US GAAP: Difference between revisions
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Sometimes abbreviated to "GAAP", especially in the United States. | Sometimes abbreviated to "GAAP", especially in the United States. | ||
Compared with International Financial Reporting Standards (IFRS), US GAAP is generally considered to a more rules based system, compared with the relatively more principles based approach of the IFRS regime. | |||
However, even IFRS comprises a large number of detailed accounting rules. | |||
Over time, differences between US GAAP and IFRS are being reduced. | |||
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* [[Financial Accounting Standard]] (FAS) | * [[Financial Accounting Standard]] (FAS) | ||
* [[Generally accepted accounting principles]] (GAAP) | * [[Generally accepted accounting principles]] (GAAP) | ||
* [[Harmonisation]] | |||
* [[International Financial Reporting Standards]] (IFRS) | * [[International Financial Reporting Standards]] (IFRS) | ||
* [[Principle]] | |||
* [[Principles based]] | |||
* [[Rule]] | |||
* [[Rules based]] | |||
* [[Standard Setting Body]] | |||
* [[UK GAAP]] | * [[UK GAAP]] | ||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
Revision as of 21:56, 11 October 2023
United States Generally Accepted Accounting Principles.
Sometimes abbreviated to "GAAP", especially in the United States.
Compared with International Financial Reporting Standards (IFRS), US GAAP is generally considered to a more rules based system, compared with the relatively more principles based approach of the IFRS regime.
However, even IFRS comprises a large number of detailed accounting rules.
Over time, differences between US GAAP and IFRS are being reduced.
