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IFRS VS US GAAP

durgasankar_innamuri
Active Contributor
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Hi,

Can some one throw some information related to IFRS Vs US GAAP.

I get some information but it is in general i am not able to understand.

Thanks in advance.

Regards,

Sankar

Accepted Solutions (1)

Accepted Solutions (1)

Former Member
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HI SANKAR,

IFRS is too broad a term to draw a comparison. What particularly are you looking to compare?

If it were leasing for example - I have found great information searching "ias 17 versus gaap"

IAS 17 is the particular subsection of IFRS pertaining to leasing.

Hope this helps. Let me know more and I might be able to help.

Kind regards,

Dr. Phil

durgasankar_innamuri
Active Contributor
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Hi Phil,

Thanks for your response.

I am looking for the changes need to incorporate in SAP for successful implementation of IFRS.

In the same way i want to know the difference between GAAP and IFRS respective accounting standards wise.

Regards,

Sankar

Former Member
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one could argue that IFRS is US GAAP

Former Member
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Hi Durga,

For identifying differences between IFRS and USGAAP there are lot of websites of the Big4 audit firms available on the Net.

Regarding the SAP impact ,New GL Functionality is available in ECC6 where parallel ledgers can be configured for Local and IFRS Reporting.Also scenarios for Inventory valuation ,foreign exchange gain/loss,Consolidation , Revenue recognition and asset Accounting can be envisaged for IFRS impact at a broader level.

Thanks

Srinivas P

Answers (2)

Answers (2)

Former Member
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HI Durgashankar

Your Question is an open ended one......

pl follow this link: http://wiki.ifrs.com/

Home > Overview > Small and Medium-Sized Entities > IFRS for SMEs - U.S. GAAP Wiki > Wiki Home

to have more understanding about the comparison between IFRS and US GAAP, as on today.

If necessary Register in this site, which is free and get more insight about all standards.

I hope this will help you some extent... Please let me know if you need any more on IFRS & USGAAP.

Thanks & Regards

ukraghu

Former Member
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#IFRScom seems to be quite active in releasing the latest updates.

@greg_not_so

Former Member
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Hi Durga

to be more precise, US GAAP is a must for SEC Listed companies in the USA and it is case law based. It consists of structure reporting as given below.

a. Balance Sheet

b. Income Statement

c. Cash flow statement

d. Statement of retained earnings

e. Notes

IFRS is mainly for Trading companies.

Please go through www.fasb.org

and also American Accounting Codification for more information.

Cheers

Kris


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http://www.ifrs.com/

Any WILEY book on US GAAP or IFRS has an appendix with a comparison US GAAP;IFRS