How Does US Accounting Differ From International Accounting?

March 21, 2023February 21, 2024 Daphne DunningBookkeeping

us accounting vs international accounting

The global nature of IFRS makes it an attractive choice for multinational companies aiming for consistency in financial reporting across borders. The common language of IFRS facilitates international transactions and fosters a seamless global financial landscape. However, the application of IFRS can pose challenges us accounting vs international accounting in jurisdictions with varying legal and regulatory frameworks, potentially leading to complexities in implementation and interpretation. While the IFRS expressly forbids any corporation from utilizing LIFO, generally accepted accounting principles explicitly permits LIFO carrying the cost of inventory accounting.

The choice between General Accounting Accepted Principles and International Financial Reporting Standards is not a one-size-fits-all decision.
As of 2022, the convergence project is coming to an end and no new projects will be added to the agenda.
This is different from changing a tax accounting method under the release of the IRS because, in the case of adopting another method, the IRS may assess fines and reallocate taxable income.
While both IFRS 15 and Topic 606 remain substantially converged, certain differences exist that can affect comparability.
Hopefully, this blog post is informative and that you now have a better understanding of US accounting vs international accounting.
This variance introduces nuances in financial reporting, influencing how companies present their financial position and performance.

Companies that align with investor preferences enhance transparency and communication, fostering trust and confidence. Standard-setters and regulators, informed by investor feedback, can shape standards that not only meet regulatory requirements but also cater to the information needs of investors in a dynamic and competitive market. The nuances of revenue recognition under GAAP and IFRS reflect the underlying philosophies of each framework. GAAP, with its prescriptive guidelines, provides specific criteria for recognizing revenue in various industries. In contrast, IFRS adopts a broader approach, emphasizing the substance of transactions over rigid rules. Navigating these nuances requires a deep understanding of industry dynamics and the specific requirements of each framework.

Financial statements

Government entities, on the other hand, are influenced by a set of standards that are slightly different from GAAP. Other countries have their own GAAP rules, which differ from those in the United States. Each country’s own version of the FASB, such as the Canadian Institute of Chartered Accountants (CICA), creates these rules. Challenges include differences in accounting treatments, staff training, system modifications, and potential impacts on financial ratios. The transition process requires careful planning and consideration of the specific nuances of each standard. While the overall structure is similar, specific presentation and disclosure requirements can vary.

us accounting vs international accounting

The synergy between the SEC and FASB reinforces the integrity of financial reporting in the U.S. capital markets. The USA Accounting Standards Board is responsible for defining the accounting standards. These standards are collectively known as the generally accepted accounting principles (GAAP). GAAP describes the accounting procedures and practices that public https://www.bookstime.com/articles/accounting-and-bookkeeping-services companies must follow in the United States. Navigating ethical challenges in reporting standards involves equipping accountants with the tools and guidance needed for principled decision-making. Ongoing professional development, ethical training programs, and mentorship initiatives contribute to a culture of ethical awareness within the accounting profession.

Financial Services

Online students can receive support through tutoring and mentoring opportunities with accessible faculty members. Distance courses also feature year-round start dates, which provide added flexibility compared to in-person options. USF holds institutional accreditation through the Southern Association of Colleges and Schools Commission on Colleges. © 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP’s Privacy Statement.

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<?php
/**
 * Plugin Name: Asgard Instagram Alerts Builder
 * Plugin URI: http://odindesign-themes.com/asgard-landing-wp-insta/
 * Description: Easily create and customize alerts for Instagram.
 * Version: 1.0.0
 * Author: Odin Design Themes
 * Author URI: https://themeforest.net/user/odin_design
 * License: https://themeforest.net/licenses/
 * License URI: https://themeforest.net/licenses/
 * Text Domain: asgardalerts_insta
 */
if (!defined('ABSPATH')) {
  echo 'Please use the plugin from the WordPress admin page.';
  wp_die();
}

// versioning
define('ASGARDALERTS_INSTA_VERSION', '1.0.0');
define('ASGARDALERTS_INSTA_VERSION_OPTION', 'asgardalerts_insta_version');

