GAAP reports in detailed, precise formats; IFRS allows flexible, principle-based reporting. GAAP does not permit asset value recovery post-impairment; IFRS allows revaluation. IFRS does not mandate ...

Accounting and finance organizations for many multinational businesses are currently working to create plans for two separate lease accounting standards: the Financial Accounting Standards Board’s ASC ...

THERE IS A CLEAR TREND toward adopting IFRS as the single body of internationally accepted financial reporting standards. In the next few years, thousands of companies will move to IFRS as a primary ...

In part three of this exclusive JofA interview, FASB Chairman Leslie Seidman shares her thoughts on how FASB might function in an IFRS world. JofA: Last fall at the AICPA National Conference on ...

Two accounting boards are working toward a common set of procedures for recognizing revenue. The international financial reporting standards, or IFRS, are the International Accounting Standards ...

Merchants and manufacturers rely on the sale of inventory to create gross profits. Whether you purchase your inventory or make it yourself, you need to observe the relevant accounting standards to ...

The most powerful nations in the world share a commitment to finding a common financial language and reporting standards that will encourage cross-border investment and drive healthy competition ...

When a public company issues a financial statement, everything needs to be clear and well-understood by everyone reading it. To ensure this, it’s paramount to have a baseline for reporting. That’s ...

April 30, 2007 was an important day for U.S. investors. On that day, President George W. Bush, German Chancellor Angela Merkel, and European Commission President José Manuel Barroso agreed to “promote ...

NEW YORK--(BUSINESS WIRE)--XBRL US announced today that the Financial Accounting Standards Board (FASB) has incorporated freely available validation rules into the 2020 release of the US GAAP ...