what is the opposite in between the IFRS as well as GAAP for the The Time Period Concept?
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Tagged as: Between, Concept, different, Gaap, Ifrs, period, Time
{ 2 comments… read them below or add one }
IFRS “International Financial Reporting Standards” GAAP ” Generally Accepted Accounting Principles
The United States has not adopted IFRS yet and will be doing so until 2016. I see no difference in Time Value of Money for IFRS or GAAP
The current set of principles that accountants use rests upon some underlying assumptions, and the Time period assumption is one of them. Most businesses exist for long periods of time, so artificial time periods must be used to report the results of business activity. Depending on the type of report, the time period may be a day, a month, a year, or another arbitrary period.
There is no difference between US GAAP and IFRS in the application of this assumption.