US GAAP vs Sg GAAP

[foofam77]

any accounting experts out there to advise or pin-point to reliable research sources?

have been trying to find out the diferences in US vs Sg GAAP from the internet..

but was unable to find any meaningful articles or papers.

thanks

[30++]

Singapore uses IFRS. It has many areas that are different from US GAAP. It is so complex that accounting firms have different team to handle them.

The good thing is there is an ongoing project to converge the two standards. So, hopefully, there is not much difference in the future.

[meatball]

Hi foofam,

are you doing a research for your studies or personal interest?

Globally, there are two different class of accounting standards.
IFRS and US GAAP.
Sg uses FRS which are adopted from IFRS.

Countries following IFRS includes the EU, Sg, Msia, China, HK, Australia etc.
Countries following US GAAP includes US, Canada, Japan, Taiwan etc.

There are convergent exercise to convere between the two standards and alot of countries have been switching to IFRS. Canada will start applying IFRS for accounting period beginning on and after 1 Jan 2011. Japan will make a decision on whether to switch to IFRS soon.

I had been trained in IFRS and not US GAAP, I am not an expert in US GAAP, but I can discuss with you on FRS.

I am sure local uni teaches FRS but does local uni teaches US GAAP in the current syllabus?
It is easy to find someone well versed in FRS locally and a handful who are well versed in US GAAP who are most likely to have an US education but to be an expert in both is a rare breed.

It is not easy to find an expert in both FRS and US GAAP here, there may be some in the audit firms but are a handful I guess.

[dowz]

What is the purpose of your research?

there are exercises to harmonize the 2 standards between IFRS and US GAAP - one example is the renaming of Balance Sheets to Statement of financial position.