₦airaland Forum

Karmanaut:
So what's the difference between the two?

That I don't really know, the only thing I know is that GAAP is rule base while IFRS is guideline based

Karmanaut:
I think the reason is the same reason why you can read the sentences of the people in the USA, and the reason why any programmer can (usually) read the code of another programmer, as long as it was written in a language they're both proficient in.

Reason is: They both use the same format/syntax.
The same way you write a sentence is the same way an American would;
The same way you prepare a balance sheet is the same way an accountant anywhere in the world would even though the currencies might differ;
The same way you wash plates is the same way someone else where would;
The same way you'd have sex is the same way someone in Greece would; the process is universal, no matter the currency, language or gender.

Hope this helps.
Cheers.

NB:
I am not a commercial student, I have no experience at all, just applying common sense.

Well said bro.... But there is standard for it and US and Nigeria doesn't use the same.... US uses Ganeral Accepted Accounting Principle (GAAP) and Nigeria uses Statement of Accounting Standards (SAS) and later Adopted International Financial Reporting Standard (IFRS)

gentlesinna:
Use ur heaad

Please help me bro

Please fellow Niralander, I have this Assignment and I've been searching the Internet for the correct answer but all to no avail.

Question: Reasons why a Nigerian accountant can interpret a financial statement prepared by an accountant in USA?

Please I really need your helps Brothers/Sisters