What are some of the key differences between IFRS and U.S. GAAP?

Modified on Tue, 19 Jun, 2018 at 3:46 PM

The International Financial Reporting Standards (IFRS) – the accounting standard used in more than 110 countries – has some key differences from the United States' Generally Accepted Accounting Principles (GAAP). At the conceptual level, IFRS is considered more of a principles-based accounting standard in contrast to GAAP, which is considered more rules-based. By being more principles-based, IFRS, arguably, represents and captures the economics of a transaction better than GAAP. Some of differences between the two accounting frameworks are highlighted below.


Source : Investopedia

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