US GAAP vs IFRS

[@TheFinanceStoryteller]

Enjoyed the video? Then subscribe to the channel now, and watch the related video on GAAP vs non-GAAP next: kzbin.info/www/bejne/m6jdnZqkfNmZo8k or dive deeper into the new revenue recognition standard ASC 606 / IFRS 15: kzbin.info/www/bejne/bmKZgmmmhMZ6rJY

[@lamtuanvy4464]

These videos shared by this channel are profound and friendly to watch at the same time. Thanks for sharing.

[@TheFinanceStoryteller]

Thank you very much for the kind words!!! I love the way you phrased it. Many thanks!

[@norbertoharada9445]

Excelent presentation, very clear and straight to the point. I work as SAP Analytics and also I operate stock markets. That understaning is relevant for both audiences. Thanks!

[@TheFinanceStoryteller]

Absolutely agree! Thank you for watching and commenting. Please spread the word to clients and colleagues! :-)

[@jasontsui2256]

Wow this is a very good explanation of the differences! It makes me understand the differences from several perspectives.

[@TheFinanceStoryteller]

Glad it was helpful! It was fascinating to do the research, and important on an ongoing basis to keep up-to-date on the new developments in both "systems".

[@jacobhernandez4347]

I was just about to buy a book on IFRS because I’m trying to get familiar with the language used in financial reports but I’m glad I didn’t because I think it wouldn’t be wise to get familiar with GAAP first because of where i live and most companies I’m interested in are US. Thank you for this video. the way you break down and explain is awesome !

[@TheFinanceStoryteller]

Thank you very much for the kind words, Jacob!!! I agree with your approach. Learn from reviewing real-world corporate financial reports, and then investigate some of the terminology you come across along the way (goodwill, intangible assets, deferred revenue, retained earnings, etc.). I have videos on most of the terms used in balance sheets, income statements and cash flow statements. Take a look at some of my financial statement case studies, it should help you on your way: kzbin.info/www/bejne/hnqciWiPl8qelac Oh, and beware of the difference between GAAP and non-GAAP as well: kzbin.info/www/bejne/m6jdnZqkfNmZo8k

[@ashwinudapikar3290]

The metric system analogy is what I too thought about at the beginning of the video : )

[@TheFinanceStoryteller]

Great minds think alike, Ashwin! ;-)

[@ashwinudapikar3290]

@@TheFinanceStoryteller I agree Sir ; -) Great content, as always : )

[@TheFinanceStoryteller]

@@ashwinudapikar3290 Thank you, my friend!!!!

[@VilleHyytiainenInvesting]

Great explanation, thanks for saving me from reading that 500 pages KPMG report :)

[@TheFinanceStoryteller]

You're welcome! 😎

[@konstancyja82]

“No no no no no” apples to apples :D this is a must watch! And not only for accountants

[@TheFinanceStoryteller]

Thank you! Glad you enjoyed it.

[@Tizonwar8]

great content now I talk about it in my interview

[@TheFinanceStoryteller]

Wishing you lots of success in the interview!!! Great topic to have a conversation about.

[@1La2La3La4La]

Hello, many thanks for the video and for the graphlic presentation. Kinds and greets from Germany!

[@TheFinanceStoryteller]

Herzlichen Dank, Soreb! Nice to hear you enjoyed it.

[@1La2La3La4La]

@@TheFinanceStoryteller Pleasure is mine :-) Are you too german ? Greets!

[@TheFinanceStoryteller]

@@1La2La3La4La No, I am Dutch (i.e. from the Netherlands), but often read books and magazines in German, and go there on holiday or business trips.

[@mirahr4979]

Thank you for great explanation + animation! Really helpful

[@TheFinanceStoryteller]

Great to hear that, Mirah! You're welcome. 🙂

[@InvestingEducation]

Great topic and explanation

[@TheFinanceStoryteller]

Thank you! :-)

[@LadySema]

super valuable, clear and straight forward. Thank you!!

[@TheFinanceStoryteller]

Wow. Happy to hear you liked it. Thank you for watching and commenting! From your last name, I suppose you have Dutch ancestors?

