IFRS Vs. GAAP How Both Accounting Is Different From Each Other?

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gurzef2h

Business Finance

Description

What is meant by IFRS? What is the convergence project? What are some differences between IFRS and GAAP. Cite a specific area and clearly show how this area of accounting is different.

What are your thoughts about the harmonization of global accounting standards? Pros and cons? You don't have to answer every question. You can pick and choose to answer one or more.

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Explanation & Answer

Attached.

Running Head: IFRS
IFRS
Name
Institution Affiliate

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IFRS

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What is IFRS
International Financial Reporting Standards commonly known as IFRS is defined as a
standard that entails formulated accounting rules and regulations which established how
accounting events and transactions are demanded to be reported in an organization's financial
statements. Also, the IFRS are structured to sustain transparency and credibility in the world of
finance that helps both the business operators and investors not only to make right decisions but
to make an informed decision based on information that is true and of fair view.
Convergence project
A convergence project is defined under the Norwalk Agreement as a lively project that is
carried out together with IASB and which is anticipated to yield in at least one standards which
will attain convergence in various sectors.
IFRS Vs. GAAP
IFRS is principle based while GAAP is ruled based. As principle-based, it means that
there is room for making v...


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