IFRS Vs. U.S. GAAP

International Financial Reporting Standards (IFRS) and U.S. GAAP generally agree in their overall framework and are working toward convergence. However, IFRS requires ussers to consider the framework in the absence of a specific standard, U.S. GAAP distinguishes between objectives for business and non-business entities, the IASB framework gives more emphasis to the importance of the accrual and going concern assumptions than the FASB framework does, the U.S. GAAP framework establishes a hierarchy of qualitative financial statement characteristics, and some differences still exist in how each defines, recognizes, and measures the individual elements of financial statements.