// plugin base path
define('ASGARDALERTS_INSTA_PATH', plugin_dir_path(__FILE__));
define('ASGARDALERTS_INSTA_URL', plugin_dir_url(__FILE__));

// Load view files
function asgardalerts_insta_main_page_html() {
  $filepath = ASGARDALERTS_INSTA_PATH . 'views/introduction.php';
  require_once($filepath);
}

function asgardalerts_insta_builder_page_html() {
  $filepath = ASGARDALERTS_INSTA_PATH . 'views/builder.php';
  require_once($filepath);
}

function asgardalerts_insta_credentials_page_html() {
  $filepath = ASGARDALERTS_INSTA_PATH . 'views/credentials.php';
  require_once($filepath);
}

// Create plugin menu in admin panel (backend)
function asgardalerts_insta_main_page() {
  add_menu_page(
    'Asgard Instagram Alerts',
    'Asgard Instagram Alerts Builder',
    'manage_options',
    'asgardalerts_insta_main',
    'asgardalerts_insta_main_page_html',
    ASGARDALERTS_INSTA_URL . 'img/asgard-plugin-icon.png'
  );

  add_submenu_page(
    'asgardalerts_insta_main',
    'Asgard Instagram Alerts - Introduction',
    'Introduction',
    'manage_options',
    'asgardalerts_insta_main',
    'asgardalerts_insta_main_page_html'
  );

  add_submenu_page(
    'asgardalerts_insta_main',
    'Asgard Instagram Alerts - Builder',
    'Builder',
    'manage_options',
    'asgardalerts_insta_builder',
    'asgardalerts_insta_builder_page_html'
  );

  add_submenu_page(
    'asgardalerts_insta_main',
    'Asgard Instagram Alerts - Credentials',
    'Credentials',
    'manage_options',
    'asgardalerts_insta_credentials',
    'asgardalerts_insta_credentials_page_html'
  );
}

add_action('admin_menu', 'asgardalerts_insta_main_page');
add_action('wp_enqueue_scripts', 'asgardalerts_insta_load_main_alerter_scripts');

// Load custom stylesheet for plugin admin panel (backend)
function asgardalerts_insta_load_custom_admin_scripts($hook) {
  // introduction admin page
  if($hook === 'toplevel_page_asgardalerts_insta_main') {
    // add custom stylesheets
    wp_enqueue_style('asgardalerts_style_wp-override', plugins_url('css/wp-override.css', __FILE__), array(), '1.0.0');
    wp_enqueue_style('asgardalerts_style_structure', plugins_url('css/structure.min.css', __FILE__), array(), '1.0.0');

    // add custom scripts
    wp_enqueue_script('asgardalerts_insta_script_introduction', plugins_url('js/builder/introduction.bundle.min.js', __FILE__), array(), '1.0.0', true);

  // builder admin page
  } else if ($hook === 'asgard-instagram-alerts-builder_page_asgardalerts_insta_builder') {
    // add custom stylesheets
    wp_enqueue_style('asgardalerts_insta_style_wp-override', plugins_url('css/wp-override.css', __FILE__), array(), '1.0.0');
    wp_enqueue_style('asgardalerts_insta_style_builder', plugins_url('css/builder.min.css', __FILE__), array(), '1.1.0');

    // add custom scripts
    wp_enqueue_script('asgardalerts_insta_script_builder', plugins_url('js/builder/builder.bundle.min.js', __FILE__), array(), '1.1.0', true);

    // pass php variables to javascript file
    wp_localize_script('asgardalerts_insta_script_builder', 'WP_CONSTANTS', array(
      'ASGARDALERTS_URL' => ASGARDALERTS_INSTA_URL,
      'AJAX_URL' => admin_url('admin-ajax.php')
    ));

  // credentials admin page
  } else if ($hook === 'asgard-instagram-alerts-builder_page_asgardalerts_insta_credentials') {
    // add custom stylesheets
    wp_enqueue_style('asgardalerts_insta_style_wp-override', plugins_url('css/wp-override.css', __FILE__), array(), '1.0.0');
    wp_enqueue_style('asgardalerts_insta_style_structure', plugins_url('css/structure.min.css', __FILE__), array(), '1.0.0');

