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Text[1]=["IFRS and US GAAP","Since IFRS and US GAAP share a comparable conceptual framework, they too can be considered broadly comparable.
Although differences exist, the chart of accounts presented here, would be generally consistent with the requirements of both (if pains were taken to apply them in a way to minimize differences).
Obviously, if an effort was made to accentuate their differences, two vastly different charts could be drafted.
"]
Text[2]=["'An IFRS / US GAAP 'Chart of Accounts'","In contrast to most 'National GAAPs', neither IFRS nor US GAAP define a chart of account.
Especially IFRS prefers to eschew the procedural aspects of accounting, focusing instead on broad principles and providing specific guidance only if inconsistency or diversity in practice exist.
Nevertheless, besides 'US GAAP / IFRS training', and 'Revenue Recognition under US GAAP', 'IFRS chart of accounts' is the most common search phrase used by people visiting this site.
Whether this is because so many people are mising one or because this is one of a handful sites presenting one, is a chicken and egg question without an answer.
"]
Text[3]=["FRS and US GAAP","While this example shows how an average manufacturer or retailer could fulfill basic IFRS / US GAAP recognition requirements, it could not, in and of itself, be implemented by a particular entity without first making significant adjustments to reflect entity's situation, structure and nature of operations (Czech translation).
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Text[4]=["'National GAAP'","The statutory accounting standards mandatory in most European countries (colloquially known as 'National GAAP') employ significantly different recognition, measurement and disclosure principles to be considered (even broadly) consistent to either IFRS or US GAAP.
As a result, no direct analogy between, for example, a Czech Chart of Accounts and the one presented here exists.
In fact, trying to establish such an analogy (by 'bridging', 'mapping' or otherwise trying to fuse the two), would not only violate IAS 8.7 / ASC 105-10-05-1 but also, in all likelihood, national law.
"]
Text[5]=["National GAAP","Although a commonly used vernacular, the term 'National GAAP' (as in 'German GAAP', 'French GAAP' or 'Czech GAAP') is both inaccurate and misleading ... read more.
"]
Text[6]=["IFRS/US GAAP reporting","Most companies establishing operations in a new EU country tend to follow a predictable pattern.
First: since 'National GAAP' is mandatory by law ... read more.
"]
Text[7]=["IFRS/US GAAP Chart of Accounts","Nevertheless, since its introduction, this page has become (besides our Czech discussion forum) this page has become our most visited, and the associated .xlsfile the most downloaded.
"]
Text[8]=["Chart-Less","Obviously, a rigidly defined chart of accounts such as presented here is relevant only if the entity chooses to approach its financial reporting function in a manner suitable to the pre-information age.
Entities fully recognizing the capabilities of computer based information systems will eschew such an inflexible and legalistic approach, favoring one fully consistent US GAAP's and especially with IFRS's flexible, principles-based nature.
See: related article / related publication.
"]
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