Although the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (U.S. GAAP) share similar principles, the two standards may produce very different results under any given set of facts. Moreover, IFRS does not possess the detailed guidance of the U.S. GAAP. BNA's latest analysis, Revenue Recognition: International Accounting Standards, strives to eliminate the confusion by providing a detailed examination of the general revenue recognition principles under IFRS.
"The adoption of IFRS by Brazil, effective in 2010, underscores the importance of understanding the international reporting standards and how they differ from U.S. GAAP," says George Farrah, senior tax and accounting analyst with BNA. "This Portfolio not only provides the guidance needed to meet all IFRS reporting obligations, but it also provides running commentary comparing and contrasting IFRS principles with U.S. GAAP rules. And that is critical at this time, before the proposed single revenue recognition standard is adopted by both FASB and IASB in early 2011."
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