US-GAAP v. IFRS: US Generally Accepted Accounting Principles contrasted with International Financial Reporting Standards
- Rule based system
- Extraordinary income items presented separately
- LIFO inventory permissible
- Development costs expensed
- Principles based system
- Extraordinary income not separated
- No LIFO inventory
- Development cost capitalization possible
Accounting Flashcards includes a translate button for English, Chinese, and Spanish.
Learn financial accounting using beautifully illustrated flashcards, coordinated lessons, and rich audio. Whether you are an aspiring CPA or IFRS expert, use this accountancy app to reach your goals. Even an aspiring chartered accountant or those reaching for the CPA Australia can benefit. Topics of accounting standards, equation, terms, ratios, and more are covered.
« Back to Glossary Index