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How is IFRS different from GAAP?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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rohit agarwal commented about 4 years ago

Hi Kruthika, kindly redraft your question and state which GAAP u are talking about, whether it is US GAAP, UK GAAP, Indian GAAP or GAAP of any other company so that answer to your query can be attended by the members properly and as per your requirement.

3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Some specific differences -IFRS doesn't allow LIFO (Last in First Out) for inventory accounting -In GAAP, once assets have been written down they can't be written back up again ever (this is contrast with IFRS). -In general IFRS is more flexible; -There are some differences in the cash-flow accounting as well. I believe in IFRS there is a difference/could be at discretion to a manager whether dividends inflows and outflows should be classified as operating cash flow or financing cash flow

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Open uri20170510 32134 1ue0f38?1494421710 answered

Hi Kruthika, Based on your various questions in the forum, I am re-drafting your question as : How is IFRS different from US GAAP? Now to answer to your redrafted question based on my understanding - There are various differences between the two sets of the GAAPs. For example: IFRS does not permit Last In First Out (LIFO) as an inventory costing method. IFRS uses a single-step method for impairment write-downs rather than the two-step method used in U.S. GAAP, making write-downs more likely. IFRS has a different probability threshold and measurement objective for contingencies. IFRS does not permit curing debt covenant violations after year-end. IFRS guidance regarding revenue recognition is far less extensive than GAAP and contains relatively little industry-specific instruction or criteria. IFRS permits the recognition of "Brand Equity" with vague guidance and criteria for implementation. US GAAP remains consistent in denying the recognition of Brand Equity due to unreliable cost benefit. **Perhaps the greatest difference between IFRS and U.S. GAAP is that IFRS provides much less overall detail for practitioners, auditors, regulators, etc.**

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Picsjoin 2017224123730582 answered

Hie Kruthika, IFRS is different from GAAP in following ways :- The International Financial Reporting Standards (IFRS) - the accounting standard used in more than 110 countries - has some key differences from the U.S. Generally Accepted Accounting Principles (GAAP). At the conceptually level, IFRS is considered more of a "principles based" accounting standard in contrast to U.S. GAAP which is considered more "rules based." By being more "principles based", IFRS, arguably, represents and captures the economics of a transaction better than U.S. GAAP. Some of differences between the two accounting frameworks are highlighted below: **Intangibles** The treatment of acquired intangible assets helps illustrate why IFRS is considered more "principles based." Acquired intangible assets under U.S. GAAP are recognized at fair value, while under IFRS, it is only recognized if the asset will have a future economic benefit and has measured reliability. Intangible assets are things like R&D and advertising costs. **Inventory Costs** Under IFRS, the last-in, first-out (LIFO) method for accounting for inventory costs is not allowed. Under U.S. GAAP, either LIFO or first-in, first-out (FIFO) inventory estimates can be used. The move to a single method of inventory costing could lead to enhanced comparability between countries, and remove the need for analysts to adjust LIFO inventories in their comparison analysis. **Write Downs** Under IFRS, if inventory is written down, the write down can be reversed in future periods if specific criteria are met. Under U.S. GAAP, once inventory has been written down, any reversal is prohibited.

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