Understanding GAAP vs. IFRS: Key Differences and Financial Concepts
Presentación para trabajar
I Keydy Viera, I dare say that I am suitable for the position because I like team work, I am always dedicated to what I propose. I worked in SII as an External Auditor and studied an audit at the Duoc Uc. I find myself wanting to work immediately.
FASB (USE GAAP RULES STANDARDS, USA) AND IASB (IFRS RULES, INTERNATIONAL, around the world)
GAAP stands for Generally Accepted Accounting Principles, recording and reporting financial information.
IFRS stands for International Financial Reporting Standards. FASB stands for Financial Accounting Standards Board.
IASB stands for International Accounting Standards Board.
Differences
Unlike and In contrast to: A diferencia, Whereas: Mientras que, As Opposed to: En lugar de.
- In contrast to IFRS, GAAP is exclusively used within the United States.
- Whereas IFRS is based on principles, GAAP is rule-based.
- Unlike GAAP, IFRS the LIFO method for inventory is not allowed.
- As opposed to GAAP, IFRS the amount of the write-down can be reserved.
- Whereas GAAP is split between current liabilities and non-current liabilities, IFRS there is no differentiation made between the classification of liabilities.
Income / Ingresos
Sale of services, selling and distribution, sales of goods, other revenue.
Expenses / Egresos
Insurances, interests, cost of goods sold, research and development, salaries.
Assets
Non-current: Land and buildings, furniture, investments, equipment, insurance receivables. Current Assets: Inventory, debtors, bank and cash, accounts receivable, income taxes.
Liabilities
Short-term borrowings, retained earnings, dividends payable, deferred taxes, accounts payable, interest payable, bonds payable, salaries, prepaid insurance.
Revenues
Other incomes, costs of goods sold, costs of services sold, royalty income, interest earned, consulting services.
Cost and Expenses / Costos y Gastos
Interest and financial charges, provision for losses, insurance, maintenance, salaries and wages, travel, other expenses, interest paid, bank charges, franchise fee, provision for loan losses.
Aumentos y Caídas
Deferred Income Tax have plunged from 103 to 34 in one year. Deferred income tax assets have plunged from 103 to 34 compared to the previous year. If you compare the two periods, you will see that Current assets have decreased. The company’s debt increased from 3000 to 15000 in one year. The company’s debt had an increase of 10,000 in one year. The company’s assets had a rise of 10,000 in one year. If you compare the two periods, you will see that Current assets have decreased slowly.
Números
38 Thirty-eight. 149 One hundred and forty-nine. 3,234 Three thousand two hundred and thirty-four. 23,986 Twenty-three thousand nine hundred and eighty-six. 754,349 Seven hundred fifty-four thousand three hundred and forty-nine. 4,456,871 Four million four hundred fifty-six thousand eight hundred and seventy-one. 0.4 Zero point four. 3.5 Three point five. 2.9876 Two point nine eight seven six. 3/4 Three fourths or three quarters. 1/2 a half. 1938 Nineteen thirty-eight.