[@LadySema]

@@TheFinanceStoryteller my husband does :-)

[@TheFinanceStoryteller]

@@LadySema Wonderful! Greetings from the Netherlands to you and your husband!

[@imanitechtraining605]

Wonderful job for having explained this topic more clearly, thanks...

[@TheFinanceStoryteller]

You're very welcome! 😎 I think it is a fascinating topic, and I enjoyed researching and summarizing it.

[@sunilgurung6819]

You are doing great work :) thank you

[@TheFinanceStoryteller]

So nice of you! Thank you too, for watching and commenting!

[@wallis5955]

Clear and easy to follow video! I'm using some of the points made for my assignment and was wondering if you remember from what source you found the estimates for the number of pages if printed?

[@TheFinanceStoryteller]

Thanks! Great to hear that, and happy to help. In researching this topic, I actually downloaded each of those publications. Just type in "US GAAP vs IFRS" and the name of any of the individual accounting firms mentioned, and you will find a PDF version of the document. That's what I used for the page count.

[@yourjai]

Very helpful video. Thanks man 👍🏼

[@TheFinanceStoryteller]

Glad it was helpful, Jai! Thank you for watching and commenting.

[@erickwalsh9258]

Great videos. More on Inventory valuing please.

[@TheFinanceStoryteller]

Thank you, Erick! Here are some links related to inventory. Inventory turnover kzbin.info/www/bejne/q5mth2icl7uBj6c Working capital explained kzbin.info/www/bejne/jqercp-rnpJ1pNE Asset impairment kzbin.info/www/bejne/ooiwdZeqfatnkLc FIFO LIFO kzbin.info/www/bejne/jJrGnJquocadha8 Enjoy!

[@abdullahalshamsan9159]

Very useful, keep going 👏🏼

[@TheFinanceStoryteller]

Thank you, Abdullah! Will do!!!

[@undervalueds]

Very good explanations and summary, thanks

[@TheFinanceStoryteller]

Happy to hear that! Thank you for watching and commenting!!!

[@followthetruth3283]

Amazing video ever I saw in KZbin on the comparison of US GAAP and IFRS. Thanks Sir.. I just want your help to choose from them which one should I keep as a study?

[@TheFinanceStoryteller]

Thank you for the compliment! :-) I would advise to be "financially bilingual": have at least a working knowledge of both. In terms of choosing one of the two to specialize in: which one would be the most relevant for your career and the location where you work? I have mostly worked for multinational companies with American roots, so naturally got exposed most to US GAAP. Definitely study the new revenue recognition and leasing standards, they are "hot topics" now.

[@laimab_official]

Great presentation indeed ❤❤❤

[@TheFinanceStoryteller]

Thank you kindly!

[@ShahrukhKhan-kl8vo]

Amazing video...

[@TheFinanceStoryteller]

Thank you! It was eye-opening to do the research for it! ;-) In other words: we both learn. :-)

[@Xiaowanzi-l4r]

Ke holding Inc. dual listed on NYSE and HKEx

[@TheFinanceStoryteller]

Thanks for sharing! I wasn't aware of that yet.

[@kervincaya2932]

Great Video! thank you😎

[@TheFinanceStoryteller]

You're welcome, Kervin! Happy to hear that. :-)

[@florianecaudmont7426]

Thank you for this video 👍

[@TheFinanceStoryteller]

My pleasure, Floriane! It's a topic that's very inviting for further study, hope you enjoyed my summary of what I think are the "highlights".

[@davidguadarrama3712]

Great video, could you make one about Sustainability Standards?

[@TheFinanceStoryteller]

@@davidguadarrama3712 Thanks for the suggestion, but that's not my area of expertise.

[@niko1668]

Very Nice and clear 👌🏻

[@TheFinanceStoryteller]

Thanks a lot 😊

[@mj-sl2wg]

Thank you so much for this content

[@TheFinanceStoryteller]

My pleasure!

[@shrutisingh1405]

thankyou for this video

[@TheFinanceStoryteller]

You're welcome, Shruti!

[@andreatrapanese9591]

Hello, congratulation for the terrific quality of your videos. Very precise and useful. Can you advice me about one particoular book that you think is a must-read for people that want to understand in a better way accounting? In september I'm gonna start to work as Auditor and I have time to develope better knowledge of the subject.

