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What is the difference between US GAAP & IFRS?

What is the difference between US GAAP & IFRS?

asked Feb 2, 2013 in General Accounting Discussion by anonymous
retagged Feb 16, 2013 by Visio

1 Answer

0 votes
Both GAAP & IFRS are based on a conceptual framework. Fundamentals difference between US GAAp & IFRS is that IFRS tends to be less detailed in its reporting disclosure requirements than GAAP.  In other words IFRSs are “principles-based” standards while US GAAP are “rules-based” standards. Further, transaction analysis is similar under both  IFRS and GAAP but different standards may impact how transactions are being recorded.
answered Feb 2, 2013 by Rimos Level 1 Member (1,520 points)