Introduction
The IFRS are accounting standards, rules and principles that were introduced by an independent organization in the United Kingdom, known as the International Accountants Standards Board. They have been adopted in many countries over the recent years. In every country there is the Generally Accepted Accounting Principles (GAAP) that the company accountants have to adhere to in the preparation of financial statements.
Leases and Pensions
There are certain differences between U.S GAAP and IFRS when it comes to pensions and leases. The guidelines for the IFRS on leases are detailed under IAS 17. When it comes to the minimum lease payments, in ...