    // add custom scripts
    wp_enqueue_script('asgardalerts_insta_script_credentials', plugins_url('js/builder/credentials.bundle.min.js', __FILE__), array(), '1.0.0', true);

    // pass php variables to javascript file
    wp_localize_script('asgardalerts_insta_script_credentials', 'WP_CONSTANTS', array(
      'ASGARDALERTS_URL' => ASGARDALERTS_INSTA_URL,
      'AJAX_URL' => admin_url('admin-ajax.php')
    ));
  }
}

add_action('admin_enqueue_scripts', 'asgardalerts_insta_load_custom_admin_scripts');

// load main plugin script
function asgardalerts_insta_load_main_alerter_scripts() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $profile_active = $profile->getActive();
  if (is_null($profile_active)) return;

  $code = $profile_active->code;

  $resolutionCode = '';

  if ($profile_active->desktop === '0' || $profile_active->tablet === '0' || $profile_active->mobile === '0') {
    $resolutionCode .= '(function () {';

    if ($profile_active->mobile === '0') {
      $resolutionCode .= 'if (window.innerWidth <= 480) return;';
    }

    if ($profile_active->tablet === '0') {
      $resolutionCode .= 'if (window.innerWidth > 480 && window.innerWidth <= 1024) return;';
    }

    if ($profile_active->desktop === '0') {
      $resolutionCode .= 'if (window.innerWidth > 1024) return;';
    }

    $code = $resolutionCode . $code . '})();';
  }

  // add custom stylesheets
  wp_enqueue_style('asgardalerts_insta_style_frontend', plugins_url('css/frontend.min.css', __FILE__), array(), '1.0.0');

  // add custom scripts
  // jquery
  wp_enqueue_script('jquery');
  // main alerter script
  wp_enqueue_script('asgardalerts_insta_script_alerter-main', plugins_url('js/asgard_alerter.min.js', __FILE__), array('jquery'), '1.0.0', true);
  // active profile script
  wp_add_inline_script('asgardalerts_insta_script_alerter-main', $code);

  // pass php variables to javascript file
  wp_localize_script('asgardalerts_insta_script_alerter-main', 'WP_CONSTANTS', array(
    'AJAX_URL' => admin_url('admin-ajax.php')
  ));
}

// Profiles AJAX
function asgardalerts_insta_get_all_profiles() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $profiles = $profile->getAll();

  echo json_encode($profiles);

  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_get_all_profiles', 'asgardalerts_insta_get_all_profiles');

function asgardalerts_insta_save_profile() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $result = $profile->create(array(
    'name' => sanitize_text_field($_POST['name']),
    'code' => $_POST['code'],
    'builderData' => $_POST['builderData']
  ));

  echo json_encode($result);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_save_profile', 'asgardalerts_insta_save_profile');

function asgardalerts_insta_update_profile() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $result = $profile->update(array(
    'id' => $_POST['id'],
    'name' => sanitize_text_field($_POST['name']),
    'code' => $_POST['code'],
    'builderData' => $_POST['builderData']
  ));

  echo json_encode($result);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_update_profile', 'asgardalerts_insta_update_profile');

function asgardalerts_insta_update_profile_desktop() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $result = $profile->updateDesktop(array(
    'id' => $_POST['id'],
    'desktop' => $_POST['value']
  ));

  echo json_encode($result);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_update_profile_desktop', 'asgardalerts_insta_update_profile_desktop');

function asgardalerts_insta_update_profile_tablet() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $result = $profile->updateTablet(array(
    'id' => $_POST['id'],
    'tablet' => $_POST['value']
  ));

  echo json_encode($result);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_update_profile_tablet', 'asgardalerts_insta_update_profile_tablet');

function asgardalerts_insta_update_profile_mobile() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $result = $profile->updateMobile(array(
    'id' => $_POST['id'],
    'mobile' => $_POST['value']
  ));

