Comparing Ifrs Vs. Ifrs

802 Words4 Pages
Comparing IFRS to GAAP Paper
Michael Gonzales
6/16/16 Eduardo De La Cruz

Comparing IFRS to GAAP Paper
Comparing IFRS to GAAP
If you’re a current investor looking to invest in rising markets, you will haft to know the two main accounting systems. Which are (GAAP) generally accepted accounting Principle and (IFRS) international financial reporting standards. In the United States GAAP is mainly used but with the Securities and Exchange Commission wants to switch to IFRS by 2015.
In IFRS -1 there really is no specific order for statement on financial position. Businesses and companies nowadays probably report their assets based on their liquidity. But the GAAP it mandatory all of the accounts be in order based off liquidities.
IFRS2-2 GAAP and IFRS do have the same views of financial data. The GAAP and IFRS always agree the reporting of financial data should always be faithfully represented. Any information that is reliable and relevant will be very helpful to investors and creditors. Also financial information that is represented faithfully should really abide by the standards of the industry.
For IFRS 2-3 what terms commonly used under IFRS are synonymous with common stock and balance sheet? The balance sheet is known for its financial position and its common stock which is always labeled as a shared capital ordinary on the IFRS financial records.
IFRS 3-1 describe some of the issues the SEC must consider in deciding whether the United States should adopt
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