Compare IFRS to GAAP - Running head COMPARE IFRS TO GAAP 1...

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Running head: COMPARE IFRS TO GAAP 1 Compare IFRS to GAAP Joy Martin Acc/290 September 14, 2015 Kim Henderson
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COMPARE IFRS TO GAAP 2 Compare IFRS to GAAP IFRS does not require an order of classifying accounts on a statement or a financial position. Under this rule a company will report assets in a reverse order of liquidation. GAAP requires specifically that all accounts be listed in an order based on their liquidity. Since cash is usually reported first and non-current assets will be reported last. No, IFRS and the US GAAP maintain comparisons on the economic data that is presented and maintained. The US GAAP and IRFS are in understanding that the financial reporting data should be maintained accurately and readily available. Relative information also is viewed as needing readily available. Any and all information should be represented and up to industry standards. Balance Sheet is Synonymous with the “Statement of Financial Position”. Common Stock is synonymous with “Share Capital Ordinary” when viewing an IFRS financial statement.
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