International accounting - Must-know differences between IFRS and US GAAP

whitepaper must know differences between ifrs and us gaap

IFRS and US GAAP are the two most widely used accounting frameworks used in the world today. Despite ongoing work towards convergence of these two major accounting frameworks, some material differences remain. Accounting practitioners around the globe are challenged on a daily basis with dealing with converting financial statements from US GAAP to IFRS and vice versa.

Globalisation is changing the world of accounting and financial reporting. International Financial Reporting Standards (IFRS) are becoming the common standard for financial reporting around the globe. Since the differences between the multitude of national accounting standards will probably never disappear, the standard-setting bodies focus on convergence between the major frameworks: IFRS and US GAAP. A common set of global accounting standards would not only improve investors’ comparisons between different international investment opportunities and facilitate cross-border mergers and acquisitions; it would also reduce complexity in financial reporting for large global entities.

Contents

  • Must-know similarities and key differences between US GAAP and IFRS
  • Hints and tips on preparing multi-GAAP financial statements
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