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IFRS vs GAAP

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS vs GAAP

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  • October 11, 2020 at 2:57 pm #588632
    zkaay
    Participant
    • Topics: 212
    • Replies: 98
    • ☆☆☆

    Hello Sir,

    can u plz in-lighten me ,, are there any differences between IFRS and GAAP in rules applied to financial statements?

    i mean can they treat the same item in fin statements in diff ways, valuation method?

    thanks alot

    October 11, 2020 at 5:28 pm #588649
    Stephen Widberg
    Keymaster
    • Topics: 15
    • Replies: 3337
    • ☆☆☆☆☆

    There is no such thing as GAAP – you could have UK GAAP or Singapore GAAP or US GAAP.

    So, yes , there will be differences between a particular GAAP and IFRS.

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