GAAP reports in detailed, precise formats; IFRS allows flexible, principle-based reporting. GAAP does not permit asset value recovery post-impairment; IFRS allows revaluation. IFRS does not mandate ...

There are two dominant systems of accounting used by corporations around the world. In the U.S., companies use the generally accepted accounting principles, or GAAP, while international companies use ...

In the area of fixed assets and the resultant depreciation there are some major differences between the GAAP rules codified in ASC Topic 360 and the IFRS rules in IAS 16. In GAAP there is only one way ...

Derivative assessment considerations should be addressed under both U.S. GAAP and IFRS when accounting for corporate power purchase agreement ("Corporate PPA") contracts. Renewable energy power ...

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...

Companies that solely operate in the United States generally prepare financial statements that are in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, most of the rest of ...

The Situation: New rules for the accounting of operating leases will come into force under the International Financial Reporting Standards ("IFRS") and U.S. Generally Accepted Accounting Principles ...

In part three of this exclusive JofA interview, FASB Chairman Leslie Seidman shares her thoughts on how FASB might function in an IFRS world. JofA: Last fall at the AICPA National Conference on ...