Transcription of U.S. GAAP vs. IFRS: Property, plant and equipment and ...
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U.S. GAAP vs. IFRS: Property, plant and equipment and ...
GAAP vs. IFRS: property , plant and equipment and investment property Prepared by: Richard Stuart, Partner, National Professional Standards Group, RSM US LLP +1 203 905 5027 February 2020 Introduction Currently, more than 120 countries require or permit the use of International Financial Reporting Standards (IFRS), with a significant number of countries requiring IFRS (or some form of IFRS) by public entities (as defined by those specific countries). Of those countries that do not require use of IFRS by public entities, perhaps the most significant is the The Securities and Exchange Commission (SEC) requires domestic registrants to apply generally accepted accounting principles (GAAP), while foreign private issuers are allowed to use IFRS as issued by the International Accounting Standards Board (which is the IFRS focused on in this comparison).
IAS 40, Investment Property. There are some similarities in the accounting for property, plant and equipment under U.S. GAAP and IFRS. For example, both accounting models have similar recognition criteria and both require depreciation on a systematic basis. While there
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