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Categories of Publications, with Links |
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Please remember that older publications may be out of date because of new or changed standards or other reasons.
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| Descriptions of IFRS-Related Publications |
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| Ongoing Series of Publications |
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Model IFRS Financial Statements, Disclosure and Presentation Checklist, and IFRS Compliance Questionnaire
We have several types of model IFRS financial statements and related documents, in several languages, available for downloading on our Model Financial Statements Page. Related documents include IFRS Presentation and Disclosure Checklists, IFRS Compliance Questionnaires, special industry IFRS Model Financial Statements, and IFRS interim reports.
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Deloitte Comment Letters
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IAS Plus Update Newsletter
We publish IAS Plus Update newsletters at the time of release of new and revised Standards and Interpretations, Exposure Drafts, and discussion documents, including summaries of the documents and consideration of the principal amendments/proposals. We also publish a year-in-review edition each January. Go to IAS Plus Update Newsletter Page.
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Deloitte IFRS e-Learning Materials
Deloitte is pleased to make available, in the public interest and without charge, our e-learning training materials for IFRSs. Modules on nearly all IASs and IFRSs are now available.
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Technical Library: The Deloitte Accounting Research Tool
(Includes IASB Literature)
Deloitte & Touche LLP (USA) is making available, on a subscription basis, access to its online library of accounting and financial disclosure literature. "Technical Library: The Deloitte Accounting Research Tool" is comprehensive online library of accounting and financial disclosure literature – both official publications and Deloitte's own accounting manuals and other interpretive guidance. Updated every business day, Technical Library has an intuitive design and navigation system and powerful search features that enable users to quickly locate information any time, from any computer. Additionally, Technical Library subscribers receive periodic emails highlighting recent additions to the Technical Library. Technical Library includes:
- Deloitte's proprietary interpretive guidance
- The Financial Accounting Standards Board literature
- Emerging Issues Task Force consensus decisions and issue materials
- Securities and Exchange Commission rules, regulations, and forms
- American Institute of Certified Public Accountants accounting and auditing literature
- International Financial Reporting Standards
For more information, including subscription details and an online Technical Library demonstration, visit Deloitte's Technical Library (https://techlib.deloitte.com).
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Accounting Roundup Newsletter
Issued at least monthly. Summarises selected recent accounting and financial reporting developments in the United States of America, including FASB, GASB, EITF, the SEC, and US issues relating to IFRSs. You can Download Accounting Roundup Here.
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EITF Snapshot Newsletter
EITF Snapshot is a newsletter published by Deloitte & Touche (United States). EITF Snapshot is published just a few days after each meeting of FASB's Emerging Issues Task Force. It enables readers to spot relevant topics and to understand quickly the meeting's outcome. You can Download EITF Snapshot Here.
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Global IFRS and Offerings Services Newsletter
Deloitte's Global IFRS and Offerings Services (GIOS) group is a global team of practitioners assisting non-US companies and non-US practice office engagement teams in applying US GAAP and International Financial Reporting Standards and in complying with the SEC's financial reporting rules. GIOS publishes a US Reporting Newsletter for Non-US Based Companies. You can Download the GIOS Newsletter Here.
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| IFRSs in Your Pocket Guides |
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IFRSs in your Pocket 2009 – English Version
IFRSs In Your Pocket 2009 (PDF 563k), eighth edition, May 2009. is a 124-page guide that includes information about:
- IASB structure and contact details.
- IASB due process.
- Use of IFRSs around the world, including updates on Europe, Asia, USA, and Canada.
- Summaries of each IASB Standard and Interpretation, as well as the Framework and the Preface to IFRSs.
- Background and current status of all current IASB projects.
- IASC and IASB chronology.
- Update on IFRS-US GAAP convergence.
- Other useful IASB-related information.
We are pleased to grant permission for accounting educators and students to print copies of the PDF file for educational purposes. Please contact your local Deloitte practice office to request a printed copy.
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IFRSs in your Pocket 2008 – English Version
IFRSs In Your Pocket 2008 (PDF 777k), seventh edition, April 2008. The 2009 edition has been published (link is directly above). We are keeping the 2008 edition on line through the end of 2009 because it includes a summary of the older versions of several pronouncements that continue to be permitted through 2009. An entity can optionally use the newer versions of those standards for 2009 if it wishes.
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 | Praktyczny przewodnik po MSSF – IFRS in your Pocket in Polish
Deloitte (Poland) has published Praktyczny przewodnik po MSSF, the Polish language version of IFRSs in Your Pocket 2009. This publication is a translation into Polish of IFRSs in your Pocket 2009 including changes in Standards and Interpretations till 31 October 2009 and additionally includes comparison between IFRS and polish accounting act. Click to download IFRSs in your Pocket 2009 in Polish (PDF 746k, January 2010, 103 pages)
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 | МСФО в кармане 2009 – IFRSs in your Pocket 2009 in Russian
Deloitte & Touche CIS (Russia) has published МСФО в кармане 2009 (PDF 1,037k, 152 pages, December 2009) – a Russian translation of IFRSs in your Pocket 2009. This pocket guide includes summaries of all IFRSs issued through March 2009. Please click here for Information about Deloitte Russia.
