International Financial Reporting Standards (IFRS)

International Financial Reporting Standards is a framework prepared to develop new rules for accounting and auditing. It was created to maintain a uniform global accounting and auditing policy for smooth functioning of the global financial markets. The US GAAP, (General accounting and auditing principles) is also a framework which is followed by many countries. This was created before IFRS. Though the purpose of creating these two frameworks is same but there are many differences in the policies and rules in both of the framework. Since IFRS consist of more precise and suitable policies to suit the modern accounting and auditing standards, so US is also moving towards following the framework of IFRS. The US GAAP is actually conceptual based, whereas IFRS is based on principles. The methodology of these two frameworks and the accounting treatments ate also different. In US GAAP, the research is mainly based on the literature but in case of IFRS, the rules are mainly based on reviews and patterns of facts.

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