What are the fundamental differences between US GAAP and IFRS accounting?
As with US GAAP, the purpose of IFRS accounting is to provide decision-relevant information for investors. Whereas US GAAP follows a largely casuistic approach, IFRS is more principle-oriented. The latter can, in principle, result in greater scope for interpretation. However, it is not possible to speak about the fundamental differences between US GAAP and IFRS. Moreover, the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are anxious to achieve convergence between the two sets of rules in areas where there are still differences.
