International Financial Reporting Standards or IFRS

Jul 13th, 2016
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IntroductionThe International Financial Reporting Standards or IFRS is a standard of accounting which isused in almost 110 countries of the world and it has some of the key differences from the UnitedStates Generally Accepted Accounting Principles or GAAP. The IFRS is reflected as more of aprinciple grounded standard while the GAAP is reflected as the rules grounded standard whencompared at the conceptual level. As the IFRS is more principles based standard, it arguablycharacterizes and internments the more of economics of a transaction and is better than theGAAP (Nguyen).Discussion/SummaryThe International Financial Reporting Standards does not mention any detailed order for thestatement of financial position whereas most of the organizations and firms no days just reporttheir assets in the reverse order based off their liquidity and the United States GenerallyAccepted Accounting Principles on the other hand needs that the entire accounts be mentioned ina detailed ordered based on the liquidities hierarchy. The criterion for the statement of financialor balance sheet under the GAAP and IFRS are a little different. The main viewpoints arelikewise but the GAAP deliver

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