Difference Between US GAAP vs IFRS

US GAAP vs IFRS are the two most dominant systems of accounting. The International Financial Reporting Standards (IFRS) are used by international companies while companies use GAAP in the U.S.

Summarised are the key difference on these US GAAP vs IFRS

International Accounting Standard Board vs Financial Accounting Standard Board
USA vs The rest of world
Rule based vs Principal based with flexibility
General interpretation for the entity vs Specific procedure for the entity
LIFO as preferred method for inventory valuation vs LIFO is not preferred for inventory valuation
Cost model on PPE vs Cost & Revaluation model can be used on PPE
Fair value on intangible assets vs Future economic benefits on the intangible assets
R&D is expensed off vs Some development cost can be capitalized and amortised
Extraordinary & unusual items are show below net profit vs Not allowed

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Difference Between GAAP vs IFRS - THK Management Advisory Sdn Bhd