I come from an IFRS and USGAAP background. Although there are differences in US GAAP and IFRS, the theme of IFRS is more principle based (i.e open to interpretation) and US GAAP is more rule based.
The F/S issued under IFRS entails lot more details and disclosures and requires a lot more prep work from the accountants (client side).
IFRS is the way of the future, however, US GAAP will linger around.
cabro57 wrote:
TheWhiteMagic wrote:
I am an international student. I have heard that the US GAAP will be converted to IFRS in the near future. What is in my concern is that I if US GAAP will be no long used, it will be useless studying there because IFRS is applied in my country. (Of course, IFRS is applied in the rest of the world)
What is your opinion about it? Should I change to study in UK?
That's not such a big deal. There is still a debit and a credit in every journal entry. The overwhelming majority of US GAAP have very few differences with IFRS, and most (if not all) reputable public accounting schools in the US have been teaching the main differences between US GAAP and IFRS for quite a few years. I don't think you should hit the panic button..
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