Employee Benefits IFRS and US GAA
At Armstrong, we also assist global clients who require reporting based on International standards such as IFRS and US GAAP
IFRS (IAS 19)
The IAS 19 (International Accounting Standards) 19 is an accounting standard under the International Financial Reporting Standards, known as IFRS, are widely used in over 115 countries, and is based on years of accounted and consolidated principles.
Currently, IAS 19 (2011), which came into circulation in 2011 is applicable to all annual periods after Jan 1 2013, and succeeds all previous versions of the IAS 19 standards.
Our IFRS employee benefits practice has helped several major corporations having multi-national operations establish a uniform model for their reporting requirements.
US GAAP (ASC 715)
U.S. Generally Accepted Accounting Principles (GAAP)
The US GAAP accounting standards published by The Financial Accounting Standards Board (FASB) in collaboration with the United States Securities Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA). The retirement benefits are particularly covered by titles ASC 715 of the U.S. GAAP Standards.
The U.S. GAAP Standard which is considered more "rules based”, and is mandated for enterprises reporting within the U.S.A who are not eligible to use the IFRS standards adopted across the world.