Discover the key differences in inventory accounting between GAAP and IFRS, including valuation methods, write-down reversals, and costing formulas.

In the area of fixed assets and the resultant depreciation there are some major differences between the GAAP rules codified in ASC Topic 360 and the IFRS rules in IAS 16. Processing Content In GAAP ...

GAAP reports in detailed, precise formats; IFRS allows flexible, principle-based reporting. GAAP does not permit asset value recovery post-impairment; IFRS allows revaluation. IFRS does not mandate ...

Two accounting boards are working toward a common set of procedures for recognizing revenue. The international financial reporting standards, or IFRS, are the International Accounting Standards ...

Merchants and manufacturers rely on the sale of inventory to create gross profits. Whether you purchase your inventory or make it yourself, you need to observe the relevant accounting standards to ...

While U.S. and international accounting standards seem set on an inevitable convergence path, some are worried that the U.S. approach may end up becoming a bad influence on International Financial ...

While the SEC moves toward a 2011 vote on whether to require U.S. public companies to report using IFRS, a more compact version of the international standards is ...

Editor’s Note: Lee Hodge is a member of the Business Practice Group at Ward and Smith, P.A. What is Changing? The U.S. Securities and Exchange Commission ("SEC") has announced a proposed timetable for ...

While the global economic crisis has taken centre stage for many private business owners, another issue is sneaking up in the wings. New international financial reporting standards, or IFRS, will take ...

International trade and cross-border investing is becoming more complex with new emerging market economies and global investment opportunities. The Securities and Exchange Commission, Federal ...

Globalization may be coming in baby steps. In the effort to move to a single, universal financial reporting standard, the Securities and Exchange Commission voted unanimously last month to open for ...