Major Differences between US GAAP and IPSAS

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Biniyam Fiseha
Posts: 2
Joined: 10 Jun 2020, 15:34

Major Differences between US GAAP and IPSAS

Post by Biniyam Fiseha »

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
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Marek Muc
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Joined: 15 Oct 2018, 17:21
Location: Warsaw, Poland
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Re: Major Differences between US GAAP and IPSAS

Post by Marek Muc »

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...
Biniyam Fiseha
Posts: 2
Joined: 10 Jun 2020, 15:34

Re: Major Differences between US GAAP and IPSAS

Post by Biniyam Fiseha »

Thank You Dear Marek Muc!

Yes, hoping some one will.

Best
Asnake E
Posts: 174
Joined: 02 Oct 2019, 03:28

Re: Major Differences between US GAAP and IPSAS

Post by Asnake E »

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
Asnake E
Posts: 174
Joined: 02 Oct 2019, 03:28

Re: Major Differences between US GAAP and IPSAS

Post by Asnake E »

I thank you for the invaluable links.
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