Us Gaap Vs Ifrs Summary. For us gaap however only the revenue standard is fully effective in annual periods. Authoritative us gaap is primarily developed and maintained by the fasb and the emerging issues task force.
Each comparison in the series covers a specific topic and highlights the significant differences between u s. Entities that consolidate subsidiaries or other foreign operations that report under ifrs standards or foreign subsidiaries that report under ifrs standards and provide financial statement information to a parent entity that reports under u s. Authoritative us gaap is primarily developed and maintained by the fasb and the emerging issues task force.
Each comparison in the series covers a specific topic and highlights the significant differences between u s.
Our us gaap versus ifrs the basics publication which provides an overview by accounting area of the similarities and differences between us gaap and ifrs has been updated. Unlike ifrs us gaap is designed for use by both profit oriented and not for profit entities with additional codification topics that apply. The international financial reporting standards ifrs the accounting standard used in more than 144 countries has some key differences from the united states generally accepted accounting. Gaap tends to be more rules based while ifrs tends to be more principles based.
