We recently hosted an 'IFRS Compared to US GAAP' event with speakers sharing their knowledge and insights into matters and challenges with US GAAP from technical, investor and regulators viewpoints as compared to IFRS.
From a technical perspective, we focused on general differences between the two frameworks as well as specific topics including share based compensation, intangible assets, income taxes, and newly implemented accounting standards.
From an investor viewpoint, our speaker took us through the rules vs. principles based complexities of the two frameworks as well as a discussion on the lack of convergence. Additionally, we looked at the split of entities reporting under IFRS or US GAAP and the rationale of applying one framework over the other, including the involvement of their respective regulators.
Lastly, regulator influences from the SEC, FASB, and PCAOB were discussed, including the various methods of communication and adoption of changes posed by the regulators into the US GAAP framework. Special purpose acquisition companies were also briefly mentioned.