Get Financial Reporting Using Xbrl Ifrs And Us Gaap Edition 2006 03 01 Form

GAAP stands for Generally Accepted Accounting Principles, which are the generally accepted standards for financial reporting in the United States. IFRS stands for International Financial Reporting Standards, which are a set of internationally accepted accounting standards used by most of the world's countries.

Overview. International Financial Reporting Standards (IFRS) are a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements. They were developed and are maintained by the International Accounting Standards Board (IASB).

XBRL is used to deliver human-readable financial statements in a machine-readable, structured data format. Preparers using GAAP for publicly traded companies are required not only to create financial statements, but also to assign an XBRL tag to every number, table, accounting policy, statement, and note.

Generally speaking, IFRS is more widely used globally and is better for companies that operate in multiple countries, while GAAP is more focused on the US and is better for companies that only operate in the US.

The way a balance sheet is formatted is different in the US than in other countries. Under GAAP, current assets are listed first, while a sheet prepared under IFRS begins with non-current assets. The two standards also dictate different approaches to ordering categories on the balance sheet.

Documents Required for AOC-4 XBRL Profit and loss statement. Balance sheet. Cash flow statement. Schedules related to profit and loss statement and balance sheet. Statement of subsidiaries under Section 129 of the Companies Act, 1956. Boards' report, audit report and annual report. Consolidated financial statements.

IFRS represents a national accounting standard for many different international countries with the desire of creating a single reporting standard for financial information. XBRL is a fast-evolving digital exchange method where companies transfer data in order to build a large area of business intelligence.

Key Takeaways The IFRS system replaced the International Accounting Standards (IAS) in 2001. IFRS fosters greater corporate transparency. IFRS is not used by all countries; for example, the U.S. uses generally accepted accounting principles (GAAP).