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
Methods of measuring secular trend

A study of a new anti-depressant drug took a sample of 10 individuals with high depression screening measures (DSM) and gave them the drug for three months.  At the end of the thre

IN two separate studies, the actual difference between the means of a treated group and untreated group is 3 points. However, in one study sm1-m2 is very large and so the 3 points

Co-relation: Co-relation in this case studies the behavior how each of the investment opportunity would react to any event vis – a vis each other. The same is measured in terms of

how do I answer: with the aid of a decision tree prepare a quantitative report advising the company on the optimal course of action. (use a time horizon of 6years and ignore the ti

A company determines that the profit (P) in Pula and the advertising expenditure (e) in Pula have a linear relationship. a) Find an equation of linear relationship

assume that your group is incorporating a business organization. you are required to present a detailed structure, business environment and organizational structure of the entity.

how to find 1st quartile from the graph of more than ogive type, please reply me with an example


What do you mean by Purchase Return? Give an example. Ans.  Sometime the goods an organization orders are not up to the mark and they are not supposed to keep or accept so th