Compare the Difference Between Similar Terms
Difference Between
Key Difference – Financial Reporting vs Financial Statements A business conducts a number of transactions and has many interested parties. The activities of the business become more complicated as it grows, thus a proper mechanism is required to govern such activities. The importance and requirement for transparency in financial activities in companies have increased […]
Accounting Policies vs Accounting Estimates The preparation of a company’s financial statements is of great importance in determining the firm’s financial stability and in understanding the firm’s ability to operate in the future without facing liquidity issues. Financial statements of the firm which include profit and loss, balance sheet and cash flow statements require […]
IASB vs FASB Before moving ahead, it would be pertinent to know the full forms of IASB and FASB. IASB is an acronym that stands for International Accounting Standards Board whereas FASB refers to Financial Accounting Standards Board. The two boards are international bodies that have been trying to evolve uniform financial accounting standards applicable […]
IAS vs IFRS As IAS and IFRS are standards in the accounting practice that one adheres to in financial reporting, it is important to know the difference between IAS and IFRS. There was a need in the 1960’s to standardize accounting processes and reporting in order for practically anyone to understand the financial statements of […]
GAAP vs IFRS GAAP vs IFRS GAAP and IFRS are two of the accounting rules and guidelines that regulate the financial reporting standard. All over the world, different procedures for computing financial results of companies are being observed which are known as their versions of GAAP or local GAAP. This is nothing but generally accepted […]
