Warm Greetings!
IPSAS is the least discussed standard compared to IFRS. Furthermore, almost zero discussion is available online on major differences between GAAP and IPSAS in brief.
Please share if you have a brief summary of such discussion.
Best Regards,
Biniyam
Major Differences between US GAAP and IPSAS
Re: Major Differences between US GAAP and IPSAS
well, you know, probably there are not enough lucrative contracts in public sector accounting
sorry, I'm not aware of anything that would be of use to you, but maybe someone will chime in with some insight...
sorry, I'm not aware of anything that would be of use to you, but maybe someone will chime in with some insight...
Re: Major Differences between US GAAP and IPSAS
Thank You Dear Marek Muc!
Yes, hoping some one will.
Best
Yes, hoping some one will.
Best
Re: Major Differences between US GAAP and IPSAS
Hi,
As you might know US GAAP is not an internationally recognized accounting standards as a result the professional accountants outside the US don’t bother to know these standards in detail. You might as result not get someone to tell you the detail differences. However, generally these standards are simpler compared with the standards applicable to the business. As a result you can read through standards yourself and compare them.
I Know that the accounting standards applicable to the not for profit is included in the FASB accounting standards (the US GAAP) under Topic 958. You can get this Topic online https://asc.fasb.org/imageRoot/48/117315748.pdf
You can also access the following to download resources on IPSAS
1. Deloitte’s resource https://www.iasplus.com/en/publications ... ocket-2018
2. IPSAS standards
https://www.ipsasb.org/publications/202 ... ouncements
As you might know US GAAP is not an internationally recognized accounting standards as a result the professional accountants outside the US don’t bother to know these standards in detail. You might as result not get someone to tell you the detail differences. However, generally these standards are simpler compared with the standards applicable to the business. As a result you can read through standards yourself and compare them.
I Know that the accounting standards applicable to the not for profit is included in the FASB accounting standards (the US GAAP) under Topic 958. You can get this Topic online https://asc.fasb.org/imageRoot/48/117315748.pdf
You can also access the following to download resources on IPSAS
1. Deloitte’s resource https://www.iasplus.com/en/publications ... ocket-2018
2. IPSAS standards
https://www.ipsasb.org/publications/202 ... ouncements
Re: Major Differences between US GAAP and IPSAS
I just came across a comparison of major differences between IPSAS and IFRS:
https://www.icaew.com/technical/public- ... lic-sector
https://www.icaew.com/technical/public- ... ent-grants
https://www.icaew.com/technical/public- ... -reporting
https://www.icaew.com/technical/public- ... orting-iii
https://www.icaew.com/technical/public- ... mbinations
https://www.ifac.org/system/files/meeti ... inal_4.pdf
https://www.icaew.com/technical/public- ... lic-sector
https://www.icaew.com/technical/public- ... ent-grants
https://www.icaew.com/technical/public- ... -reporting
https://www.icaew.com/technical/public- ... orting-iii
https://www.icaew.com/technical/public- ... mbinations
https://www.ifac.org/system/files/meeti ... inal_4.pdf
Re: Major Differences between US GAAP and IPSAS
I thank you for the invaluable links.