Understanding accounting standards is crucial for anyone involved in financial accounting. Some countries have shifted from U.S. GAAP to IFRS, leading to confusion among users. The main focus of these standards is on defining, recognizing, measuring, classifying, reporting, and disclosing financial transactions. However, many practitioners and academics struggle to grasp the differences between the two sets of standards. This article specifically addresses the challenges related to accounting for fixed assets under both US GAAP and IFRS.