IFRS and US GAAP: similarities and differences: September 2009

Download IFRS and US GAAP: similarities and differences: September 2009.

Updated 2009 edition

Much has changed over the past year — market conditions, near-term convergence between IFRS and US GAAP, and the issuance of important new standards. IFRS is affecting US and non-US companies in a variety of ways and this will increase as non-US subsidiaries adopt IFRS elsewhere in the world and as key aspects of US GAAP and IFRS continue to converge.

The new edition of IFRS and US GAAP: similarities and differences will help companies develop 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 retaining the primary successful attribute of earlier editions - succinct, clear descriptions of the similarities and differences between the reporting methods and subsequent impacts on companies - the 2009 edition has been updated to include:

• Commentary and insight on recent and proposed guidance, including developments pertaining to the overall convergence agenda;
• More detailed analysis of current differences between the frameworks including an assessment of the impact embodied within the differences;
• An overview of the new IFRS for Small and Medium-sized Entities (IFRS for SMEs) standard;
• Report on the US GAAP codification project; and
• Updates incorporating authoritative standards and interpretive guidance issued through June 30, 2009.

Readers will gain an understanding of these issues and what their next steps should be to ensure their organizations effectively address current and future conversion-related changes.

For further exploration of the similarities and differences between IFRS and US GAAP, please also visit our IFRS Video Learning Center.