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IFRS® Standards compared to US GAAP

IFRS® Standards compared to US GAAP

Your guide to the significant differences between IFRS and US GAAP.

Your guide to the significant differences between IFRS and US GAAP.

Mind the growing gap

Over the past five years, companies have faced unprecedented accounting change under both IFRS Standards and US GAAP – with major new standards on revenue, leases, financial instruments and insurance.

For IFRS Standards, implementation efforts are complete, except for insurance. For US GAAP, however, only the revenue standard is fully effective in annual periods. Adding to this complexity, the FASB has long used different effective dates for public and non-public companies, sometimes with a separate distinction for SEC filers.

Both the International Accounting Standards Board and the FASB have now shifted most of their efforts to maintenance and research activities. Despite ongoing liaison between the two Boards, each is focused on meeting its own constituents’ needs, rather than on convergence. The gap between the two sets of standards may indeed be growing.

Against this backdrop, we are pleased to publish this new edition (PDF 3 MB) of our comparison of IFRS Standards and US GAAP, based on 2019 calendar year ends. 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, specific application guidance or practice.

The focus of this publication is primarily on recognition, measurement and presentation. However, it also covers areas that are disclosure-based, such as segment reporting.

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