The new international accounting standard is aimed at more consistent reporting that’s better aligned with how businesses are ...

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 ...

NEW YORK--(BUSINESS WIRE)--The XBRL US Data Quality Committee (DQC) has published its 17th Rule Set for a 45-day public review and comment period, which closes on December 31, 2021. This latest draft ...

Iberdrola USA filed an S-4 with the SEC related to its acquisition of UIL. Previously, IUSA financials were based on IFRS, but the S-4 used US GAAP. This creates a unique opportunity to examine how ...

Two accounting boards are working toward a common set of procedures for recognizing revenue. The international financial reporting standards, or IFRS, are the International Accounting Standards ...

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 ...

Companies use financial statements both for internal and external purposes. Those that supply information to the public must follow accounting principles. Both the Generally Accepted Accounting ...

The IFRS versus local GAAP comparison guides provide an overview of the major similarities and differences between the two sets of standards. US GAAP versus IFRS: The Basics (available in webpage ...

An academic study demonstrates that earnings management is pervasive across U.S., European and Asian companies, whether they’re using U.S. GAAP or International Financial Reporting Standards. The ...

Have There Been Benefits to the Convergence Process? Gven this background, the purpose of this discussion is twofold: to provide a review of the events surrounding the convergence movement over the ...

The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements. SEC Chief ...

PricewaterhouseCoopers has released a useful report demonstrating the many differences that remain between U.S. GAAP and International Financial Reporting Standards. Despite more than a decade of work ...