Differences Between

In the world of accounting, there are many rules that a firm must follow regarding how they may report different items on their financial statements. Along with that, there are two main sets of rules to follow: GAAP and IRFS. GAAP is known as the Generally Accepted Accounting Principles and IFRS, the International Financial Reporting Standards. While many of the rules are the same between the two reporting systems, there are also a number of differences. One difference between US GAAP and IFRS is the recording of impairment for property, plant, and equipment. Under US GAAP, a two-step impairment test is used. First, book value is compared to the undiscounted future cash flows of the asset. If the book value is less, then no impairment has occurred. However, if the book value is greater than the undiscounted future cash flows, an impairment has occurred and you move onto step two of the impairment test. In step two, compare the carrying amount to the fair market value of the asset. The amount of impairment is equal to the amount that the book value is greater than the fair market value. Under US GAAP, the reversal of an impairment is prohibited ("IFRS and US GAAP," 2014). IsdohXIp
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