ACC 120: Principles of Financial Accounting

Get FREE access to the basic FASB Codification. Professional access is a paid subscription service.

The organization that establishes US GAAP Standards.

The PCAOB oversees the audits of public companies and SEC-registered brokers and dealers in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports.

The SEC enforces the securities laws to protect the more than 66 million American households that have turned to the securities markets to invest in their futures—whether it’s starting a family, sending kids to college, saving for retirement or attaining other financial goals.

From the SEC

The organization that establishes International Financial Reporting Standards

See the list of countries that use IFRS.

Many jurisdictions that maintain their own local GAAP claim that their local GAAP is "based on" or "similar to" or "converged with" IFRSs. In some cases the wording changes seem minor, and in other cases the wording is quite different. Sometimes, the jurisdiction's local GAAP is not in English. Often, not all IASs/IFRSs have been adopted locally. Often there is a time lag in adopting an IFRS as local GAAP. We are not in a position to compare national or regional GAAPs to IFRSs in detail. Therefore, this table only reports direct use of IFRSs in individual countries or regions. Direct use means that the basis of preparation note and the auditor's report will refer to conformity with IFRSs.

Brought to you by Deloitte. International Accounting News.

Article: The Similarities and Differences between the Financial Reporting Standards under United States. GAAP versus IFRS By Prof. Edel Lemus, M.I.B.A., Carlos Albizu University, United States