Trabeck prepares for IFRS: An IFRS case study

The growing acceptance of International Financial Reporting Standards (IFRSs) as a basis for US financial reporting represents a fundamental change for the US accounting profession. IFRS and US generally accepted accounting principles (GAAPs) both are based on principles; however, US GAAP largely uses rules to apply the principles. In contrast, IFRS relies heavily on the use of judgment in deciding how transactions should be recorded. This fictional case is designed to help students identify some fundamental differences between US GAAP and IFRS and apply this knowledge to general-purpose financial statements.

国际财务报告准则（IFRS）作为美国财务报告基础被日益接受，这对美国会计行业来说是一个根本性的变化。国际财务报告准则和美国公认会计原则（GAAP）都基于原则；然而，美国公认会计原则在很大程度上使用规则来应用这些原则。相比之下，国际财务报告准则在决定如何记录交易时非常依赖判断。这个虚构的案例旨在帮助学生识别美国公认会计原则和国际财务报告准则之间的一些根本差异，并将这些知识应用于通用财务报表。