IFRS

ifrs

There are two sets of accounting rules accepted for international use: U.S. standards referred to as Generally Accepted Accounting Principles (GAAP), and international standards known as International Financial Reporting Standards (IFRS). The first is developed by the Financial Accounting Standards Board (FASB), whose power is derived from the United States Securities and Exchange Commission (SEC). The second is developed by the International Accounting Standard Boards (IASB), an independent London-based accounting standard-setting body.

IFRS Accounting for Revenue Recognition and Long Term Contracts

Revenue recognition

The general concepts and principles used for revenue recognition are similar between GAAP and IFRS. They differ in the details. GAAP provides specific guidelines for revenue recognition for many different industries whereas IFRS does not. The International Accounting Standards Board illustrates revenue as including both gains and revenues. When working …

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The Pros and Cons of Adopting IFRS

pros and cons of IFRS

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB).¬†IFRS has been adopted by more than 12,000 organisations in over 100 countries and is becoming the global standard for the preparation of financial statements of public companies throughout the world. However, …

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IFRS in India – Why?

Introduction The remarkable acceptance of IFRS by 140+ countries across the globe indicates that it will become a ‘de-facto’ language for financial reporting globally. A global, uniform standard in financial reporting is much required to achieve definite reporting structure, sustainable reporting of the business affairs, reduce redundancy, enhance comprehensiveness and …

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IFRS Versus GAAP

IFRS Versus GAAP There are two sets of accounting rules accepted for international use: U.S. standards referred to as Generally Accepted Accounting Principles (GAAP), and international standards known as International Financial Reporting Standards (IFRS). The first is developed by the Financial Accounting Standards Board (FASB), whose power is derived form …

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GAAP and IFRS: The Effects of Globalization

GAAP and IFRS Globalisation has considerably influenced the way accounting is being practised worldwide. The reason for this is that laws are diverse throughout each and every country. U.S. accountants are required follow the Generally Accepted Accounting Principles (GAAP). Worldwide, there are currently over 115 countries using the International Financial …

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