IFRS and US GAAP: similarities and differences

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Accounting guide , PwC US

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.

How to use this publication

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.

Our point of view

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.

Downloading the guide onto an iPad

Downloading the guide onto an iPad
Downloading the guide onto an iPad
Downloading the guide onto an iPad
iPad
  1. Click on the button below to open the document:
    IFRS and US GAAP: similarities and differences
  2. Once the PDF opens, click on the Action button, which appears as a square icon with an upwards pointing arrow.
  3. From within the action menu, select the “Copy to iBooks” option.
  4. The guide will then be saved to your iBooks app for future access.

Contact us

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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