As a follow up to my recent post on U.S. GAAP vs. International accounting standards, I discovered a helpful article by the folks at Fulcrum Inquiry. They've done a great job of highlighting the key differences between the two standards:
The following chart summarizes some of the more important remaining differences between the two standards. The list of major differences between IFRS and U.S. GAAP would have been much longer two years ago, thus reflecting rapid change (at least rapid for the typically snail-paced accounting regulators). However, the following is not a thorough examination of this topic, as many additional differences remain.
Read the whole article:
SEC Allows Foreign Reporting Standards in the U.S.
Fulcrum Inquiry
November 2007
