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When comparing IFRS and U.S. GAAP, what are some overall key differences to be aware of?

April 26, 2017comparing differences GAAP ifrs key overall

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When comparing IFRS and U.S. GAAP, what are some overall key differences to be aware of?

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IFRS is principles based and provides less overall detail than the rules-based U.S. GAAP. This will require greater use of professional judgment in application by practitioners. IFRS provides guidance for the preparation of general purpose financial statements and does not include industry-specific instructions. U.S. GAAP contains about 17,000 pages of thorough rules and guidance while IFRS fits into one book, about two inches thick.