Question

how can you leverage the accouting knowledge you have learned in Usa and in other countries

Answer 1

Accounting knowledge is fundamentally similar in US GAAP and IFRS. However, there are some core differences in the treatment of the following items:-

1. Treatment of inventory:- As per IFRS, LIFO is prohibited. But US GAAP allows LIFO

2. Valuation of long-lived assets:- IFRS allows fair value accounting but US GAAP shows them on a historical cost basis.

3. Financial statements structure:- As per IFRS, a financial statement consists of the Balance Sheet, Income Statement, Changes in Equity, Cash Flow statement. US GAAP needs a statement of Other comprehensive income additionally.

Apart from IFRS, some countries have other accounting rules. More or less, they are the same. Just reading a book on the difference between US GAAP and the other country accounting standards will suffice to gain key knowledge of their accounting standards.

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