IFRS and US GAAP: similarities and differences - 2012 update

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10/18/2012 by Assurance services
IFRS and US GAAP: similarities and differences - 2012 update

At a glance

While the near-term use of IFRS in the US by public companies will not be required, IFRS remains and is becoming increasingly relevant to many US businesses. Companies will be affected by IFRS at different times and to a different degree, depending on factors such as size, industry, geography, M&A activity, and global expansion plans. To assist companies in understanding the current IFRS and US GAAP differences and the potential implications thereof, PwC has issued an updated edition of our popular guide, IFRS and US GAAP: similarities and differences.

While the near-term use of IFRS in the US by public companies will not be required, IFRS remains and is becoming increasingly relevant to many US businesses. Companies will be affected by IFRS at different times and to a different degree, depending on factors such as size, industry, geography, M&A activity, and global expansion plans. To assist companies in understanding the current IFRS and US GAAP differences and the potential implications thereof, PwC has issued an updated edition of our popular guide, IFRS and US GAAP: similarities and differences

This publication helps readers get a broad understanding of the major differences between IFRS and US GAAP today — as well as an appreciation for the level of change on the horizon. While not every difference between IFRS and US GAAP is covered here, the differences we generally consider to be the most significant and/or most common are spotlighted.

Changes for our 2012 edition include:

  • A revised introduction reflects the current status, likely next steps, and what companies should be doing now (see page 2);
  • More current analysis of the differences between IFRS and US GAAP — including an assessment of the impact embodied within the differences (starting on page 11); and
  • Details incorporating authoritative standards and interpretive guidance issued through September 1, 2012 (throughout).