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.

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