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Connect with us facebook. com/tnscpa twitter. com/tscpa http //linkd. in/gmMGuE contents Features Assurance Services by Bob Bunting CPA and Laurie Tish CPA by Linda R. Gareacu DBA CPA and Martha M. Pointer Ph. D. CPA Condorsement Assimilating IFRS into U.S. GAAP by Eva K. Jermakowicz CPA Ph. D. Robert D.

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The primary difference between the two systems is that GAAP is rules-based and IFRS is principles-based. This disconnect manifests itself in specific details and interpretations. Basically, IFRS guidelines provide much less overall detail than GAAP.

GAAP, also referred to as US GAAP, is an acronym for Generally Accepted Accounting Principles. This set of guidelines is set by the Financial Accounting Standards Board (FASB) and adhered to by most US companies. IFRS stands for International Financial Reporting Standards.

The primary difference between the two systems is that GAAP is rules-based and IFRS is principles-based. This disconnect manifests itself in specific details and interpretations. Basically, IFRS guidelines provide much less overall detail than GAAP.

The correct option is (C). International Financial Reporting Standard (IFRS) is based on principles. GAAP is a rule-based standard of accounting.

IFRS uses a single control model to determine consolidation. US GAAP has a two-tier consolidation model—the VIE model and the voting interest model. If applying the VIE model, ASC 810 provides specific guidance to address the accounting for the acquisition of a VIE that is not a business.

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.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232