IFRS vs. GAAP
International Financial Reporting Standards are an accepted 'done deal' with large, multinational corporations. And the differences between IFRS and GAAP are significant and worth looking at - even for governments! You know that what happens with accounting in big corporations will impact the government accounting world eventually.
Although, from my informal survey (read that as emailing and calling a few buddies) many in the government realm are unaware of the changes the corporate world is undertaking. But, I also know that university accounting students are studying it as if it is the gospel truth.
I am learning it so that I can revise my book Accounting Demystified. And I ran across this PWC document that does a great job describing the change.
The AICPA, as usual, maintains an air of mystery. it is almost as if they take pills to make them unable to speak plain English. But you might want to look at their site anyway. www.ifrs.com
Governmental auditors unite! Leita Hart-Fanta, CPA, CGFM, and CGAP is the author of “The Yellow Book Interpreted” and owner of Yellowbook-CPE.com a website devoted to training for governmental auditors. Whether you are an internal auditor or monitor for a government entity or a CPA doing grant audits, you will enjoy Leita’s humorous take on the complexity of auditing in the government environment.