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Conversion of US GAAP to IFRS

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TheWhiteMagic
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Conversion of US GAAP to IFRS [#permalink] New post   17 Apr 2009, 11:18
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?
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cabro57
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Re: Conversion of US GAAP to IFRS [#permalink] New post   21 Apr 2009, 12:51
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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ajk2010
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Re: Conversion of US GAAP to IFRS [#permalink] New post   24 Apr 2009, 21:54
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In my accounting classes now (intermediate accounting) we are exploring some of the differences. From my experience, a lot of the differences between the two lie in the preference for certain methods to be used over others, not in completely new methods required. For instance, with inventory costing LIFO is not accepted with IFRS. However, in US schools we still learn how to use the other costing methods so the difference isn't that great. In fact, I think most of the work in the next years will be helping companies convert from US GAAP to IFRS and a working knowledge of both will probably help.

Additionally, the FASB and IASB are working jointly on issuing statements so that any new guidelines will be exactly the same in both US GAAP and IFRS.
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Re: Conversion of US GAAP to IFRS [#permalink] New post   26 Apr 2009, 11:19
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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Re: Conversion of US GAAP to IFRS [#permalink]
26 Apr 2009, 11:19
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