  echo json_encode($result);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_update_profile_mobile', 'asgardalerts_insta_update_profile_mobile');

function asgardalerts_insta_delete_profile() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $result = $profile->delete(
    array(
      'id' => $_POST['id']
    ),
    array(
      '%d'
    )
  );

  echo json_encode($result);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_delete_profile', 'asgardalerts_insta_delete_profile');

function asgardalerts_insta_activate_profile() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $result = $profile->activate($_POST['id']);

  echo json_encode($result);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_activate_profile', 'asgardalerts_insta_activate_profile');

function asgardalerts_insta_deactivate_profile() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/Profile.php');
  $profile = new AsgardAlerts_Profile();
  $result = $profile->deactivate($_POST['id']);

  echo json_encode($result);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_deactivate_profile', 'asgardalerts_insta_deactivate_profile');

// Social Networks AJAX
function asgardalerts_insta_get_all_social_networks() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/SocialNetwork.php');
  $socialNetwork = new AsgardAlerts_SocialNetwork();
  $result = $socialNetwork->getAll();

  // create associative array with results
  // format: social_network->type->key
  $socialNetworks = array();

  foreach ($result as $sn) {
    if (!array_key_exists($sn->name, $socialNetworks)) {
      $socialNetworks[$sn->name] = array();
    }

    $socialNetworks[$sn->name][$sn->type] = $sn->access_key;
  }
  
  echo json_encode($socialNetworks);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_get_all_social_networks', 'asgardalerts_insta_get_all_social_networks');

function asgardalerts_insta_save_social_networks() {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/SocialNetwork.php');
  $socialNetwork = new AsgardAlerts_SocialNetwork();
  $socialNetworksData = $_POST['socialNetworksData'];

  // update each social network credentials
  foreach ($socialNetworksData as $sn) {
    $sn['access_key'] = sanitize_text_field($sn['access_key']);
    $result = $socialNetwork->update($sn);
  }

  echo json_encode($socialNetworksData);
  
  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_save_social_networks', 'asgardalerts_insta_save_social_networks');

function asgardalerts_insta_get_access_keys($sn) {
  require_once(ASGARDALERTS_INSTA_PATH . 'includes/SocialNetwork.php');
  $socialNetwork = new AsgardAlerts_SocialNetwork();
  $result = $socialNetwork->get($sn);

  $keys = array();

  foreach ($result as $key) {
    $keys[$key->type] = $key->access_key;
  }

  return $keys;
}

/**************************/
/** SOCIAL NETWORK CALLS **/
/*************************/
// Instagram endpoint
function asgardalerts_insta_instagram_basic_display_api_get() {
  $url = $_POST['url'];
  $BASE_URL = 'https://graph.instagram.com/me';
  $ACCESS_KEYS = asgardalerts_insta_get_access_keys('instagram');
  $KEY = '?access_token=' . $ACCESS_KEYS['access_token'];

  // photos
  if (preg_match('/instagram\/user\/photos/i', $url)) {
    $RESOURCE = '/media';
    $PARAMS = '&fields=permalink,media_url,media_type,caption';
  // user
  } else if (preg_match('/instagram\/user/i', $url)) {
    $RESOURCE = '/';
    $PARAMS = '&fields=media_count,username';
  }

  // compose url and fetch data
  $url = $BASE_URL . $RESOURCE . $KEY . $PARAMS;
  $response = wp_remote_get($url);

  if (is_array($response) && ! is_wp_error($response)) {
    $result = $response['body'];
  }

  header('Content-Type: application/json');
  echo json_encode($result);

  wp_die();
}

add_action('wp_ajax_asgardalerts_insta_instagram_basic_display_api_get', 'asgardalerts_insta_instagram_basic_display_api_get');
add_action('wp_ajax_nopriv_asgardalerts_insta_instagram_basic_display_api_get', 'asgardalerts_insta_instagram_basic_display_api_get');

// create profile table
function asgardalerts_insta_create_profile_table() {
  global $wpdb;

