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 ...

Merchants and manufacturers rely on the sale of inventory to create gross profits. Whether you purchase your inventory or make it yourself, you need to observe the relevant accounting standards to ...

Discover how accruals affect company finances, with insights into the accrual accounting method, its applications, and examples illustrating its principles.

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 ...

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 ...

The transition to international financial reporting standards (IFRS) from Canadian generally accepted accounting principles (GAAP) has had a noticeable impact on the financial statements of Canadian ...

Accountants preparing and auditing financial statements for U.S. companies stand a good chance of encountering IFRS. The SEC requires financial statements to be filed in U.S. GAAP, and U.S. users of ...

International Financial Reporting Standards (IFRS) are destined to be the lingua franca of the international accounting world. Approximately 100 countries already require, allow or are in the process ...

If you run a small business, you may not know much about the Generally Accepted Accounting Principles (GAAP). After all, GAAP standards apply mainly to publicly traded companies, so these rules don’t ...

GAAP, which stands for generally accepted accounting principles, is the set of accounting standards followed by most U.S. businesses, not-for-profit organizations, and state and local governments, as ...

When a public company issues a financial statement, everything needs to be clear and well-understood by everyone reading it. To ensure this, it’s paramount to have a baseline for reporting. That’s ...