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U.S. GAAP consists the accounting standards whose history dates back to the 1930s. The standards were put in place by the American Institute of Accountants following the stock market crash in 1929. Between 1938 and 1939, U.S. GAAP was established under the pressure of the chief accountant of the Securities and Exchange Commission (SEC). The chief accountant required AIA to provide substantial standards to be observed when performing accounting practices. A special committee was formed thereby recommending several accounting and reporting standards as well as introducing the concept of “financial statements.” This paper summarizes the difference between IFRS and US GAAP as well as gives you an understanding of what these two sets of standards are.
Differences: