A changing focus
Both the FASB and the IASB believe that the era of sweeping accounting change has come to an end, for now, and both are committed to helping companies implement the new major standards.
Although they will continue to make incremental changes to their respective GAAPs, convergence is not a continuing priority, and there are no formal joint FASB-IASB projects currently planned. Instead, there’s a change in focus to enhancing transparency through better communication between companies and the users of their financial statements, such as investors and analysts.
Against this backdrop, we are pleased to publish this 2017 edition (PDF 3 MB) of our comparison of IFRS and US GAAP, which highlights the key differences between the two frameworks. If you’re a preparer, it may help you to identify areas to emphasise in your financial statements; if you’re a user, it may help you spot areas to focus on in your dialogue with preparers.
Understanding the differences
This guide does not discuss every possible difference; rather, it is a summary of those areas encountered frequently where the principles differ or where there is a difference in emphasis or specific application guidance.
The focus of this publication is primarily on recognition, measurement and presentation. However, areas that are disclosure-based, such as segment reporting, are also covered.