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4G © (483% 3:09 ... X GAAP vs IFRS GAAP IFRS BOARD GOVERNING International Accounting Standard Board overseas GAAP. Financial Accounting Standard Board overseas GAAP. GLOBAL APPEAL GAAP is primarily used US PRINCIPLE vs RULE BASIS INVENTORY METHOD GAAP is Rule Based and not principle based GAAP prefers LIFO method for valuation of inventory Only cost model can be used for valuing Fixed Asset Intangible assets are valued at Fair Value. IFRS is used by around 110 countries. Thus has global appeal. IFRS is principle based i.e. companies has some flexibility with disclosure. IFRS does not recommend LIFO (as it reveals lower income) IFRS also recognizes the Revaluation model in addition to cost model. Intangible Assets are valued on the basis of future economic benefits. FIXED ASSET VALUATION INTANGIBLE ASSET EARNING PER SHARE This averages the individual interim period If Market Value increases, the company cannot reverse write down EARNING PER SHARE This does not averages the individual interim period. Here, reversal of write down of inventory is possible / allowed. Some development costs are expensed and other are capitalized & amortized. DEVLOPMENT COST All development costs are expensed out under GAAP. GAAP requires splitting of liabilities into current and non current. LIABILITIES GROUPING IFRS does not make such classification. INCOME STATEMENT Such items come under income Extra Ordinary and unusual amount are shown below net income statement. DDTDADATION ...
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