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 ...

While the SEC moves toward a 2011 vote on whether to require U.S. public companies to report using IFRS, a more compact version of the international standards is ...

Iberdrola USA filed an S-4 with the SEC related to its acquisition of UIL. Previously, IUSA financials were based on IFRS, but the S-4 used US GAAP. This creates a unique opportunity to examine how ...

The ambitious road map to give the world a single accountancy standard - by converging U.S. generally accepted accounting principles with International Financial Reporting Standards by 2008 - may be ...

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 ...

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 ...

Transitioning to International Financial Reporting Standards (IFRS) was costly for Canadian businesses, but research showed nearly half found the cost of preparing and auditing financial statements ...

The International Financial Reporting Standards developed by the International Accounting Standards Board present guidelines for reporting the financial activities of a business. Similar to generally ...

Learn what an onerous contract is, regulations for reporting them, and examples. Explore how IFRS and GAAP differ in handling these unfavorable contracts.

If you run a small business, you may not know much about the Generally Accepted Accounting Principles (GAAP). After all, GAAP standards apply mainly to publicly traded companies, so these rules don’t ...