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IFRS and US GAAP: similarities and differences (pdf file 908 kB)
NEW: Updated 2011 edition
In December 2010, the SEC announced that by the end of this year it planned to decide on next steps regarding whether, when, and how IFRS should be incorporated into the US financial reporting system. In the meantime, the FASB and the IASB continue to deliberate key convergence projects, which they plan to finalize in the latter half of 2012.
Although the future of IFRS in the US financial reporting system is uncertain, IFRS already affects US companies today due to cross-border mergers and acquisitions, business dealings with non-US customers and vendors, and as a consequence of the adoption of IFRS for statutory purposes by non-US subsidiaries.
It's not easy keeping track of what's changing and how, but this publication can help. Changes for 2011 include:
This continues to be one of PwC's most-read publications, and we are confident the 2011 edition will further your understanding of these issues and potential next steps.
For further exploration of the similarities and differences between IFRS and US GAAP, please also visit our IFRS Video Learning Center.