US-GAAP v. IFRS: US Generally Accepted Accounting Principles contrasted with International Financial Reporting Standards

US-GAAP

  • Rule based system
  • Extraordinary income items presented separately
  • LIFO inventory permissible
  • Development costs expensed

IFRS

  • Principles based system
  • Extraordinary income not separated
  • No LIFO inventory
  • Development cost capitalization possible

N_33F_US-GAAP_v._IFRS

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