Understanding-the-Difference-in-IFRS-and-GAAP-Paper

Apr 30th, 2015
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Strayer University
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Proper financial reporting is vital to the accounting world both internationally and in the United States. It is necessary for International Businesses to be able to report and compare their financial statements with those of their investments in the United States. Investors, creditors and companies rely on the accuracy of financial reports in order to make investment decisions.

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Running head: IFRS VERSUS GAAPUnderstanding the difference in IFRS and GAAPStrayer UniversityACC304 ~ Andrea Coakley Sunday, October 11, 2015IntroductionProper financial reporting is vital to the accounting world both internationally and in the United States. It is necessary for International Businesses to be able to report and compare their financial statements with those of their investments in the United States. Investors, creditors and companies rely on the accuracy of financial reports in order to make investment decisions. As a result of the need for this vital information it becomes necessary for companies outside of the United States to be able to present similar reporting as the United States. In order to ensure that all accounting procedures are followed and to globally report it becomes necessary for these financial reporting to be properly standardized both in the International and the United States accounting world. The two sets of rules accepted for international reporting are the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP). While the IFRS method of reporting is principal based standards which establish broad rules as well as dictating specific treatments. The International Financial Reporting Standard (IFRS) as a result of the lack of detail guidance requires more disclosures to be reported. Whereas the United States having significantly more sta

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