What are the key differences between IFRS and US GAAP?
An example of an AI chatbot conversation about IFRS and US GAAP differences.
What are the key differences between IFRS and US GAAP?
The main differences include revenue recognition, measurement of assets, and lease accounting. IFRS is more principles-based, while US GAAP is more rules-based.
Can you explain how revenue recognition differs between the two?
Sure! Under IFRS, revenue is recognized when control of the goods or services is transferred, while US GAAP has specific criteria that must be met for revenue recognition.
What about lease accounting?
In IFRS, all leases are recorded on the balance sheet, while US GAAP differentiates between operating and finance leases, affecting how they are reported.
Which framework is more widely used globally?
IFRS is used in over 140 countries, making it more globally accepted, while US GAAP is primarily used in the United States.
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