IFRS and US GAAP: similarities and differences

IFRS and US GAAPUS financial reporting will undergo an unprecedented level of change over the next several years

International Financial Reporting Standards (IFRS) have been affecting US companies for some time, whether through their business dealings with non-US customers and vendors that use IFRS or through their non-US subsidiaries' adoption of IFRS. Soon, US companies will feel an increasing effect of IFRS here at home as key aspects of United States generally accepted accounting principles (US GAAP) and IFRS continue to converge.