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 ...

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 ...

PricewaterhouseCoopers has released the 2009 edition of its free downloadable guide comparing International Financial Reporting Standards with U.S. GAAP. IFRS and US GAAP: Similarities and Differences ...

Editor’s Note: Lee Hodge is a member of the Business Practice Group at Ward and Smith, P.A. What is Changing? The U.S. Securities and Exchange Commission ("SEC") has announced a proposed timetable for ...

The Situation: New rules for the accounting of operating leases will come into force under the International Financial Reporting Standards ("IFRS") and U.S. Generally Accepted Accounting Principles ...

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 ...