US GAAP convergence & IFRS industry publications

Below is a sampling of our industry-specific publications pertaining to US GAAP convergence and IFRS in the US. For additional publications covering other topics in your industry, please select your industry from the "industry sectors" selector above, or visit our industries page. At the bottom of this page is a link to our global IFRS industry publications, which primarily address companies in countries already reporting in IFRS but which may present useful content for US companies as well.

Aerospace & defense

What new accounting standards will mean for the aerospace and defense industry
To keep pace with them, companies need to start preparing now. Due to the specialized nature of US GAAP guidance for A&D companies, there may be complex considerations in successfully implementing converged standards and ultimately transitioning to IFRS.

Asset management

Similarities and differences: A comparison of US GAAP and IFRS for investment companies
The conversion from US GAAP to IFRS brings a long list of technical accounting changes. This publication is designed to provide a broad understanding of the major differences between US GAAP and IFRS as it pertains to investment companies.

Movement towards IFRS: What is the potential impact on processes, systems and controls for investment companies
The transition from US GAAP to IFRS grows closer and, although timeframe is not set yet, there are important operational considerations that investment companies should be thinking about now to ensure a smooth conversion. This point of view discusses those considerations, and steps you can be taking now to best position your organization.

Automotive

Revenue recognition and the automotive industry: Shifting into a new gear
The automotive industry can expect significant changes to the current revenue recognition models under U.S. GAAP and IFRS. This publication introduces the primary steps in the proposed revenue recognition model and explores the potential impact on key areas affecting the automotive industry.

Chemicals

Distilling IFRS for the chemicals industry
International Financial Reporting Standards (IFRS) will likely be adopted in the US in the near future. This is a change that will impact global and domestic companies alike and will see the elimination of US Generally Accepted Accounting Principles (US GAAP) for public companies.

This paper discusses the impact on the chemicals industry. Adoption may be a smooth transition for some companies, but our experience shows it's likely to be complex for most. A successful transition to IFRS extends far beyond finance and accounting functions, involving departments such as human resources, investor relations, business development, tax, treasury and information technology (IT).

Energy, utilities & mining

Application of IFRS to rate regulations in North American utilities companies
This paper provides a history of regulatory accounting and IFRS, explains the challenges of supporting regulatory accounting within the IFRS Framework, and highlights important next steps for North American regulated utilities in evaluating the path forward.

Energy insights: Getting into step with IFRS
PwC US energy sector whitepaper outlining considerations for the transition from US GAAP to IFRS that takes into account the ways energy companies must account for critical items such as exploration and production costs; depletion, depreciation and amortization; inventory; joint ventures; and reserves.

Engineering & construction

Engineering change: Constructive thinking for the construction industry
This paper discusses the impact of IFRS on the engineering and construction sector, and what is required to transition successfully.

Forest, paper & packaging

Navigating the move to IFRS for the US forest, paper and packaging industry
International Financial Reporting Standards (IFRS) will likely be adopted in the US in the near future. This is a change that will impact global and domestic companies alike and will see the elimination of US Generally Accepted Accounting Principles (US GAAP) for public companies.

This paper discusses the impact on the forest, paper and packaging (FPP) industry. Adoption may be a smooth transition for some companies, but our experience shows it's likely to be complex for most. A successful transition to IFRS extends far beyond finance and accounting functions, involving departments such as human resources, investor relations, business development, tax, treasury and information technology (IT).

Insurance

Turning risk into reward: Gearing up for a new world order in financial reporting, risk management, and capital management
The PwC insurance practice has created this white paper, which specifically addresses: convergence toward an economic framework for evaluating solvency, reporting earnings, and measuring performance; the competitive impact of Solvency II; and, the complexities of IFRS Phase II.

Metals

Forging solutions: Examining international financial reporting standards for the US metals industry.
The United States is about to adopt a new accounting language. International Financial Reporting Standards (IFRS) will soon replace US generally accepted accounting principles (US GAAP), and global and domestic companies are now preparing for this significant implementation. Our experience shows the transition can be quite complex for metals companies, extending beyond finance and accounting functions to involve human resources, investor relations, business development, tax, treasury, and information technology.

To help provide insight on the impact and opportunities relating to IFRS, PwC is pleased to share with you a new report, Forging solutions: Examining international financial reporting standards for the US metals industry.

Pharmaceuticals

Insights for pharmaceutical and life science companies: Staying ahead of IFRS challenges
Financial reporting by US companies will undergo unprecedented change over the next several years. IFRS has already affected US-based Pharmaceutical and Life Sciences companies. Soon, as key aspects of US GAAP and IFRS converge, financial reporting for US companies will reflect many swift and significant changes carrying wide-ranging business implications. In this paper, we address these and other accounting and business challenges stemming from the move to IFRS and outline how PLS companies can begin dealing with them today.

Retail & consumer

Issues and solutions for the retail and consumer goods industries: International Financial Reporting Standards / US GAAP
This publication summarises 50 of the complex accounting issues specific to the retail and consumer industry. The publication has been prepared with the US market in mind and highlights where US GAAP and IFRS may differ.

Technology

A Shifting Software Revenue Recognition Landscape: Insights on potential impacts of the proposed revenue recognition model on current US GAAP
The exposure draft on revenue recognition would significantly alter the landscape for software accounting. This paper discusses how companies might begin to apply the proposed model to typical software transactions.

Accounting for innovation: The impact on technology companies of accounting for R&D activity under IFRS
Innovation drives differentiation and enables success in the technology sector. But how do companies account for innovation? This executive summary addresses the differences between US GAAP and IFRS for R&D, the impact of the changes, and how companies can begin to address these changes.

How will your company respond to the proposed changes in revenue recognition?
A joint proposal by the FASB and the IASB may change the timing and amount of revenue recognition for technology companies. This publication is designed to help technology executives understand the potential impacts of the proposal to their businesses, identify challenges and opportunities, and encourage active participation in the standard setting process by responding to the boards' proposal.

Navigating the move to IFRS
The objective of this publication is to help US technology companies think strategically about the financial and non-financial aspects of an IFRS conversion. While the impact of IFRS will vary for each company and sector, the key accounting topics that are most relevant to technology companies represent potentially complex areas of difference between US GAAP and IFRS.

Global IFRS Industry publications

On this page, you can access a listing of our global industry IFRS publications, primarily written for those countries currently reporting in IFRS.