IFRS a US GAAP / IFRS and US GAAP – Mládek Robert (2017)

As the title suggests, IFRS (International Financial Reporting Standards) primarily deal with the output, not the accounting procedures. Similarly, US GAAP (Generally Accepted Accounting Principles) do not define the exact accounting procedures to be used in their application. For accountants accustomed to accounting standards that, on the contrary, define a model chart of accounts, regulate accounting procedures, and precisely define the content of financial statements, standards like IFRS and US GAAP often seem difficult to apply in practice. It is as if they lack a user manual. Therefore, this guide shows how to apply IFRS and US GAAP standards in everyday practice, using what every accountant knows and loves: the give and take. The author draws inspiration for examples primarily from his own practice and experiences from training sessions he has been conducting regularly since 1995. Additionally, the book contains examples of the application of new standards that have not yet come into effect, and therefore there is no established practice for them. A publication that contains only examples, of course, cannot replace IFRS and US GAAP, but it is a valuable guide for anyone who wants to apply these standards simply. All text is presented in a bilingual format.