IFRS vs GAAP

This topic has 1 reply, 2 voices, and was last updated 5 years ago by Stephen Widberg.

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October 11, 2020 at 2:57 pm #588632
zkaay
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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
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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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