International Financial Reporting Standards (IFRS) and
Generally Accepted Accounting Principles (GAAP)
Sonia C Anderson
Brenda B. Adams
Intermediate Accounting II – ACC 304
August 15, 2010
IFRS and GAAP Page 2
(IFRS) and (GAAP)
“International Financial Reporting Standards (IFRS), also known as iGAAP, are principles-based Standards, Interpretations and the Framework adopted by the London-based International Accounting Standards Board (IASB).
International Financial Reporting Standards consist of:
• International Financial Reporting Standards (IFRS)—standards issued after 2001
• International Accounting Standards (IAS)—standards issued before 2001
• Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC)—issued after 2001
• Standing Interpretations Committee (SIC)—issued before 2001
• Framework for the Preparation and Presentation of Financial Statements”
“Generally Accepted Accounting Principles (GAAP) is a term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.” http://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles
The major source of GAAP comes from three organizations like Security and Exchange Commission (SEC); American Institute of Certified Public Accountants (AICPA); and Financial Accounting Standards Board (FASB). GAAP is composed of a mixture of over 2000 documents,... [continues]
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