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GAAP vs. IFRS: Stockholders' Equity definitions

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  • GAAP
    A set of accounting rules established by FASB, primarily used in the United States for financial reporting.
  • IFRS
    International accounting standards developed by the IASB, used globally for financial statement preparation.
  • FASB
    The U.S. organization responsible for creating and updating generally accepted accounting principles.
  • IASB
    The international body that develops and issues International Financial Reporting Standards.
  • Stockholders' Equity
    The residual interest in a company's assets after deducting liabilities, including paid-in capital and retained earnings.
  • Paid-in Capital
    Funds contributed by shareholders through the purchase of stock, including common and preferred shares.
  • Treasury Stock
    Shares that were issued and later reacquired by the company, reducing total stockholders' equity.
  • Retained Earnings
    Accumulated net income not distributed as dividends, often included in reserves under IFRS.
  • Reserves
    Under IFRS, items in equity not classified as paid-in capital, such as retained earnings and revaluation accounts.
  • Revaluation Accounts
    Equity accounts under IFRS reflecting adjustments from revaluing long-term assets.
  • Comprehensive Income
    Total change in equity from net income and other complex items not included in net income.
  • Net Income
    The profit remaining after all expenses, taxes, and costs are subtracted from total revenue.
  • Earnings Per Share
    A financial metric showing the portion of a company's profit allocated to each outstanding share.
  • Prior Period Adjustments
    Corrections to previously issued financial statements, typically affecting retained earnings.
  • Change in Accounting Principle
    A switch in accounting methods, such as from weighted average to FIFO, requiring retroactive adjustments.