TQMC has acquired wide Domain Knowledge and Experience. You can FREELY access it here and here

DISCLAIMER: This matter here is a guide only. For authentic and up-to-date information, please contact TQMC.

The DIRECTIVES and STANDARDS listed here may have been subsequently REVISED . You must refer to the CURRENT REVISION and AMENDMENTS if any.

Saturday, September 12, 2009


IFRS versus GAAP
International Financial Reporting Standards (IFRS)
Generally Accepted Accounting Standards (U.S. GAAP)

On August 28, 2008, the U.S. Securities and Exchange Commission (SEC) proposed that IFRS replace U.S. GAAP for U.S. public companies starting in 2010, with a complete phase-in by 2014.

The movement toward convergence between U.S. Generally Accepted Accounting Principles (“GAAP”) and International Financial Reporting Standards (“IFRS”) has been widely noted over the last past several years. IFRS are the less-detailed financial reporting rules that have been developed by the London-based International Accounting Standards Board (IASB), and which recently have become widely mandated, adopted or emulated in by about 100 countries. Most notably, IFRS have been formally mandated for publicly held companies chartered by European Union (EU) member nations.

Implications for accountants, attorneys, chief financial officers, corporate directors and multinational corporations are significant and immediate, including:

  • Training on the differences between IFRS and GAAP
  • Financial scrutiny of international joint ventures
  • Merger & acquisition (M&A) international accounting reviews
  • Sarbanes-Oxley compliance on corporate governance matters
  • Analysis of international credit policies for multinationals
  • Litigation risk due to inappropriate use of IFRS

International accounting expert Dr. Barry Jay Epstein, CPA recognized this trend over ten years ago, when he published the first annual edition of Wiley IFRS.

This IFRS resource center highlights comparisons and differences between U.S. GAAP and IFRS. The material contained herein is excerpted from Wiley IFRS 2008: Interpretation and Application of International Financial Reporting Standards. Learn more about IFRS versus GAAP.

Learn more about international accountant and IFRS expert Dr. Barry J. Epstein,CPA You can reach him at or 312-464-3520. He is available for speaking, publishing, and consulting engagements.


  1. IFRS International Financial Reporting Standards

    - 4:47am
    IFRS International Financial Reporting Standards versus GAAP by Dr. Barry Epstein CPA. - Cached - Similar -
  2. International Financial Reporting Standards - Wikipedia, the free ...

    Many of the standards forming part of IFRS are known by the older name of InternationalAccounting Standards (IAS). IAS were issued between 1973 and 2001 by ... - Cached - Similar -
  3. IFRS: Accounting Standards: International Financial Reporting ...

    What is the International Accounting Standards Board (IASB) and why are the International Financial Reporting Standards (IFRS) issued by it so important? -Cached - Similar -
  4. The IFRS Manual of Accounting - PwC UK

    The IFRS Manual of accounting – 2009 is the global guide to IFRS. It provides expert practical guidance on all the IFRSs issued by the International ... - Similar -
  5. Welcome to the International Accounting Standards Board (IASB)

    The Accounting Standards Board of Japan (ASBJ) and the International AccountingStandards Board (IASB) have held ... IASC Foundation - IFRS Conferences: ... - Cached - Similar -
  6. International Financial Reporting Standards (IFRS), International ...

    IFRS, IAS, IASB, GAAP, International Financial Reporting Standards US GAAP, FASB, AICPA, International Accounting Standards, Generally Accepted Accounting ... - Cached - Similar -
  7. IFRS Critic to Leave Accounting Firm Regulator - Accounting -

    2 Sep 2009 ... Charles Niemeier, an outspoken IFRS critic recently rumored to be a candidate for SEC chief accountant, announces his intention to leave the ... - Cached - Similar -
  8. IAS Plus Home Page: News about International Financial Reporting

    The newsletter notes that the IFRS for SMEs is not legally effective in Germany and also that German Act to Modernise the Accounting Law (BilMoG) has just ... - Cached - Similar -
  9. GAAP vs. IFRS: New accounting rules could mean trouble ...

    26 Jun 2008 ... The CPA exam will not require familiarity with IFRS. Present accountingfaculty will not change their course syllabi or textbooks to include ... -Cached - Similar -
  10. AICPA | - International Financial Reporting Standards ...

    International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB), ... - Cached - Similar -
  11. News results for ifrs accounting

    RAS, IFRS and US GAAP in corporate Russia‎ - 2 days ago
    At this time of year with numerous larger Russian companies publishing corporate results in both Russian Accounting Standards and either IFRS, ...
    RT - 12 related articles »

    No comments:

    Post a Comment