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What are the differences between French and American education systems?

What are the major differences between American and European accounting systems?

  • I don't know much about American accounting system, and I am wondering what can be so different (and they say there are differences), since there are international standards that have to be met in any event.

  • Answer:

    The basics of accounting systems work the same in the US and EU, all accounting systems are based on double entry bookkeeping. The differences would come in financial reporting because there are some differences in IFRS (EU) and GAAP (US) accounting standards. PWC put out a pretty nice comparison of IFRS and GAAP at https://www.pwc.com/en_US/us/issues/ifrs-reporting/publications/assets/ifrs-and-us-gaap-similarities-and-differences-2013.pdf.

Wray Rives at Quora Visit the source

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There're not real differences, and I know what we're talking about :-) Basically, it a debit/credit system with accounts. At some point, the debit/credit shall equal 0. But I think it's about the same in Thailand or Peru. The only difference relies in account numbers.

Alain Mevellec

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