Ultimately, the "accurate" financial statements preparation for your business would depend on your unique requirements and preferences. It's advisable to conduct research, compare offerings, and potentially consult with professionals to determine the most suitable service provider for your needs. If you want accurate US GAAP Financial Statements preparation, then you should give a thought of going for Contetra Private Limited. They will give you the best advice in the preparation of financial statements for the year as per Ind AS/IFRS/US GAAP, which shall include the Statement of Financial Position, Statement of Profit and Loss and Other Comprehensive Income, Statement of Cash Flows, Statement of Changes in Equity for the period, Notes to accounts, Comparatives and opening balance sheet of the previous period. Contact us now to know more about our services and expertise.

1. What are the Differences Between US GAAP
and IFRS Financial Statement?

2. Content
Standard-Setting Bodies
Conceptual Framework
Specificity
Presentation of Financial Statements
Inventory Valuation
Research and Development Costs
Conclude
Contact details

3. Standard-Setting Bodies
US GAAP: Developed by the Financial
Accounting Standards Board (FASB).
IFRS: Developed by the International
Accounting Standards Board (IASB).

4. Conceptual Framework
US GAAP: Relies on a detailed conceptual framework that provides specific guidance
on various accounting issues.
IFRS: Provides a less detailed conceptual framework, allowing for more judgment and
interpretation in certain areas.

5. Specificity
US GAAP: Generally more detailed and rule-based, with specific guidance for various
industries and transactions.
IFRS: Generally principles-based, providing broader guidelines and requiring more
judgment and interpretation.

6. Presentation of Financial Statements
US GAAP: Allows for multiple formats for the income statement (single-step or multi-
step), and does not require a statement of comprehensive income.
IFRS: Requires a statement of comprehensive income and follows a single-step format
for the income statement.

7. Inventory Valuation
US GAAP: Permits the use of various inventory valuation methods, such as
LIFO (Last-In, First-Out).
IFRS: Does not allow the use of LIFO, instead mandating the use of FIFO (First-
In, First-Out) or weighted average cost methods.

8. Research and Development Costs
US GAAP: Generally, research costs
are expensed as incurred, while
development costs can be capitalized
under certain circumstances.
IFRS: Development costs can be
capitalized if specific criteria are met,
but research costs are always
expensed.

9. Conclude
Ultimately, the "accurate" financial statements preparation for your business would depend on your
unique requirements and preferences. It's advisable to conduct research, compare offerings, and
potentially consult with professionals to determine the most suitable service provider for your needs. If
you want accurate US GAAP Financial Statements preparation, then you should give a thought of going
for Contetra Private Limited.
They will give you the best advice in the preparation of financial statements for the year as per Ind
AS/IFRS/US GAAP, which shall include the Statement of Financial Position, Statement of Profit and Loss
and Other Comprehensive Income, Statement of Cash Flows, Statement of Changes in Equity for the
period, Notes to accounts, Comparatives and opening balance sheet of the previous period. Contact us
now to know more about our services and expertise.

10. Contact Details
Website : https://contetra.com/technical-accounting-international-gaap-
advisory-services/
Email Id : Tejas.savla@contetra.com
Phone No : 9833818857