Accounting professionals are accustomed to complying with accounting standards. Generally accepted accounting standards set the guidelines for reporting financial transactions in the United States.

IFRS 18 does not change the accounting rules for recognising revenue, valuing assets or measuring expenses. Instead, it changes the layout and discipline of financial reporting.

Switching to International Financial Reporting Standards could prove to be a costly move for many companies IT departments, according to a new report by Ernst & Young. Processing Content The report, ...

The International Accounting Standards Board introduced update proposals for the IFRS for SMEs accounting standard Thursday, to reflect recent improvements in International Financial Reporting ...

The International Accounting Standards Board (IASB) has launched a formal post-implementation review of IFRS 16 Leases, inviting stakeholders to share their experiences and insights on whether the ...

Executives may think they have a lot on their plate, but they soon will have to make room for one thing more -- a whole new accounting system. Indeed, the International Financial Reporting Standards ...

Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance ...

Companies that solely operate in the United States generally prepare financial statements that are in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, most of the rest of ...

Discover key differences between U.S. GAAP and IFRS standards, including inventory costing, asset revaluation, and financial reporting requirements.