GAAP vs IFRSOnline version Test your knowledge on the key differences between GAAP and IFRS accounting standards. by Tuấn Kiệt Nguyễn 1 GAAP 2 IFRS Primarily used in the United States Issued by the FASB in the U.S Rules-based Multiple criteria for recognizing revenue Allows the use of Last In, First Out (LIFO) method Has more detailed requirements for the presentation Leases were classified as either operating or capital leases Generally requires that development costs be expensed as incurred Used internationally Issued by the IABS Principles-based Employs a single revenue recognition model that emphasizes the transfer of control Only permits First In, First Out (FIFO) and weighted-average cost methods Allows for more flexibility in presentation Leases are accounted for on the balance sheet, recognizing a right-of-use asset and lease liability Allows certain development costs to be capitalized
New game