Accounting Quality: International Accounting Standards and US GAAP 2025

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Summary. IAS represents International Accounting Standards, while IFRS alludes to International Financial Reporting Standards. The IAS Standards come between 1973 and 2001, while IFRS guidelines come from 2001 onwards. IAS Standards fall under the IASC, while the IFRS come via the IASB, which succeeded the IASC.
The key differences between GAAP and IFRS include: GAAP is a framework based on legal authority while IFRS is based on a principles-based approach. GAAP is more detailed and prescriptive while IFRS is more high-level and flexible. GAAP requires more disclosures while IFRS requires fewer disclosures.
The idea behind these standards is to ensure transparency, consistency, and trust in accounting practices across the globe, particularly as it relates to global trade. Technically, IAS was replaced by International Financial Reporting Standards (IFRS) in 2001, but the terms are still often used interchangeably.
Findings based on the price and return metrics, but not the cash flow metric, indicate IFRS-based accounting amounts are comparable to US GAAP-based accounting amounts for firms from common law legal origin countries.
IFRS allows companies to elect fair value treatment of fixed assets, meaning their reported value can increase or decrease as their fair value changes. In addition, IFRS requires separate depreciation processes for separable components of PPE. US GAAP allows but does not require such cost segregations.
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