International Accounting – Must-Know Differences Between IFRS and US GAAP

whitepaper must know differences between ifrs and us gaap

Today, IFRS and US GAAP are the two most widely used accounting frameworks worldwide. Despite ongoing work towards convergence of these two major accounting frameworks, some material differences remain. Accounting practitioners around the globe are daily challenged dealing with converting financial statements from US GAAP to IFRS and vice versa.

Globalization is shaping the world in many ways. It is also changing the world of accounting and financial reporting. International Financial Reporting Standards (IFRS) are becoming the common standard for financial reporting around the globe. In approximately 120 countries they are either permitted or required for domestic public companies.

This white paper will provide you with a brief overview of the must-know similarities and differences between the US GAAP and IFRS Standards. Finance professionals will find some hints and tips on how the LucaNet software can assist them in preparing multi-GAAP financial statements.

The white paper answers the following questions:

  • Must-know similarities between US GAAP and IFRS
  • Key differences between US GAAP and IFRS
  • Hints and tips on preparing multi-GAAP financial statements