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Accounting Standards - HTML
Accounting standards are frameworks that establish rules and principles for the preparation and disclosure of corporate financial statements. The main standards include International Financial Reporting Standards (IFRS), US Generally Accepted Accounting Principles (US GAAP), and Japanese Generally Accepted Accounting Principles (J-GAAP). These standards aim to appropriately reflect companies' financial positions and provide useful information to investors and stakeholders. Each standard has distinct characteristics adapted to the legal systems and business practices of different countries, and efforts toward mutual comparison and harmonization are progressing in the globalizing economy.
accounting standards
IFRS
US GAAP
JGAAP
financial statements
international accounting
corporate accounting
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<thead><tr><th>code</th><th>slug</th><th>name</th><th>description</th><th>adoptionCountries</th><th>approach</th><th>governingBody</th><th>primaryUsers</th><th>comparisonPoints</th></tr></thead>
<tbody><tr><td>IFRS</td><td>ifrs</td><td>International Financial Reporting Standards (IFRS)</td><td>Principles-based international accounting standards developed by the International Accounting Standards Board (IASB).</td><td>140</td><td>Principles-based</td><td>International Accounting Standards Board (IASB)</td><td></td><td></td></tr>
<tr><td>US-GAAP</td><td>us-gaap</td><td>US Generally Accepted Accounting Principles (US GAAP)</td><td>Rules-based accounting standards developed by the Financial Accounting Standards Board (FASB).</td><td></td><td>Rules-based</td><td>Financial Accounting Standards Board (FASB)</td><td>SEC registrants, US companies</td><td></td></tr>
<tr><td>J-GAAP</td><td>j-gaap</td><td>Japanese Generally Accepted Accounting Principles (J-GAAP)</td><td>Japanese accounting standards developed by the Accounting Standards Board of Japan (ASBJ).</td><td></td><td>Rules-based</td><td>Accounting Standards Board of Japan (ASBJ)</td><td>Japanese public companies</td><td></td></tr>
<tr><td>COMP</td><td>comparison</td><td>Key Differences</td><td>Summary of main differences between IFRS, US GAAP, and Japanese standards.</td><td></td><td></td><td></td><td></td><td>[{"item":"Goodwill Amortization","ifrs":"Non-amortization (impairment test only)","usGaap":"Non-amortization (impairment test only)","jGaap":"Straight-line amortization within 20 years"},{"item":"Impairment Reversal","ifrs":"Permitted (except goodwill)","usGaap":"Not permitted","jGaap":"Not permitted"},{"item":"LIFO Method","ifrs":"Prohibited","usGaap":"Permitted","jGaap":"Generally not used"},{"item":"Development Costs","ifrs":"Can be capitalized","usGaap":"Expensed (except software)","jGaap":"Generally expensed"}]</td></tr></tbody>
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