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Accounting
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Demonstrate the differences between GAAP and IFRS.

Jul 8th, 2015

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1. Intangible assets acquired by the business are recognized at fair value under GAAP while it is only recognized under IFRS if the asset has measured reliability of providing future financial benefits.

2. Under GAAP, inventory can be measured either by FIFO or LIFO method while LIFO is not allowed under IFRS

3.Under GAAP, if the inventory has been written down, there is no possibility of reversal while in IFRS, the write down can be reverses under certain constraints.


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Jul 8th, 2015

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Jul 8th, 2015
Feb 19th, 2017
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