Recycling

Accounting 350 Cost Accounting

10
generally accepted report principles vs. IFRS
What is generally accepted accounting principles & IFRS? What is the distinction in the costing method actings between GAAP & IFRS?
K arn Brewer

References:

Squadroni, G. F. (April 5, 2010) US GAAP vs. IFRS Ezine holds ads by Google http://ezinearticles.com/?US-GAAP-VS-IFRS & id = 4057572
Other alternative Information- ads by Google- GAAP vs. IFRS Reporting Resource Library www.Deloitte.com/us/ifrs

Walter, L. (April 1, 2003) Is the average cost method a permissible method for federal income tax…. http://www.allbusiness.com/accounting/3581088-html.

GAAP vs. IFRS/Article The Evolution to IFRS from GAAP http://www.fdcpa.com/Tax/IFRS_GAAP.htm Reference: internationalistic Accounting Standards Committee Foundation. www.iasb.org

Earnest and Young, LLP (Nov 15, 2007) US GAAP vs. IFRS The base ... http://www2.eycom.ch/publications/items/2007_ey_us_gaap_v_ifrs_basics/2007_ey_us_gaap_v_if...

GAAP vs. IFRS

Generally Accepted Accounting Principles (GAAP) is a set of guidelines that companies,
yield to follow in accounting to withstand them from being fraudulent when recording costing, revenues, inventory and assets. There are certain guidelines for a business to record costing methods.



By having set guidelines it helps a business to be honest and distract being investigated and to keep them from being fraudulent in bookkeeping. GAAP is used in businesses in the United States but legal age of other countries follow International Financial Reporting Standards (IFRS). sometime in the future (not too far away) theres a plan to combine the two, GAAP and IFRS. As the reposition begins, the United States will have to undergo major changes in their accounting system. The main reason for the change is to simplify the accounting procedures around the world. There are several differences between GAAP and IFRS but the main difference is GAAP is ruled-based and IFRS is more principle-based. IFRS have more room for interpretation.
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