A U.S. manager's guide to differences between IFRS and U.S. GAAP: with the greater likelihood that you will face situations that require an ... article from: Management Accounting Quarterly
Book Details
Author(s)Susan B. Hughes, James F. Sander
PublisherInstitute of Management Accountants
ISBN / ASINB001OB3JPM
ISBN-13978B001OB3JP2
MarketplaceFrance 🇫🇷
Description
This digital document is an article from Management Accounting Quarterly, published by Institute of Management Accountants on June 22, 2007. The length of the article is 5003 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.
From the author: International Financial Reporting Standards (IFRS) are now required for consolidated financial reports for all European Union exchange-listed companies. Officials estimated that for 2005, the initial year of EU adoption, 8,000 financial statements were prepared in accordance with IFRS for the first time. Other countries have also adopted IFRS or IFRS-equivalent financial reporting standards. IFRS differ from U.S. Generally Accepted Accounting Principles (GAAP) in many key areas. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working on various convergence projects designed to reduce or eliminate differences between the two sets of reporting standards. But existing differences will likely continue for at least the next two years, and, for many accounting topics, differences are likely to last much longer. This article highlights the 20 convergence projects and summarizes the differences between the two sets of standards. In addition, differences in three topics that are not included in the convergence efforts are identified. Differences between IFRS and U.S. GAAP found in actual EU company Form 20-F filings are used to illustrate the impact of the reporting-standard differences.
Citation Details
Title: A U.S. manager's guide to differences between IFRS and U.S. GAAP: with the greater likelihood that you will face situations that require an understanding of the differences between U.S. GAAP and IFRS, the odds increase that you will also have to be able to estimate the impact of these differences.
Author: Susan B. Hughes
Publication:Management Accounting Quarterly (Magazine/Journal)
Date: June 22, 2007
Publisher: Institute of Management Accountants
Volume: 8 Issue: 4 Page: 1
Distributed by Gale, a part of Cengage Learning
From the author: International Financial Reporting Standards (IFRS) are now required for consolidated financial reports for all European Union exchange-listed companies. Officials estimated that for 2005, the initial year of EU adoption, 8,000 financial statements were prepared in accordance with IFRS for the first time. Other countries have also adopted IFRS or IFRS-equivalent financial reporting standards. IFRS differ from U.S. Generally Accepted Accounting Principles (GAAP) in many key areas. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working on various convergence projects designed to reduce or eliminate differences between the two sets of reporting standards. But existing differences will likely continue for at least the next two years, and, for many accounting topics, differences are likely to last much longer. This article highlights the 20 convergence projects and summarizes the differences between the two sets of standards. In addition, differences in three topics that are not included in the convergence efforts are identified. Differences between IFRS and U.S. GAAP found in actual EU company Form 20-F filings are used to illustrate the impact of the reporting-standard differences.
Citation Details
Title: A U.S. manager's guide to differences between IFRS and U.S. GAAP: with the greater likelihood that you will face situations that require an understanding of the differences between U.S. GAAP and IFRS, the odds increase that you will also have to be able to estimate the impact of these differences.
Author: Susan B. Hughes
Publication:Management Accounting Quarterly (Magazine/Journal)
Date: June 22, 2007
Publisher: Institute of Management Accountants
Volume: 8 Issue: 4 Page: 1
Distributed by Gale, a part of Cengage Learning
