Differences between ifrs and gaap, accounting, Basic Statistics

While the differences between IFRS and GAAP are reducing, there still are significant differences between the two.

While the IFRS has been developed by the IASB (International Accounting Standards Board), the US GAAP has been developed by the Financial accounting Standards Board (FASB)

IFRS does not allow the use of Last in First out (LIFO) method for inventory costing

While defining the rules for revenue recognition, IFRS is less detailed than the GAAP.

IFRS does not allow cure of debt violations after the end of the year

Some of the financial instruments which fell under the category of equity in GAAP now fall in the category of debt as per the IFRS.

In expense recognition, the amount of expense as well the time period that can be recognized by organizations is differently defined in IFRS and GAAP.

IFRS has a different measurement objective for contingencies.

Expertsmind.com offer unique solution in Accounting

Posted Date: 2/25/2012 7:51:03 AM | Location : United States







Related Discussions:- Differences between ifrs and gaap, accounting, Assignment Help, Ask Question on Differences between ifrs and gaap, accounting, Get Answer, Expert's Help, Differences between ifrs and gaap, accounting Discussions

Write discussion on Differences between ifrs and gaap, accounting
Your posts are moderated
Related Questions

variable cost per unit remain constent why

if sales is 6800 and variable costs are 2856 what is the variable cost percentage?

A researcher has gathered data on the daily returns on a portfolio of call options over a recent 250-day period. The mean daily return has been 0.001 and the sample standard deviat

Utility of index

example of descriptive statistics in word form

What is cash flow net of tax? I view income net of tax as the money spent without the earnings tax savings when the quantity is insurance deductible on the corporation’s earnin

what are the characteristics

calculate the probabilities correct to 6 decimal places. Let pie = 0.02. a. P(X less than 3,

what the advantages of quota sampling