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IFRS Kézikönyv 2009 (IFRS in your Pocket in Hungarian)
Deloitte Hungary has published IFRS Kézikönyv 2009 – the Hungarian language translation of IFRSs in Your Pocket 2009. This 124-page publication includes all of the information in the English language edition. Click to download IFRS Kézikönyv 2009 (PDF 460k).
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IFRS ao seu alcançe 2009 (IFRS in your Pocket in Portuguese)
IFRS ao seu alcançe 2009 (IFRS in your Pocket in Portuguese) (PDF 355k) – based on the English version of IFRSs in your Pocket 2008
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Sygnalizujemy właściwy kierunek: Praktyczny przewodnik po MSSF 2008 (IFRS in your Pocket 2008 in Polish)
Sygnalizujemy właściwy kierunek: Praktyczny przewodnik po MSSF 2008 – IFRS in your Pocket 2008 in Polish (PDF 823k, April 2009, 89 pages). This publication is a translation into Polish of IFRSs in your Pocket 2008 guide with update up to October 2008, and additionally includes a comparison between IFRSs and the accounting requirements of the Polish Accounting Act.
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 | IFRSs in your Pocket 2009 – Czech Language Translation
Deloitte Czech Republic has published the Czech Language Version of IFRSs in Your Pocket 2009 – IFRS do kapsy 2009 (link to download the 849k PDF). This 134-page publication includes a special introduction by Martin Tesar, IFRS Partner of Deloitte Czech Republic, a comparison of the major differences between IFRS and Czech GAAP, plus all of the information in the English language edition.
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 | Guide de Référence sur les IFRS 2008 (French Version of IFRSs in your Pocket 2008 from Deloitte Canada)
Deloitte (Canada) has published Guide de Référence sur les IFRS 2008 (PDF 593k, 109 pages, October 2008). This publication is a translation into French of our popular IFRSs in your Pocket 2008 Guide. The content is the same as the English 2008 version.
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 | IFRS im Überblick 2008 (German Version of IFRSs in your Pocket 2008 from Deloitte Germany)
Deloitte (Germany) has published IFRS im Überblick 2008 (PDF 1,795k, 134 pages, September 2008), the German language version of IFRSs in Your Pocket 2008. It is identical to the English version (above) except that it includes summaries of each IASB Standard through 31 July 2008.
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 | IFRS ao seu Alcance (Portuguese Version of IFRSs in your Pocket 2007 from Deloitte Brazil)
Deloitte (Brazil) has published IFRS ao seu Alcance – IFRS in your Pocket 2007 in Portuguese (PDF 341k, 100 pages, September 2008). This publication is a translation of the English edition with a preface added relating to the Brazilian environment.
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IFRSs in your Pocket 2007 – English Version
IFRSs In Your Pocket 2007 (PDF 363k), sixth edition, April 2007, 100 pages. The 2008 edition of IFRSs in Your Pocket has been published (link is directly above). We are keeping the 2007 edition on line through the end of 2008 because it includes a summary of the older versions of IFRS 3 and IAS 27 that continue to be permitted through 2008. An entity can optionally use the newer versions of those standards for 2008 if it wishes. |
 | Guide de référence sur les IFRS 2007 (French Version of IFRSs in your Pocket from Deloitte & Touche Canada)
Deloitte & Touche (Canada) has published Guide de référence sur les IFRS 2007 (PDF 588k, 98 pages) – a French translation of IFRSs in your Pocket 2007. It includes a foreword from Ken Wild (Deloitte Global IFRS Leader); a description of the IASB structure; biographies of IASB members; an IASC/IASB chronology; table on use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2007; overviews of all IASB agenda projects; and more. |
 | Guía Rápida NIC/NIIF 2008 (Spanish Version of IFRSs in your Pocket 2008 from Deloitte Spain)
Deloitte (Spain) has published Guía Rápida NIC/NIIF 2008 (PDF 554k, 114 pages, July 2008) – a Spanish translation of IFRSs in your Pocket 2008, updated up through 30 June 2008. It includes forewords from Manuel Arranz (Deloitte Spain IFRS Leader); a description of the IASB structure; an IASC/IASB chronology; use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2008; brief summaries of IASB agenda projects; and more.
