Posted: March 30th, 2016

How do GAAP and IFRS differ?

The U.S. is scheduled to begin moving from Generally Accepted Accounting Principles (GAAP) to IFRS by 2014. At least three questions are worth discussing:

1. How do GAAP and IFRS differ?

2. What might the consequences be for financial managers, apart from financial reporting / controllers?

3. The IFRS move was the creation of the SEC under Christopher Cox (a Bush appointee). Mary Schapiro, the current head, may defer the implementation. Should she?