1. In the calculation method of inventory cost, IFRS stipulates that the LIFO method is prohibited. American GAAP stipulates that LIFO method can be used.
2. Regarding the reversal of inventory impairment, international financial reporting standards stipulate that it needs to be reversed when certain conditions are met. American GAAP stipulates that it cannot be reversed.
3. In the classification of interest receipts and payments in the cash flow statement, international financial reporting standards can include cash flows from operating activities, investment activities or financing activities. American GAAP stipulates that it must be classified as a business activity.
4. In the construction contract where the proportion of the project cannot be determined, the International Financial Reporting Standards stipulate the cost recovery method. American GAAP stipulates the method of contract completion.
Extended data:
The contents of the accounting system for small enterprises are:
I. Overview
(a) in order to standardize the accounting of small enterprises and improve the quality of accounting information, this system is formulated in accordance with the Accounting Law of People's Republic of China (PRC), the Regulations on Financial Accounting Reporting of Enterprises and other relevant laws and regulations.
(2) This system is applicable to small enterprises established in People's Republic of China (PRC) without raising foreign capital. The term "small enterprises that do not raise funds externally" as mentioned in this system refers to enterprises that do not publicly issue stocks or bonds.
Small enterprises that meet the definition in the Interim Provisions on the Standards for Small and Medium-sized Enterprises formulated by the former State Economic and Trade Commission, the former State Planning Commission, the Ministry of Finance and the National Bureau of Statistics in 2003 (State Economic and Trade Small and Medium-sized Enterprises [2003] 143) do not include small enterprises established in the form of individual proprietorship and partnership.
(three) small enterprises that meet the requirements of this system can conduct accounting in accordance with this system, or they can choose to implement the enterprise accounting system.
1. Small enterprises accounting according to this system cannot choose to implement the relevant provisions of the Accounting System for Business Enterprises while implementing this system; Small enterprises that choose to implement the enterprise accounting system cannot choose to implement the relevant provisions of this system while implementing the enterprise accounting system.
2. In the case that the parent company and subsidiaries in the group company belong to different scales, in order to unify accounting policies and consolidated statements, small enterprises in the group should implement the Accounting System for Business Enterprises.
3 according to the accounting system of small enterprises, if you need to publicly issue stocks or bonds, should be converted into the implementation of enterprise accounting system; If the business scale changes for three consecutive years and fails to meet the standards of small enterprises, it should be transferred to the implementation of the accounting system for commercial enterprises.
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