What parts of the international standards do U.S. accountants find objectionable?© BrainMass Inc. brainmass.com June 4, 2020, 4:15 am ad1c9bdddf
One of the biggest problems (differences) with IFRS is that GAAP requires extensive reporting in several areas. This is in an attempt to reduce the instances of fraud and force companies to be transparent on their financial statements. IFRS is very principle based, whereas GAAP is very rule based. We have ...
This solution explains the main objections that U.S. accountants (CPA's) have to adopting the IFRS system. Comparisons between IFRS and GAAP are discussed.