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Financial Accounting
Contrast U.S. GAAP financial statement terms with their different IFRS terms.
Compare the financial statement terms used in GAAP that contrast with IFRS.
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
Comparison of financial statement terms used in GAAP that contrast with IFRS:
| GAAP Financial Statement Term | IFRS Financial Statement Term |
| Statement of comprehensive income | Statement of comprehensive income |
| Balance sheet | Statement of financial position |
| Interest expense | Finance costs |
| Net income | Profit for the year |
| Trading investments | Financial assets at fair value through profit or loss |
| Excess of issue price over par | Share premium |
| Notes payable | Loans |
| Wages payable, or salaries payable, or payroll taxes payable | Employee provisions |
Table (1)
Thus, the financial statement terms used in GAAP are compared with those used in IFRS.
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