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

Modified on Tue, 19 Jun 2018 at 03:46 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

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article