IFRS and U.S. GAAP – A Pocket Comparison
Since the previous edition of this guide (March 2007), the International Accounting Standards Board (IASB) has issued substantially revised versions of International Financial Reporting Standards (IFRS) 3 Business Combinations, International Accounting Standard (IAS) 1 Presentation of Financial Statements, and IAS 27 Consolidated and Separate Financial Statements. In addition, IFRS 8 Operating Segments (which replaces IAS 14 Segment Reporting) was issued in November 2006. These new and revised Standards will not be effective until 2009. However, to provide the best guide to differences between IFRS and U.S. Generally Accepted Accounting Principles (GAAP) on an ongoing basis, the comparison table reflects the changes to these Standards and, in the case of IFRS 3 and IAS 27, the equivalent changes in U.S. GAAP.
Throughout this guide, we also have adopted the general terminology changes arising from IAS 1 (2007). Althuogh this comparison is comprehensive, it does not attempt to capture all of the differences that exist or that may be material to a particular entity's financial statements. Our focus is on differences that are commonly found in practice.
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