[@TheFinanceStoryteller]

Hello! Thank you very much for the kind words. I would not suggest just one single book, but multiple sources about some of the high profile accounting frauds: the movie "Enron: the smartest guys in the room" and subsequently any other documentation you can find about it, book "Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower" by Michael Woodford, Wirecard case (there's a movie I want to watch about it on Neflix), Worldcom, Parmalat. If you know how these frauds were done, and how they lasted for as long as they did, and how they were uncovered (forensic accounting) you will know what to look for as an auditor. Hope this helps! Let me know if you enjoyed them, once you get through them.

[@andreatrapanese9591]

@@TheFinanceStoryteller Thank you so much, I will definitely watch them . And a book or a course to develop more technical knowledge? Your video are a fantastic starting point but I want to really improve my skills.

[@TheFinanceStoryteller]

I don't really have a recommendation on a specific book or a specific course. Watch lots of videos, and read articles on current "hot topics" in finance and accounting. My suggestion is to build expertise in those areas that others might struggle with, and build your brand by acquiring deep domain knowledge. Here are a few suggestions on topics: Consolidated financial statements kzbin.info/www/bejne/eoWpdWxnZ799h8k&pp=gAQBiAQB Asset impairment kzbin.info/www/bejne/ooiwdZeqfatnkLc&pp=gAQBiAQB Deferred tax kzbin.info/www/bejne/g6e7cp-ghqlnf6s&pp=gAQBiAQB GAAP vs non-GAAP kzbin.info/www/bejne/m6jdnZqkfNmZo8k&pp=gAQBiAQB Deferred revenue kzbin.info/www/bejne/iX_KpoyvgNekgpY&pp=gAQBiAQB

[@KumR]

Sir can u explain about FERC accounting and how it is different from GAAP

[@TheFinanceStoryteller]

Hello Shiv! Thanks for the request/suggestion, but I have no expertise in the area of Federal Energy Regulatory Commission (FERC) accounting.

[@Permanentlearning]

I was wondering what examples of the differences between ifrs and gap is for the new leasing standard as well as the revenue recognition

[@TheFinanceStoryteller]

The best way to find out the latest examples in those areas is to review the documents that big accounting firms like KPMG and PWC publish on their website. Very informative, though sometimes very technical. If you type "IFRS compared to US GAAP" into a search engine, those should pop up. Make sure to check a recent version of the document, as the subject matter is ever evolving.

[@matiascarpio9748]

I study accounting in Peru. We use IFRS. but I want to learn US GAAP and his differences between the internal revenue code. I have a high knowledge about (NICS and NIIFS from IFRS) I’m in the last year of my studies as an accountant. If someone can give me a guide on how to learn US GAAP, I can answer questions about NICS and NIIFs.

[@TheFinanceStoryteller]

For me, the Deloitte, PWC and KPMG guides were very helpful on this.

[@meronapaw]

Wow better comprehension

[@TheFinanceStoryteller]

Thank you, Meron! In my view, it is essential to understand the main differences (conceptual as well as practical) if you want to understand business results in an international context. To add to that, I specifically researched the topic of impairments in US GAAP vs IFRS last year when some (but not all) of the oil companies recorded big one-time impairments: kzbin.info/www/bejne/jpylc2Zod9OimMU

[@rahulmanoharan9746]

Thanks

[@ZKaiLe]

this guy need to get a new mic and maybe some sound treatment of the room, great video by the way.

[@TheFinanceStoryteller]

Agree! Have been working with a new and much better setup since earlier this year, check out my video on consolidated financial statements to hear the difference: kzbin.info/www/bejne/eoWpdWxnZ799h8k

[@ruchadave1026]

It's better to do both the certifications, isn't it?

[@TheFinanceStoryteller]

I would suggest to go very deep in one of the two, and build strong expertise, while being aware of the differences with the other standard. Many accounting firms have published guides on the main differences, with various level of "technical" discussion.

[@nibretabebe6656]

Continue......

[@JayPatel-ts6dt]

IFRS vs us gaap which is best for India???

