International Financial Reporting Standards (IFRS) - Essay Example

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International Financial Reporting Standards (IFRS)

The policies of IFRS are more advanced and precise for meeting the changes in the new accounting and audit systems, so US is also moving towards IFRS. The US GAAP is actually concept based, whereas IFRS is based on principles. The methodology of these two frameworks and the accounting treatments are also different. In US GAAP, the research is mainly based on the literature but in case of IFRS, the rules are mainly based on reviews and patterns of facts. Table of Contents International Financial Reporting Standards (IFRS) 4 Generally Accepted Accounting Principles (GAAP) 5 Different between IFRS and GAAP 5 International Financial Reporting Standards (IFRS) International Financial Reporting Standards (IFRS) is a principle based framework created to develop new standards of accounting and auditing. The International Accounting Standards (IAS) was renamed as IFRS and the policies of IAS was also changed or renewed under this. The IFRS was constructed to develop a globalised accounting and auditing model. The IFRS approves three main accounting models: The current cost accounting, maintenance of financial capital in the units of the constant purchasing power and the capital for maintaining nominal monetary units. ...Show more

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International Financial Reporting Standards (IFRS) Abstract International Financial Reporting Standards (IFRS) is a framework prepared to develop new rules for accounting and auditing. It was created to maintain a uniform global accounting and auditing policy for smooth functioning of the global financial markets…
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