Author: Ifrah Mustafa

Why Understanding IFRS vs. US GAAP Can Give Your Business the Global Edge In a business world where international expansion is more common than ever, understanding the rules that guide financial reporting across borders is no longer optional in fact it’s essential. Whether you’re a startup or a multinational corporation dealing with global operations, the accounting standards you follow can shape how your company is perceived, taxed, and evaluated. Two primary frameworks dominate financial reporting: International Financial Reporting Standards (IFRS) and the United States Generally Accepted Accounting Principles (US GAAP). Though both aim to ensure financial transparency, they approach the…

In the financial world, investors, regulators, and stakeholders depends on exact and standardized financial reports to evaluate the potential outcomes. That’s where US GAAP (Generally Accepted Accounting Principles) comes in. GAAP principles provide the foundation for financial accounting and reporting in the United States. They ensure that financial statements are prepared using uniform guidelines, enabling comparability across different companies and industries. What is US GAAP? US GAAP are accounting principles, standards, and procedures that companies in the United States must follow when compiling their financial statements. It is the accounting framework adopted by the Securities and Exchange Commission (SEC) for…

Introduction The International Financial Reporting Standards (IFRS) are a set of accounting rules and principles developed by the International Accounting Standards Board (IASB) to ensure transparency, accountability, and efficiency in financial reporting across the world.IFRS was introduced to create a common global accounting language, making company accounts understandable and comparable internationally. History and Development IFRS was introduced in 2001 by the IASB, which replaced the International Accounting Standards Committee (IASC). The IASC issued International Accounting Standards (IAS) from 1973 to 2001, many of which were adopted by the IASB and continue to be in use today. Over time, the IASB…

Accounting is often referred to as the “language of business.” Like any language, it requires compatible rules and guidelines to ensure clear communication. These rules and guidelines are known as accounting standards. They are essential for financial transparency, comparability, and consistency. Whether it’s a multinational corporation or a small business, adherence to accounting standards ensures the morals of financial statements and supports informed decision-making by investors, regulators, and stakeholders. What are Accounting Standards? Accounting standards are a set of rules that companies and organizations must follow when recording and reporting financial information. These standards aim to give clear representation of…