[@TheFinanceStoryteller]

Indian Accounting Standards are based on and substantially converged with IFRS Standards.

[@JayPatel-ts6dt]

@@TheFinanceStoryteller sir, us company In India so that company use IFRS or us gaap ?

[@TheFinanceStoryteller]

@@JayPatel-ts6dt Hello Jay! For a company in India that has a US parent, the reporting for corporate purposes is on US GAAP basis. That same company will have to file statutory and tax books to the Indian government based on the applicable Indian rules.

[@BharatSingh-lt5pz]

ok can we do is gaap and ifrs , and after getting certificate of us gaap can i get job. ? and where should we do us gaap or ifrs. i do account executive job

[@TheFinanceStoryteller]

Most of the accounting concepts are universal, so you would learn them when taking an accounting degree in any country. My advice would be to contact the official organization in your country that is in charge of the accounting degrees (education + keeping people up to date). It probably has a name like Institute of Chartered Accountants, or a variation thereof. If you plan to work specifically for a company that has HQ and stock market listing in the US, then knowledge of US GAAP is very important.

[@mikaelabaccay8707]

Hi, can someone tell me where I could find the Basis for conclusion on IFRS/IAS? Been searching all day long. Thank youuuu. It will be a huge help.

[@TheFinanceStoryteller]

Hi Mikaela! A "Basis for Conclusions" is a document that accompanies a specific IFRS standard. For example, if you go to the official IFRS website (IFRS dot ORG), you will find a Basis for Conclusions which explains the Board's rationale for the amendments to IFRS 17 proposed in the Exposure Draft in response to concerns and challenges identified by entities implementing IFRS 17.

[@mikaelabaccay8707]

@@TheFinanceStoryteller Thank you sir. I have mistaken the basis for conclusion to the standard itself. I have to redo my work.

[@TheFinanceStoryteller]

Hi Mikaela! Don't be too harsh on yourself... this area is very complicated. And as painter René Magritte said "Ceci n'est pas une pipe"! ;-)

[@mikaelabaccay8707]

@@TheFinanceStoryteller Although some of the standards I was looking for wasn't there but I found some so it's still a huge help sir.

[@Venuvikram7]

Hi sir this is venu here, I larn to us accounts basis regarding job purpose, so please any guide from Ur side 😊 Thanks.

[@TheFinanceStoryteller]

Hi! It would probably be good to go through the balance sheets of for example Apple or Tesla so that you become familiar with key terminology: kzbin.info/www/bejne/gJCUd2t9pLGCf5o&pp=gAQBiAQB

[@Venuvikram7]

Thank you so much bro ❤️ love from Karnataka Please sagition any course like related to financial background job.

[@TheFinanceStoryteller]

My general advice is to be "fluent" regarding any of the concepts explained in my Accounting 101 playlist: kzbin.info/www/bejne/hYrUnWqPbrOheMk&pp=gAQBiAQB

[@mhdsamouri5673]

Hello i started reading books about accounting my study najot since i am not working for now is like feedback and getting a new knowledge but i don't know i shoild read according to gaap or ifrs and tell me a recommendation about what books i should read not mater how they big. Sorry is long command or request please any one reply

[@TheFinanceStoryteller]

Hello Mhd! I would suggest to review as many real life examples as you can from annual reports. Here are some suggestions from my list of finance case studies: kzbin.info/www/bejne/hnqciWiPl8qelac See if you can replicate my analysis with the latest numbers from the same companies, or with the numbers from other companies you are interested in!

[@mhdsamouri5673]

I will check out for sure i am interested more in accounting analysis than taxation and other subjects

[@Cerins11]

🙏👍🏻

[@TheFinanceStoryteller]

Thanks!! 😊

[@kevinfrederick378]

USA on GAAP: Don't you understand? it's *Freedom*

[@blancae.gonzalezflores1775]

Ah

[@humbertocaron334]

please check your audio recording, your voice is cracking really bad and we cannot understand what you are talking.

[@TheFinanceStoryteller]

Hello Humberto! I have improved the setup since then.... in the meantime, for the older videos, please switch on the subtitles.

[@nobobonobo]

"Chinese accounting standards" Lmao