Gaap Vs Ifrs Cheat Sheet. Balance sheet reports the amounts of assets liabilities and stockholders equity at a specified moment such as midnight of december 31. Gaap is regarded as a rule based accounting system while ifrs is principle based.
Generally accepted accounting principles gaap are those accounting standards used in the united states. Extraordinary items are shown below the statement of income in case of gaap. This post takes you through 5 key similarities and differences.
Balance sheet reports the amounts of assets liabilities and stockholders equity at a specified moment such as midnight of december 31.
Generally accepted accounting principles gaap are those accounting standards used in the united states. Gaap rules allow for lifo. International financial reporting standards ifrs are the other set of accounting standards used in more than 110 countries across the globe. This post takes you through 5 key similarities and differences.
