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What are GAAP & IFRS?

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تم إضافة السؤال من قبل Mohammad Zaid abu odeh , Senior Accountant , Mega Food Industries And Products Exports L.L.C
تاريخ النشر: 2015/07/23
Muhammad Hamid
من قبل Muhammad Hamid , Senior Financial Accountant , Al Rowad Trading Co LLC

GAAP ( Generally Accepted Accounting Principles) is the accounting standard used in the US, while IFRS (International Financial Reporting Standards) is the accounting standard used in over110 countries around the world. GAAP is considered a more “rules based” system of accounting, while IFRS is more “principles based.

omer khan
من قبل omer khan , Finance&Operations Manager , S.A Ghafoor& Sons

GAAP is knows: Generally Accepted Accounting Principles..

IFRS is knows as :International Accounting Standards Board...

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من قبل مستخدم محذوف‎

GAAP - Generally Accepted Accounting Principle: is a framework of accounting standards, rules and procedures defined by the professional accounting industry, which has been adopted by nearly all publicly traded U.S. companies.

IFRS - International Financial Reporting Standard: is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB) stating how particular types of transactions and other events should be reported in financial statements.

Nuredin Abdelwasie
من قبل Nuredin Abdelwasie , Senior Accountant , Ghaya Group

GAAP stands for Generally Accepted Accounting Principles ( Mostly in US)

IFRS stands for International Financial Reporting Standards issued by IASB - London used by European union members and other countries

Mohammad Iqbal Abubaker
من قبل Mohammad Iqbal Abubaker , Jahaca Pty Ltd - Accounts Administrator , Jahaca Pty Ltd - Accounts Administrator

I agree with the answer given by Nuredin Abdelwasie   Accountant General.

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