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- Title
IFRS and U.S. GAAP: Some Key Differences Accountants Should Know.
- Authors
SMITH, L. MURPHY
- Abstract
The article discusses the differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). The U.S. accounting standards are tailored to the environment of the U.S., while the IFRS is aligned to meet the global financial reporting requirements. GAAP is more rules-based and amount to about 25,000 pages compared to the IFRS which is principles-based with lesser pages up to 2,000 only. Despite their differences, both standards aimed for transparency and full-disclosure financial reports.
- Subjects
UNITED States; ACCOUNTING standards; INTERNATIONAL Financial Reporting Standards; FINANCIAL statements; INTERNATIONAL accounting standards; AUDITING standards; ACCOUNTING methods; FAIR presentation; FINANCIAL disclosure
- Publication
Management Accounting Quarterly, 2012, Vol 14, Issue 1, p19
- ISSN
1528-5359
- Publication type
Article