International Financial Reporting Standards: Pros and Cons.
IFRS and GAAP Comparison The two most widely known accounting standards used are the International Financial Reporting Standard or (I.F.R.S.) and the U.S. Generally Accepted Accounting Principles or (G.A.A.P.) The IFRS is used in more than 110 countries worldwide where the GAAP is generally used only in the United States.
This implies that IFRS summarizes financial reporting more than thrice of the GAAP accounting standards. It is also evident from the annual reports of the two banks that IFRS provides more comprehensive historical information regarding the performance of the bank over the past five years(the case of Rabobank) while GAAP only gives the present and previous year’s figures.
The IFRS is considered to be principle based, while U.S. GAAPis rules based. Discuss what principle-based and rule-based accountingpractices mean with regard to their application. To prove your point, give an explanation of at least 1 example of IFRS and its U.S. GAAP parallel.
Under IFRS, the balance sheet is ot in the same order of liquidity as under GAAP. Also, there is a difference when taking into account the way that each method sees out the true valuation of an asset. Under GAAP, Exxon mobile values their assets for example PPE at historical cost; BP under IFRS does this by means of fair value.
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