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 ...

Two accounting boards are working toward a common set of procedures for recognizing revenue. The international financial reporting standards, or IFRS, are the International Accounting Standards ...

International trade and cross-border investing is becoming more complex with new emerging market economies and global investment opportunities. The Securities and Exchange Commission, Federal ...

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 ...

While U.S. and international accounting standards seem set on an inevitable convergence path, some are worried that the U.S. approach may end up becoming a bad influence on International Financial ...

Imagine you are planning to explore many countries, each with different customs, language, food and culture. While the destinations may vary, a common understanding of certain rules and etiquette ...

Globalization may be coming in baby steps. In the effort to move to a single, universal financial reporting standard, the Securities and Exchange Commission voted unanimously last month to open for ...

If you run a small business, you may not know much about the Generally Accepted Accounting Principles (GAAP). After all, GAAP standards apply mainly to publicly traded companies, so these rules don’t ...

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 ...