US GAAP and the Financial Crisis

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US GAAP and the Financial Crisis

What was the role of US GAAP to check over the failing in the financial system?

  George Carter
Strategy Consultant, United States

Comparison of US GAAP to Ifrs

I agree to the core basis of the statement;however there is a difference between US GAAP and IFRS that needs mentioning. An underlying element of US GAAP is the consistent application of generally accepted accounting principles used to develop the financial statement that may not exist with IFRS developed statements. (Currently there is a difference with IFRS concepts developed in one country to IFRS statements developed in other countries. This difference which may or may not reflect some material changes does not result in the consistent application. And may result in an apple to orange comparison for IFRS developed statements against the apple to apple statements when the statements are developed using US GAAP.

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