Gaap Vs Ifrs. Gaap is considered a more rules based system of accounting while ifrs is more principles based. This disconnect manifests itself in specific details and interpretations.
Again ask questions and get replay within 1 month after the webinar. Gaap us generally accepted accounting principles is the accounting standard used in the us while ifrs international financial reporting standards is the accounting standard used in over 110 countries around the world. It is a 2 day webinar with deeper coverage and practical discussion.
Under both ifrs standards and us gaap with major new standards on revenue leases financial instruments and insurance.
Under gaap companies may have industry specific rules and guidelines to follow while ifrs has principles that require judgment and interpretation to determine how they are to be applied in a given situation. This one goes much deeper. Gaap tends to be more rules based while ifrs tends to be more principles based. The primary difference between the two systems is that gaap is rules based and ifrs is principles based.
