There are two dominant systems of accounting used by corporations around the world. In the U.S., companies use the generally accepted accounting principles, or GAAP, while international companies use ...

GAAP reports in detailed, precise formats; IFRS allows flexible, principle-based reporting. GAAP does not permit asset value recovery post-impairment; IFRS allows revaluation. IFRS does not mandate ...

Companies use financial statements both for internal and external purposes. Those that supply information to the public must follow accounting principles. Both the Generally Accepted Accounting ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Barter exchange takes place when an ...

Merchants and manufacturers rely on the sale of inventory to create gross profits. Whether you purchase your inventory or make it yourself, you need to observe the relevant accounting standards to ...

J.B. Maverick is an active trader, commodity futures broker, and stock market analyst 17+ years of experience, in addition to 10+ years of experience as a finance writer and book editor. Eric's career ...

The transition to international financial reporting standards (IFRS) from Canadian generally accepted accounting principles (GAAP) has had a noticeable impact on the financial statements of Canadian ...

Have There Been Benefits to the Convergence Process? Gven this background, the purpose of this discussion is twofold: to provide a review of the events surrounding the convergence movement over the ...