US GAAP vs IFRS 

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

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: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-PI9X5Ybek_E.html Oh, and beware of the difference between GAAP and non-GAAP as well: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ewzlgnGtfmg.html

Great minds think alike, Ashwin! ;-)

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

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

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

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

@@TheFinanceStoryteller my husband does :-)

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

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

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

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.

Thank you kindly!

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

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".

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

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".

You're welcome, Shruti!

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.

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

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.

@@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.

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 ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-DTFD912ZJQg.html&pp=gAQBiAQB Asset impairment ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-lWMDdtHF4ZU.html&pp=gAQBiAQB Deferred tax ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-MvXAljQD4II.html&pp=gAQBiAQB GAAP vs non-GAAP ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ewzlgnGtfmg.html&pp=gAQBiAQB Deferred revenue ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-SNguYyKrqL4.html&pp=gAQBiAQB

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

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

@@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.

Ah

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

Thank you! :-)

Thank you! Glad you enjoyed it.

You're welcome! 😎

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.

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.

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: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-J_1F8GoLOI8.html&pp=gAQBiAQB

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

My general advice is to be "fluent" regarding any of the concepts explained in my Accounting 101 playlist: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-OYql7Y9NnBg.html&pp=gAQBiAQB

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

Thank you, Erick! Here are some links related to inventory. Inventory turnover ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-uhJV5fbVNYE.html Working capital explained ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-XvHAlui-Bno.html Asset impairment ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-lWMDdtHF4ZU.html FIFO LIFO ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-VickgxlajOM.html Enjoy!

Thanks!! 😊

Thank you, Abdullah! Will do!!!

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

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

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.

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

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: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-PI9X5Ybek_E.html 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!

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

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: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-DTFD912ZJQg.html

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

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

@@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.

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.

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

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"! ;-)

@@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.

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

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: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-XkBB32Bnobc.html

Thanks a lot 😊

My pleasure!

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