Hello, welcome to IFRS IS EASY!
Note: All the materials in this blog post have been made available to the public for free download by the respective sources. They are compiled here for ease of access to you.
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 for public companies, several companies in Canada are listed in both Canada and also in the US, as a result, the knowledge of US GAAP was as important as that of IFRS.
If you are 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
All IFRS Standards:
Source: IASB and ISSB
Access all IFRS Accounting and Sustainability Standards here
All US GAAP Standards:
Source: FASB
Access all US GAAP Standards here
Share your experience in the comment section below about learning and understanding US GAAP and its relationship with IFRS.