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Accounting-7734714 - from the English law the American...

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The main differences and advantages and disadvantages of the US GAAP bright line approach versus the IFRS conceptual approach in determining the classification of a lease are based on the fact that in case of IFRS and the US GAAP there is a difference based on deferred taxes. The differences in reported amounts for deferred taxes among the most frequent between the IFRS and the U.S., despite the fact that the two follow similar approaches for accounting for taxation is because they have certain differences. Accounting Standards have evolved over a period of time and come to its present stage. With the adoption of common law and borrowing its framework
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Unformatted text preview: from the English law, the American accounting standards have been considered as one of the best among the various existing sets of accounting standards. The adoption of the International Financial Reporting Standards (IFRS) is a good idea because it would be compatible with all accounting practices and acceptable to investors as well as traders and corporations. But this system has been structured from the English perspectives and is not similar to the Canadian GAAP or the American GAAP. The difference comes in the form of separate treatment of items like depreciation and appropriation of profits....
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