TSV

Accounting Standards - TSV

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

code	slug	name	description	adoptionCountries	approach	governingBody	primaryUsers	comparisonPoints
IFRS	ifrs	International Financial Reporting Standards (IFRS)	Principles-based international accounting standards developed by the International Accounting Standards Board (IASB).	140	Principles-based	International Accounting Standards Board (IASB)		
US-GAAP	us-gaap	US Generally Accepted Accounting Principles (US GAAP)	Rules-based accounting standards developed by the Financial Accounting Standards Board (FASB).		Rules-based	Financial Accounting Standards Board (FASB)	SEC registrants, US companies	
J-GAAP	j-gaap	Japanese Generally Accepted Accounting Principles (J-GAAP)	Japanese accounting standards developed by the Accounting Standards Board of Japan (ASBJ).		Rules-based	Accounting Standards Board of Japan (ASBJ)	Japanese public companies	
COMP	comparison	Key Differences	Summary of main differences between IFRS, US GAAP, and Japanese standards.					[{"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"}]