The Difference between GAAP and IFRS

very helpful. Thanks

Good one. Keep it up. Thank you for the explanation .. short and to the point.

this is a great insight to other side of the story for the rest of world, I am learning IFRS.

Thank you It gives me a good information

Very nicely presented! Thank you!

Now this is what i call "lecture" .....and everyone else....they go all around the universe and then come to the topic....BTW... Thank you sir.

Thanks for clear explanation

Dude looks like Homelander from The Boys

When You are not smiling you look more handsome! Be just natural! And thank you for the video!

had to write a paper on this topic. Sited your video. So helpful! Thank you.

wow......waiting for transition procedures from USGAAP to IFRS

That was a nice video. I don't know if it was your presentation skills or the coffee I just chugged. Either way, thanks so much!

I like that you hit on the real reasons behind wanting IFRS to be adopted in the US, money. It's allllways about the money. Good video, thanks.

A great insight 👏

Thanks for this. You just saved me from a whole lot of headaches

I am writing after you made it 3 years back. This is good. But you have covered only two major differences. Rules vs. Principles and LIFO vs.FIFO. If any standard is rules based, it will be like a railway platform where trains will keep coming and going. So the standard will continuously change. That is a problem. Secondly LIFO is a good concept but it has some basic problems. The accounting concept is historical and not on current costs. So it conflicts. Secondly as you have rightly said it will show less profit because cost of consumption will be at current costs but the closing inventory will be in older value. That is a big problem. Tax authority will not accept and the co. will have to make separate accounts for tax. I always advocate for one accounting standard globally.

This is a very good summary of the diff. btw US GAAP and IFRS and also why the differences won't be eliminated in the near future due to some practical reasons such as US gov. control power of the accounting standards and also tax issue even though some new standards issued by US GAAP and IFRS recently such as Revenue from contracts with customers are basically the same.

Thank you so much Sir for letting us know about this wonderful topic, it was help full information .

This is garbage! The IFRS is founded by the IASB, which is a long standing reputable principle-based framework used all over the world! The US needs to be a team player and avoid useless time consuming measures that hinder trade and co-operation!

thanks man

Us gaap vs IFRS which is best for India???

Explained a lot. Thnx

Thank you!!!

Fantastic elaboration, thank you for keeeping the video focused and crisp, love to hear more of your content

In upcoming day another principle will be show and the organisation will raise money. This is unnecessary. How an accounting system has 17 system? What's going on in future. Accounting is nothing but we are making is complex by implementing new concept.

His laugh though😀

Wow! This is a very in-depth video on LIFO and FIFO

This is last days of 2021. I loved the info bro keep the good work up

You Are Best Sir...You Explained Very Well...❣️🙏🏻

Your nose is annoying.

Does GAAP also have sections as IAS/ IFRS?

So what are other difference between the two. Your presentation was really helpful. Thank you

Thanks for your video Can you please elaborate your disussion on the difference between IFRS US GAAP on inventory valuation, Development costs, Reversal of unabsorbed losses, etc

Very nice

Very good explanation

This guy looks a bit abnormal, right?

The whole university belongs to USA

You are amazing

👍👍👍

on the free parking space, you die...

in 2023, isn't there a software in which companies can put in the accounting information and let preset settings present them in either IFRS or GAAP compliant format?

This guy is Great in explaining. He could be a good professor.

Is OCBOA used outside the USA?

Talk about Accounting Policy pls. What answer should be if someone is asked about which Accounting Policy one follows???.

i speak french but i understand english a little bit and i can tell you that you’re very smart, very good video

You’ll be a very good accounting’s teacher sir

Thank you.

Great