Hello, welcome to IFRS IS EASY!
I remember when I was interviewing for a role in Canada. I had heard that even though IFRS is the main adopted standard in Canada, several companies in Canada are listed in the US. As a result, the knowledge of US GAAP was as important as that of IFRS.
If you're an accounting or finance professional, you know that these two accounting standards (IFRS and US GAAP) are the most widely used in the world. But what are the key differences between them? And why should you care?
This blog post compiles for you the resources made available by the Big 4 Audit firms to help understand IFRS conversion to US GAAP and the key differences between IFRS and US GAAP.
Fun facts:
US GAAP is the oldest accounting standard in the world.
US GAAP is developed and issued by the Financial Accounting Standards Board (FASB).
The first standards were released under US GAAP in 1936, and under IFRS in 1973.
Title of the first IFRS standard is International Accounting Standard (IAS) 1: Presentation of Financial Statements
Title of the first US GAAP standard is Accounting Research Bulletin No. 1: Earned Surplus
US GAAP is considered to be one of the most comprehensive and rigorous accounting standards in the world.
Click the links below to download them.
Differences between IFRS and US GAAP
Source: KPMG
KPMG Differences between IFRS and US GAAP Pdf
Source: PwC
PwC Differences between IFRS and US GAAP Pdf
Source: Deloitte
Deloitte Differences between IFRS and US GAAP Pdf
Source: EY
EY Differences between IFRS and US GAAP Pdf
PS: All resources above are sourced directly from the public domain of the owners as made publicly available by them and are compiled here by IFRS IS EASY for your convenience.
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