![]() IFRS gives prominence to underlying assumptions such as accrual and going concern. The "going concern" assumption is not well-developed in the US GAAP framework. IFRS provides the same set of objectives for business and non-business entities. In general, broad focus to provide relevant info to a wide range of stakeholders. GAAP provides separate objectives for business and non-business entities. Under IFRS, company management is expressly required to consider the framework if there is no standard or interpretation for an issue. US GAAP (or FASB) framework has no provision that expressly requires management to consider the framework in the absence of a standard or interpretation for an issue. Last-in, first-out first-in, first-out or weighted-average costįirst-in, first-out or weighted-average cost Required documents in financial statementsīalance sheet, income statement, statement of comprehensive income, changes in equity, cash flow statement, footnotesīalance sheet, income statement, changes in equity, cash flow statement, footnotes Revenue or expenses, assets or liabilities Revenue or expenses, assets or liabilities, gains, losses, comprehensive income Over 110 countries, including those in the European Union ![]() ![]() ![]() Universal financial reporting method that allows international businesses to understand each other and work together. Standard guidelines and structure for typical financial accounting. International Financial Reporting Standards Comparison chart GAAP versus IFRS comparison chart ![]()
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