Comparison of IFRS and US GAAP - Essay Example A financial statement must provide details with regard to financial position, changes in position and operations of an enterprise which may be useful for decision making. International Accounting Standards Board is development of International Accounting Standards Committee (IASC) created in 1973 with the objective of developing the uniform standards of accounting. IASB and US Financial Accounting Standards Board (FASB) congregated the IFRS and US GAAP in 2002 as part of the Norwalk agreement making their existing financial reporting standards compatible and practicable and coordinating their future work programme to ensure compatibility. The IASB provided two accounting standards for financial reporting frame works like International Financial Reporting Standards (IFRS) developed by The International Accounting Standards Board (IASB) and Generally Accepted Accounting Principles (US GAAP). The US GAAP was acknowledged extensively as the international set of standards to make certain best quality financial statements.
