GAAP vs IFRS Assignment example
Finance & Accounting
Pages 5 (1255 words)
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Surname Course Lecturer Date Memo To: From: Subject: Convergence between GAAP and IFRS Accounting is a pivotal part in any organization. It shows the financial position of an organization and ability of a firm to settle its debts as they become due. However, various international bodies have documented accounting standards that need to be followed in preparing books of accounts ranging from balance sheet, to trading profit and loss accounts, to trial balance in order to cash flows among many others.


U.s. GAAP is mostly considered as a more rule based accounting system, while IFRS is mostly based on principles. It is therefore obvious that the IFRS and the U.S. GAAP do not agree on every issue (IASCF and IASB 80-101). This paper seeks to focus on the convergence between the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standard. The International Financial Reporting Standard (IFRS) is an independent body in the private sector. It develops and approves International Accounting and Financial Reporting Standards. The International Financial Reporting Standard (IFRS) functions under the International Financial Reporting Foundation oversight. It was formed in 2001 in replacement of the International Accounting Standards Committee. ...
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