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Facing COVID-19 challenges

In 2020, nothing in the world was left untouched by the effects of COVID-19, including the standard-setting agenda. After more than five years of unprecedented accounting change under both IFRS Standards and US GAAP, timelines were extended and the International Accounting Standards Board and the FASB provided targeted guidance offering some accounting relief.

As the 2020 reliefs continue to demonstrate, the effective dates of different requirements play a key role in understanding the GAAP differences at any particular point in time.

The new edition (PDF 1.8 MB) of our comparison of IFRS Standards and US GAAP highlights the key differences between the two frameworks, based on 2020 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.