In this video, on IFRS vs US GAAP we are going to look at definition and top differences between IFRS vs US GAAP.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐆𝐀𝐀𝐏?
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GAAPs are the broad structure used to prepare the company's financial statements.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐔𝐒 𝐆𝐀𝐀𝐏?
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The accountants in the United States use US GAAP to make the financial statements of firms licensed in the United States.

𝐈𝐅𝐑𝐒 𝐯𝐬 𝐔𝐒 𝐆𝐀𝐀𝐏 𝐊𝐞𝐲 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬
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#1 - Under IFRS inventory, LIFO (Last in First Out) cannot be assessed. Whereas, US GAAP comprises of a variety of costing methods on which stock can be examined.

#2 - IFRS follows the component strategy to calculate depreciation. Whereas, U.S. GAAP does not sanction component approach to calculate depreciation.

#3 - Recognition of income by IFRS rules is general in nature.Whereas, US GAAP rules for revenue recognition are industry specific, such as manufacturing, real estate, Oil and Gas and etc.

To find out the best differences on 𝐈𝐅𝐑𝐒 𝐯𝐬 𝐔𝐒 𝐆𝐀𝐀𝐏, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:- [ Ссылка ]

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