmane Diallo The International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) are rules and guidelines established to attempt to standardize accounting and recording practices across the United States and Internationally. International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other
Words: 889 - Pages: 4
Comparing IFRS to GAAP As we are so often, America as a business entity can be very stubborn when it comes to maintaining the way we do things against external pressure. Whether it is differences between the American standard of measurement and the metric system or differences in accounting standards, the United States likes to be its own boss so to speak. As stated before, one of the premier differences in business practices between the United States and the rest of the world is the difference
Words: 917 - Pages: 4
The IFRS is a better accounting standard system than GAAP because it is used internationally as the primary standard accounting system and it has more enhancing qualities First the IFRS is use internationally as the primary standard accounting system for at least 151 countries (European Union) consisting of two organizations overseeing practices (IFRS and IASB). The IFRS were created plans as a common worldwide language for business affairs. So companies accounts were able to be understandable
Words: 562 - Pages: 3
Professional / Career Development Counseling Possible points/areas of discussion: A. You should assist the Soldier in establishing short and long-range goals by discussing the following areas: 1. Advance Schooling 2. Special Assignments 3. Promotion (AR 600-8-19) 4. Reclassification B. Be prepared to discuss how and what the Soldier has to do to apply for the following: 1. Army Service School (AR 614-200, Chapter 4) 2. Voluntary Reclassification (AR 614-200, Chapter 3) 3. Exchange
Words: 647 - Pages: 3
The generally accepted accounting principal (GAAP) and international financial reporting standard (IFRS) are principals that regulate how economic events are reported. The Securities and Exchange Commission (SEC) relies on the FASB to develop accounting standards that the public entities must follow when publishing financial statements. The number of countries around the world that require or allow the use of IFRS for preparation of financial statements by public entities is increasing day to day
Words: 282 - Pages: 2
Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers A Comparison of U.S. GAAP and IFRS A Securities and Exchange Commission Staff Paper November 16, 2011 OFFICE OF THE CHIEF ACCOUNTANT UNITED STATES SECURITIES AND EXCHANGE COMMISSION This is a paper by the Staff of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings
Words: 24926 - Pages: 100
Revenue GAAP offers specific guidance regarding how companies report revenue. In many cases, the guidance depends on the type of business. For example, a software company may follow different guidelines for reporting revenue than a construction company would. IFRS offers somewhat less guidance than GAAP. Companies have a little more flexibility in reporting revenue. For example, businesses following GAAP amortize, or allocate, revenue gradually over a period of time instead of all at once when it
Words: 1003 - Pages: 5
Comparing IFRS to GAAP Kelly J. Feuerhak ACC 291 October 20, 2014 Gary Foote Comparing IFRS to GAAP When dealing with the accounting world, one needs to take a look at not only GAAP (Generally Accepted Accounting Principles) but also needs to learn the IFRS (International Financial Reporting Standards). There are a number of differences between these two systems. For the purposes of this report, we will cover the difference associated with fair value measurements, depreciation, plant assets
Words: 727 - Pages: 3
Comparison of IFRS to GAAP Khadija Boyd Crystal Scott ACC 290 11 August 2014 Deborah Wilson This paper will examine comparisons between the International Financial Reporting Standards (IFRS); which is designed to be a common global language for business affairs and the Generally Accepted Accounting Principle (GAAP); which refer to the standard framework of guidelines for financial accounting. There are certain ways that the format of a statement of financial position under the IFRS often differ
Words: 1310 - Pages: 6
those they have not been able to before. In some parts of the world, some industries use an accounting system called the Generally Accepted Accounting Principles, which is also known as GAAP, and in the others those people use International Financial Reporting Standards, which is sometimes referred to as IFRS. Although these accounting systems have some of the same basic functions, they have the ability to conform to one main system. So, why would a country change their accounting system?
Words: 896 - Pages: 4
