There are two dominant systems of accounting used by corporations around the world. In the U.S., companies use the generally accepted accounting principles, or GAAP, while international companies use ...

Learn what an onerous contract is, regulations for reporting them, and examples. Explore how IFRS and GAAP differ in handling these unfavorable contracts.

PricewaterhouseCoopers has released a useful report demonstrating the many differences that remain between U.S. GAAP and International Financial Reporting Standards. Despite more than a decade of work ...

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...

As part of the convergence effort between IFRS and U.S. GAAP, the International Accounting Standards Board published IFRS 8, Operating Segments, which became effective Jan 1. IFRS 8 supersedes IAS 14, ...

Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors. A study on IFRS showed that 50% of companies demonstrated higher equity under IFRS accounting standards than GAAP ...

Discover what auditing evidence is and learn its characteristics. See examples of how auditing evidence ensures financial ...

Have There Been Benefits to the Convergence Process? Gven this background, the purpose of this discussion is twofold: to provide a review of the events surrounding the convergence movement over the ...

Executives may think they have a lot on their plate, but they soon will have to make room for one thing more -- a whole new accounting system. Indeed, the International Financial Reporting Standards ...