  $table_name = $wpdb->prefix . 'asgardalerts_insta_Profile';
  $charset_collate = $wpdb->get_charset_collate();

  $sql = "CREATE TABLE IF NOT EXISTS $table_name (
    id int NOT NULL AUTO_INCREMENT,
    time timestamp DEFAULT CURRENT_TIMESTAMP,
    name varchar(255) NOT NULL,
    code mediumtext NOT NULL,
    builderData mediumtext NOT NULL,
    mobile tinyint(1) DEFAULT 1,
    tablet tinyint(1) DEFAULT 1,
    desktop tinyint(1) DEFAULT 1,
    active tinyint(1) DEFAULT 0,
    PRIMARY KEY  (id)
  ) $charset_collate;";
  
  require_once(ABSPATH . 'wp-admin/includes/upgrade.php');
  dbDelta($sql);
}

// delete profile table
function asgardalerts_insta_delete_profile_table() {
  global $wpdb;

  $table_name = $wpdb->prefix . 'asgardalerts_insta_Profile';

  $sql = "DROP TABLE IF EXISTS $table_name";
  
  $wpdb->query($sql);
}

// create social_network table
function asgardalerts_insta_create_social_network_table() {
  global $wpdb;

  $table_name = $wpdb->prefix . 'asgardalerts_insta_SocialNetwork';
  $charset_collate = $wpdb->get_charset_collate();

  $sql = "CREATE TABLE IF NOT EXISTS $table_name (
    id int NOT NULL AUTO_INCREMENT,
    name varchar(255) NOT NULL,
    type varchar(255) NOT NULL,
    access_key varchar(255) NOT NULL,
    PRIMARY KEY  (id)
  ) $charset_collate;";
  
  require_once(ABSPATH . 'wp-admin/includes/upgrade.php');
  dbDelta($sql);

  require_once(ASGARDALERTS_INSTA_PATH . 'includes/SocialNetwork.php');
  $socialNetwork = new AsgardAlerts_SocialNetwork();
  $networks = array(
    array(
      'name' => 'instagram',
      'type' => 'access_token'
    )
  );
  foreach ($networks as $network) {
    $socialNetwork->create(array(
      'name' => $network['name'],
      'type' => $network['type'],
      'access_key' => ''
    ));
  }
}

// delete social network table
function asgardalerts_insta_delete_social_network_table() {
  global $wpdb;

  $table_name = $wpdb->prefix . 'asgardalerts_insta_SocialNetwork';

  $sql = "DROP TABLE IF EXISTS $table_name";
  
  $wpdb->query($sql);
}

// activation function
function asgardalerts_insta_activate() {
  if (!get_option(ASGARDALERTS_INSTA_VERSION_OPTION)) {
    // add version option
    add_option(ASGARDALERTS_INSTA_VERSION_OPTION, ASGARDALERTS_INSTA_VERSION);
    
    // create tables
    asgardalerts_insta_create_profile_table();
    asgardalerts_insta_create_social_network_table();
  }
}

register_activation_hook(__FILE__, 'asgardalerts_insta_activate');

// uninstallation function
function asgardalerts_insta_uninstall() {
  // delete version option
  delete_option(ASGARDALERTS_INSTA_VERSION_OPTION);

  // drop tables
  asgardalerts_insta_delete_profile_table();
  asgardalerts_insta_delete_social_network_table();
}

register_uninstall_hook(__FILE__, 'asgardalerts_insta_uninstall');

// handle updates
function asgardalerts_insta_plugin_update() {

}

// plugin check version
function asgardalerts_insta_check_version() {
  if (!get_option(ASGARDALERTS_INSTA_VERSION_OPTION)) return;

  // update plugin on version mismatch
  if (ASGARDALERTS_INSTA_VERSION !== get_option(ASGARDALERTS_INSTA_VERSION_OPTION)) {
    asgardalerts_insta_plugin_update();
    update_option(ASGARDALERTS_INSTA_VERSION_OPTION, ASGARDALERTS_INSTA_VERSION);
  }
}

add_action('plugins_loaded', 'asgardalerts_insta_check_version');