In the accounting world, there are two financial reporting standards: International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP).
IFRS is the most commonly used system in the world, applied in over 100 countries, while US GAAP has to be filed by all US entities, except a few cases. But what are the other key differences between these two standards?
The accounting experts from Accace present a clear comparison along several areas to provide more clarity and facilitate better understanding.
Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading online providers of outsourcing and consultancy services in this region. We have vast experience with handling small to large scale, multi-country outsourcing projects and providing comprehensive range of services to over 2 000 customers. Accace benchmarks its performance along all three areas of the triple bottom line to pursue dynamic while also sustainable and responsible growth.