IFRS / IAS
IFRS means "International Financial Reporting Standards". They are internationally recognized since 2001 as uniform guidelines for financial reporting by companies. They facilitate comparisons of various companies. Likewise, this accounting is to be an obligation to the Exchange. They are published by "Internation Accounting Standards Board". IAS means "International Accounting Standards". They are the predecessors of the IFRS.
US GAAP
US GAAP does "United States Generally Accepted Accounting Principles". Thus, the US accounting rules for the financial statements of companies in the US are set. The rules established are hardly interpretable variable, as they are no general rules, but specifically related to individual cases. In "House of GAAP" are defined by the FASB, the Financial Accounting Standards Board standards. Other areas of the House of GAAP constitute the interpretation of the standards that could allow different interpretations.
HGB
In Commercial Code, the majority of German commercial law is retained. It is constructed in sections and is also referred to as "special private law of merchants". Essentially, it contains provisions for trade stand for trade company, to manage the trading books to the credentials of representatives to the types of company on the rights of the individual shareholders, the accounting, the annual financial statements and disclosure. These rules of commercial law can be interpreted partly different as opposed to the specific provisions of US GAAP, as it is written in the general regulations.
2. origin
a) IAS / IFRS
The IAS were determined by the IASC. The IASC is a private, independent organization that was founded 1973rd Since 1987 the "International Organization of Securities Commissions (IOSCO)" an agreement in which the IAS has undertaken to limit the number of voting rights and to increase the requirements for the publicity. Since 2000, the revised IAS are allowed as an admission requirement for foreign companies for the American stock market. Since 2001, the new IAS are named with the abbreviation IFRS.
b) US GAAP
After "Black Friday" in 1929 were the US Congress of the Securities Act and enacted the Securities Exchange Act. They deal with the new issue of securities and their trading. The SEC (Securities and Exchange Commission) should monitor compliance with the provisions. You must determine which rules and principles to be observed in the reports of the companies. The formulation of GAAP has been delegated by the SEC in 1938, the professional organization of accountants. 1973 the object of the FASB (Financial Accounting Standards Board) did, because the accountants are increasingly fall into criticism.
c) HGB / Commercial Law
The HGB came into force on January first 1900's. Influenced were the laws by the General German Commercial Code of 1861 and the laws of Italy and France. Currently, the commercial law is influenced by European legislation. The last major change was made in 1998, the paragraphs have been adapted to the present day.
IFRS means "International Financial Reporting Standards". They are internationally recognized since 2001 as uniform guidelines for financial reporting by companies. They facilitate comparisons of various companies. Likewise, this accounting is to be an obligation to the Exchange. They are published by "Internation Accounting Standards Board". IAS means "International Accounting Standards". They are the predecessors of the IFRS.
US GAAP
US GAAP does "United States Generally Accepted Accounting Principles". Thus, the US accounting rules for the financial statements of companies in the US are set. The rules established are hardly interpretable variable, as they are no general rules, but specifically related to individual cases. In "House of GAAP" are defined by the FASB, the Financial Accounting Standards Board standards. Other areas of the House of GAAP constitute the interpretation of the standards that could allow different interpretations.
HGB
In Commercial Code, the majority of German commercial law is retained. It is constructed in sections and is also referred to as "special private law of merchants". Essentially, it contains provisions for trade stand for trade company, to manage the trading books to the credentials of representatives to the types of company on the rights of the individual shareholders, the accounting, the annual financial statements and disclosure. These rules of commercial law can be interpreted partly different as opposed to the specific provisions of US GAAP, as it is written in the general regulations.
2. origin
a) IAS / IFRS
The IAS were determined by the IASC. The IASC is a private, independent organization that was founded 1973rd Since 1987 the "International Organization of Securities Commissions (IOSCO)" an agreement in which the IAS has undertaken to limit the number of voting rights and to increase the requirements for the publicity. Since 2000, the revised IAS are allowed as an admission requirement for foreign companies for the American stock market. Since 2001, the new IAS are named with the abbreviation IFRS.
b) US GAAP
After "Black Friday" in 1929 were the US Congress of the Securities Act and enacted the Securities Exchange Act. They deal with the new issue of securities and their trading. The SEC (Securities and Exchange Commission) should monitor compliance with the provisions. You must determine which rules and principles to be observed in the reports of the companies. The formulation of GAAP has been delegated by the SEC in 1938, the professional organization of accountants. 1973 the object of the FASB (Financial Accounting Standards Board) did, because the accountants are increasingly fall into criticism.
c) HGB / Commercial Law
The HGB came into force on January first 1900's. Influenced were the laws by the General German Commercial Code of 1861 and the laws of Italy and France. Currently, the commercial law is influenced by European legislation. The last major change was made in 1998, the paragraphs have been adapted to the present day.
Definition of IFRS, IAS and US GAAP
![Definition of IFRS, IAS and US GAAP]()
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