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 ...

Conversion to IFRS will be far more than a technical accounting exercise. Implementing IFRS will impact many, if not all, aspects of your business operations, including information technology. It may ...

The U.S. Securities & Exchange Commission voted Aug. 27 for a proposed "roadmap" that could led to U.S. firms switching from the U.S. Generally Accepted Accounting Principles (GAAP) to the ...

Greg DePersio has 13+ years of professional experience in sales and SEO and 3+ years as a writer and editor. Financial accounting summarizes and reports a business's financial position to external ...

Companies that solely operate in the United States generally prepare financial statements that are in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, most of the rest of ...

When will IFRS 17 take effect? It comes into force in 2021, and for the world’s insurance companies it’s the biggest change in accounting standards in perhaps 20 years. For companies moving to IFRS 17 ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA ...