I know this will be controversial, but honestly now. IFRS or GAAP?
IFRS. None of that equivocating “generally accepted” bullshit.
Yeah, IFRS. It’s time to get on board with a single standard.
Makes life in an international company a lot easier. Nothing going for GAAP except the idea of “American Exceptionalism.”
But…but… I just finally taught my boss what GAAP means!
But for me, IFRS.
When I was in school they pronounced it “I-Fers” but at my job they spell it out “I-F-R-S”; which is it? And yes, one standard would be preferred.
+2
A global economy with global enterprises requires global standards. Hopefully, the US will convert to metric someday also, but this is good for now.
Local taxation and regulations will still give local accountants plenty to do.
GAAP, baby. Because that’s what we use at work and I haven’t heard of the other one. :smack:
Yeah, but are you aware that GAAP classifies interest expense as an operating cash flow, pure and simple, whereas IFRS lets you, lah dee dah, classify it under either operating or financing cash flows? Can you believe that shit?
GAAP does that too for real estate developers. Interest on a development loan need not be expensed out immediately but may be capitalized until the property is sold.
But that’s just shifting a portion of interest to the balance sheet, I think; does it impact cash flows?
I went with IFRS because I know someone who doesn’t like it, and I don’t like him. I guess that’s the way everyone chooses.
Actually no, but it impacts on the bottom line and eps, which are just as important. 
For a while, our group had to track stuff for CAD GAAP, US GAAP and IFRS and other groups had to track those three plus UK GAAP as well! I’ll stick with just IFRS, thanks.
idk wtf lol