US GAAP: Difference between revisions
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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. | Compared with International Financial Reporting Standards (IFRS), US GAAP is generally considered to be a relatively 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. | However, even IFRS comprises a large number of detailed accounting rules. | ||
Latest revision as of 22:00, 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 be a relatively 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.
