أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
While IFRS is internationally accepted and GAAP in the U.S., there are some core differences.
1) Intangible Assets (Patents, R&d etc.) Under GAAP, they are recognized at fair value (i.e. market price). IFRS only recognizes this assets if it has future economic benefits which are reliable and quantifiable.
2)Inventory - IFRS does not allow LIFO method for inventory management unlike GAAP.
3)Writing down inventory/stock - In IFRS if an asset is written down, this can be reversed later under certain criterion unlike GAAP where the write down is final and changes are prohibited.
There can be more but these3 are the major ones I recall.
GAAP used only in USA but IFRS used International
