The IFRS and US GAAP: similarities and differences guide outlines the major differences between IFRS and US GAAP that exist today.
This guide was fully updated in October 2019, which included adding a chapter describing the differences related to accounting under the new leases standard.
To be successful in the US capital markets, it is increasingly important to be financially bilingual and understand both IFRS and US GAAP. Our guide provides an understanding of the significant differences between IFRS and US GAAP.
This publication is designed to alert companies, investors, and other capital market participants to the major differences between IFRS and US GAAP as they exist today, and to the timing and scope of accounting changes that the standard setting agendas of the IASB and FASB (collectively, the Boards) will bring.
This publication considers authoritative pronouncements and other developments under IFRS and US GAAP through June 30, 2018.
We continue to believe in the long-term vision of a single set of consistently applied, high-quality, globally-accepted accounting standards. However, acceptance of an outright move to international standards is off the table, at least for now. In the meantime, the FASB and IASB should continue to focus on improving the quality of their standards while, if possible, reducing differences between IFRS and US GAAP.
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