Reconciling US GAAP and IFRS (Experiment)

Per the ideas of "explore, experiment, explore" and the "lighthouse project showing the way"; here is a little project I am doing.

US GAAP and IFRS are two separate financial reporting schemes that have published XBRL taxonomies. The U.S. Securities and Exchange Commission accepts financial filings from operating companies that report in both US GAAP and IFRS. (See the XBRL taxonomies here)  

Both US GAAP and IFRS follow the double entry bookkeeping mathematical model and the accounting equation.  Each financial reporting scheme defines a set of high-level financial concepts that ties to some version of the accounting equation. US GAAP defines 10 such high level concepts and IFRS defines 8 such concepts in their conceptual frameworks.  You can map between the US GAAP and IFRS financial reporting schemes via those 10/8 concepts thus (here is a prototype of that on Kumu). 

VERY IMPORTANT NOTE! While the names of concepts like "assets", "liabilities", "equity", "investments by owners", "distributions to owners" have the same labels; the definitions can be different and so the terms are similes and not equivalent concepts. But there is a lot of utility in understanding this.

I broke those 10 US GAAP high level concept and 8 IFRS high level concepts down further.  I call these the fundamental accounting concepts and relations between those concepts.  See:

Here is another prototype where I was considering creating one set of fundamental accounting concepts, relations, and reporting styles because US GAAP and IFRS are so very similar but use different labels on what amounts to similar concepts.  Not sure what I am going to do here.

Here is additional information about US GAAP and IFRS that I have prototyped.  Each prototype has things that are superior in one reporting scheme as contrast to the other:

Here are prototype financial reporting scheme viewers:

Additional Information:

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