Abstract:
The article focuses on research of the rules of accounting and financial reporting under domestic GAAP in countries that did not adopt IFRS application for public companies. As the objects of research the author chose 5 countries-the G20 members that play the dominant roles in determination of international economic and social policies: The USA, Japan, China, India and Indonesia. Refusal of IFRS mandatory adoption by public companies is determined as a criterion of the objects selection. Domestic GAAP are characterized, government officials providing their development and adoption are considered, as well as certain exceptions of GAAP application in favor of IFRS are distinguished. The paper compares basic rules of accounting and financial reporting under domestic GAAP and IFRS.