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GAAP VS IFRS: What is The Difference Between General accepted Accounting Principle and IFRS.
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Title: GAAP vs. IFRS:
Dive into the world of accounting with this quick and clear breakdown of GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). 🌍 Learn how these two major frameworks shape financial reporting worldwide, their key differences, and why businesses choose one over the other. Whether you're a student, professional, or just curious about accounting standards, this video is your perfect guide to understanding GAAP and IFRS in simple terms. Don't forget to like, share, and subscribe for more financial insights!
Key Differences Between GAAP and IFRS
Geographical Use:
GAAP is primarily used in the United States.
IFRS is used in over 140 countries, including the European Union, Canada, and Australia.
Standards Framework:
GAAP is rules-based, meaning it relies on detailed guidelines and specific rules for various scenarios.
IFRS is principles-based, focusing on general principles and interpretation, allowing more flexibility.
Inventory Valuation:
GAAP allows the use of LIFO (Last In, First Out) and FIFO (First In, First Out) methods.
IFRS prohibits LIFO and permits only FIFO or weighted-average methods.
Revenue Recognition:
GAAP has detailed industry-specific rules for revenue recognition.
IFRS provides a single, principle-based approach, outlined in its standard, IFRS .
Asset Valuation:
GAAP values assets at historical cost with limited revaluation options.
IFRS allows for revaluation of certain assets to fair market value.
Development Costs:
GAAP usually expenses research and development costs as incurred.
IFRS allows capitalization of development costs if certain criteria are met.
Presentation of Financial Statements:
GAAP has more rigid formats for financial statements.
IFRS is less prescriptive, allowing flexibility in presentation.
GAAP በዋናነት በዩናይትድ ስቴትስ ውስጥ ጥቅም ላይ ይውላል.
IFRS የአውሮፓ ህብረትን፣ ካናዳ እና አውስትራሊያን ጨምሮ ከ140 በላይ አገሮች ውስጥ ጥቅም ላይ ይውላል።
GAAP በህጎች ላይ የተመሰረተ ነው፣ ይህም ማለት በተለያዩ ሁኔታዎች ላይ በዝርዝር መመሪያዎች እና ልዩ ህጎች ላይ የተመሰረተ ነው።
IFRS በመርሆች ላይ የተመሰረተ ነው, በአጠቃላይ መርሆዎች እና አተረጓጎም ላይ ያተኩራል, የበለጠ ተለዋዋጭነትን ይፈቅዳል.
Dive into the world of accounting with this quick and clear breakdown of GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). 🌍 Learn how these two major frameworks shape financial reporting worldwide, their key differences, and why businesses choose one over the other. Whether you're a student, professional, or just curious about accounting standards, this video is your perfect guide to understanding GAAP and IFRS in simple terms. Don't forget to like, share, and subscribe for more financial insights!
Key Differences Between GAAP and IFRS
Geographical Use:
GAAP is primarily used in the United States.
IFRS is used in over 140 countries, including the European Union, Canada, and Australia.
Standards Framework:
GAAP is rules-based, meaning it relies on detailed guidelines and specific rules for various scenarios.
IFRS is principles-based, focusing on general principles and interpretation, allowing more flexibility.
Inventory Valuation:
GAAP allows the use of LIFO (Last In, First Out) and FIFO (First In, First Out) methods.
IFRS prohibits LIFO and permits only FIFO or weighted-average methods.
Revenue Recognition:
GAAP has detailed industry-specific rules for revenue recognition.
IFRS provides a single, principle-based approach, outlined in its standard, IFRS .
Asset Valuation:
GAAP values assets at historical cost with limited revaluation options.
IFRS allows for revaluation of certain assets to fair market value.
Development Costs:
GAAP usually expenses research and development costs as incurred.
IFRS allows capitalization of development costs if certain criteria are met.
Presentation of Financial Statements:
GAAP has more rigid formats for financial statements.
IFRS is less prescriptive, allowing flexibility in presentation.
GAAP በዋናነት በዩናይትድ ስቴትስ ውስጥ ጥቅም ላይ ይውላል.
IFRS የአውሮፓ ህብረትን፣ ካናዳ እና አውስትራሊያን ጨምሮ ከ140 በላይ አገሮች ውስጥ ጥቅም ላይ ይውላል።
GAAP በህጎች ላይ የተመሰረተ ነው፣ ይህም ማለት በተለያዩ ሁኔታዎች ላይ በዝርዝር መመሪያዎች እና ልዩ ህጎች ላይ የተመሰረተ ነው።
IFRS በመርሆች ላይ የተመሰረተ ነው, በአጠቃላይ መርሆዎች እና አተረጓጎም ላይ ያተኩራል, የበለጠ ተለዋዋጭነትን ይፈቅዳል.
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