Similarities and Dissimilarities Between US GAAPs And IFRS

Similarities and Dissimilarities Between US GAAPs And IFRS
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Generally accepted accounting principles (GAAPs) refer to the standards, principles, and procedures of accounting issued by the Financial Accounting Standards Board (FASB). All publicly held companies in the United States must adhere to the US GAAPs when preparing their financial statements. GAAPs combine standard set by boards and commonly accepted guidelines on recording and reporting accounting information. Its main objective is to ensure that financial statements are comparable, consistent, and complete. US GAAPs refer to accounting guidelines in the United States to organize, present, and report financial information for publicly traded and privately held companies, NGOs, and the public sector. Coca-Cola is an example of a company in the US using US GAAPs.[. Barth, Mary E., Wayne R. Landsman, Mark Lang, and Christopher Williams. "Are IFRS-based and US GAAP-based accounting amounts comparable?" Journal of Accounting and Economics 54, no. 1 (2012): 68-93.] [. Daske, Holger. "Economic benefits of adopting IFRS or US‐GAAP–have the expected cost of equity capital decreased." Journal of Business Finance & Accounting 33, no. 3‐4 (2006): 329-373.]
International Financial Reporting Standards (IFRS) are accounting and reporting guidelines set by the International Accounting Standards Board (IASB) to ensure that financial statements are comparable, transparent, and consistent worldwide. They specify how accounts must be maintained, reported, and define types of transactions. It was established to standardize the accounting language and ensure consistency of financial statements from country to country. An example of a company using IFRS is WIPRO Limited. 
Similarities Between Property, Plant & Equipment disclosures using US GAAPs and IFRS
Both standards allow recognition of impairment losses and depreciation charge to be applied on property, plant and equipment when the market value of those assets declines3. Both companies have reported depreciation. Coca-Cola did not report impairment losses because no asset was impaired that year.
In both standards, the cost of every item of property, plant, and equipment is considered to be an asset if the asset's economic benefits are likely to flow into the company and if its cost is reliably measurable. Both companies have listed PPE items which are used directly and indirectly to generate revenue.
 
 Variation in Disclosures of Property, Plant and Equipment Disclosures Using US GAAPs and IFRS
The United States business environment is highly litigious. If something happens, especially creditors and investors related mistakes, auditors and accountants are th...