What Is IFRS? - International Financial Reporting Standards

IFRS, or International Financial Reporting Standards, is quickly becoming the global standard for business financial reporting. It is up for constant debate in the United States as to whether businesses should adopt IFRS or stick with the US standard of GAAP. IFRS has fewer rules than GAAP and is less structured, though it is at least as effective if not more so. The major benefit is that it is global, meaning that it allows for a connection between international businesses that the GAAP does not. For many people change is a scary thing...

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several differences between the two and a few differences at framework level

What is GAAP (Generally Accepted Accounting Priciples)? Best answer known to this is that it is the accounting standard used by the US. Infact the only reason GAAP still exists today is because of the US. Most countries in the world have already moved on. And with the US its only a matter of time. And when you talk about GAAP it is inevitable to talk about IFRS (International Financial Reporting Standards). IFRS is something that is used by over...

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