Comparing U.S. GAAP & IFRS systems, an example of application

This study includes; information about the historical progression of U.S. GAAP and IFRS, provides; descriptions of the certain outstanding similarities and differences between the two regulation systems on the basis of assets, liabilities, income, expenditures, valuation, broad transactions, reporting, presentation, and displays; the certain similarities and differences between the two systems with a practice example study via the recording and reporting. In conclusion of evaluations, it is thought that U.S. GAAP regulations generally provide more detailed content with company/industry perspectives and are prepared with rule base approach, and IFRS regulations on the other hand are prepared more likely with investor's perspectives and on wholistic standards basis. Key Words:U.S. GAAP, IFRS, Assets, Liabilities, Income, Expenditures, Broad Transactions, Presentation, Practice Example