Did you read the memo this morning?, You mean the one that says we have to follow both GAAP and IASB?, Yes. Why do we have to follow both?, Well, both have advantages and disadvantages., Like what?, GAAP has a rule for almost every situation which makes it very predictable. But the "rulebook" is thousands of pages long and it takes a long time to learn everything. IASB focuses on the idea of the transaction, not just a checklist. But it has no "step-by-step" rules so it can be difficult for new accountants to know exactly what to do., Why not just pick one method to use?, Well, we have clients in both the USA and Europe. It’s better to use both systems that they are familiar with..

Leaderboard

Visual style

Options

Switch template

Continue editing: ?