UNDERSTANDING THE DIFFERENCES BETWEEN INTERNATIONAL ACCOUNTING STANDARDS AND U.S. GAAP
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With the continuous globalization of capital markets and the growing popularity of International Accounting Standards (!AS), understanding !AS is becoming increasingly more important. This study compares !AS with US Generally Accepted Accounting Principles (US GAAP). Differences between !AS and US GAAP are found in twenty-six of the forty core areas in financial reporting identified in the International Organization ofSecurities Commissions list. Notwithstanding the differences identified in this study, !AS and U S GAAP are broadly comparable in most areas and progress has been made in reducing differences between them.
Abstract
With the continuous globalization of capital markets and the growing popularity of International Accounting Standards (!AS), understanding !AS is becoming increasingly more important. This study compares !AS with US Generally Accepted Accounting Principles (US GAAP). Differences between !AS and US GAAP are found in twenty-six of the forty core areas in financial reporting identified in the International Organization ofSecurities Commissions list. Notwithstanding the differences identified in this study, !AS and U S GAAP are broadly comparable in most areas and progress has been made in reducing differences between them.