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 | Guía Rápida IFRS (Spanish Version of IFRSs in your Pocket from Deloitte Chile)
Deloitte (Chile) has published Guía Rápida IFRS (IFRSs in your Pocket 2006 in Spanish) (PDF 836k, 88 paginas, Marzo 2007). Esta edición de Guía Rápida a las normas Internacionales de información Financiera considera los cambios y nueva normativa que se han incorporado a las NIIF hasta diciembre de 2006, constituye una excelente herramienta que le servirá para conocer y comprender las NIIF, facilitar su implantación y saber cómo se están aplicando estas normas de información en todo el mundo. |
 | Guía Rápida NIIF 2007 (Spanish Version of IFRSs in your Pocket 2007 from Deloitte Colombia)
Deloitte (Colombia) has published Guía Rápida NIIF 2007 (PDF 4,834k, 104 pages). Esta es una traducción al español para Latinoamérica de la versión original en inglés de IFRSs in your pocket 2007 (a Spanish translation for Latin America of English version of IFRSs in your Pocket 2007). It includes a foreword from Ken Wild (Deloitte Global IFRS Leader); a description of the IASB structure; biographies of IASB members; an IASC/IASB chronology; use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2007; brief summaries of IASB agenda projects; and more.
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 | IFRS Taskuopas 2007 – IFRSs in your Pocket in Finnish
Deloitte & Touche (Finland) has published IFRS Taskuopas 2007 (PDF 354k, 101 pages, February 2008) – a Finnish translation of IFRSs in your Pocket 2007. This pocket guide includes summaries of all IFRSs including Interpretations issued through 30 June 2007. Because no major changes to IFRSs are expected to be applicable until 2009, this guide is an excellent summary of the current standards required for 2007 and 2008 reporting. However, there is also a summary of recent changes that will be effective in 2009.
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 | IFRSs in your Pocket 2006 – Turkish Language Translation
Deloitte Turkey has published UFRS Cep Kitapcigi 2006, the Turkish Language Version of IFRSs in your Pocket 2006 (PDF 1,239k, 72 pages, December 2006). This edition includes all of the information in the English language edition.
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| iGAAP IFRS Guide |
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 | iGAAP 2010 – A Guide to IFRS Reporting
Deloitte's iGAAP 2010–A Guide to IFRS Reporting is a 2,918-page book that sets out comprehensive guidance for entities reporting under IFRSs. The Guide focusses on the practical issues faced by reporting entities; explains clearly the requirements of IFRSs; adds interpretation and commentary where IFRSs are silent, ambiguous or unclear; and provides many illustrative examples. Orders may be placed via www.lexisnexis.co.uk/deloitte or call +44 (0) 845 370 1234. Click for Descriptive Booklet about This and Related iGAAP Publications for 2010 (PDF 248k), which also has information about other Deloitte IFRS and UK GAAP publications available from Lexis-Nexis. The price of iGAAP 2010 is £104.
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 | iGAAP 2009 – IFRS reporting in the UK
This comprehensive handbook provides clear and informed guidance for listed and other entities applying full IFRS. IFRS reporting in the UK helps you eliminate uncertainty in financial reporting and have full confidence in the advice you deliver by identifying the requirements of company law, regulations and accounting standards for UK listed and AIM listed companies.
As well as a wealth of illustrative examples, this edition provides in-depth analysis and a clear distinction between standards
that are not yet mandatory or have yet to be endorsed by the European Commission. iGAAP 2009 – IFRS reporting in the UK (3,114 pages plus index) can be purchased through Lexis-Nexis online at www.lexisnexis.co.uk/deloitte or call +44 (0) 845 370 1234. The price is £90, ISBN 9780754535812, Product Code DIGIUK. There is more information about this and related Deloitte publications available from Lexis-Nexis in this Brochure (PDF 246k), which also has information about other Deloitte IFRS and UK GAAP publications.
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 | iGAAP 2009 – Chinese language version
Deloitte Taiwan has published iGAAP 2009 Chinese Version. This three-volume set, in traditional Chinese, includes all the content of iGAAP 2009 English Version. The Chinese version is organised as follows:
- Volume 1: Preface, Framework, IAS 1, IAS 8, IAS 16, IAS 40, IAS 38, IAS 36, IAS 2, IAS 12, IAS 18, IAS 19, IFRS 2, IFRS 8, IAS 26
- Volume 2: Includes all of the iGAAP chapters relating to financial instruments (IAS 32, IAS 39, IFRS 7) and insurance contracts (IFRS 4)
- Volume 3: IAS 37, IAS 23, IAS 21, IFRS 5, IAS 7, IAS 10, IAS 24, IAS 27, IFRS 3, IAS 28, IAS 31, IAS 33, IAS 34, IAS 11, IAS 20, IAS 29, IAS 41, IFRS 1
For information about purchasing iGAAP 2009 Chinese Version, please send an email to fltsai @ deloitte.com.tw. |
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| Deloitte Guides to Individual IASs and IFRSs |
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Guide to IFRS 1 First-time Adoption of International Financial Reporting Standards (Second Edition)
In November 2009, Deloitte's IFRS Global Office published a revised Guide to IFRS 1 First-time Adoption of International Financial Reporting Standards. The guide was first published in 2004 with the aim of providing first-time adopters with helpful insights for the application of IFRS 1. This second edition has the same objective. We have updated the content to reflect the lessons learned from the first major wave of IFRS adoption in 2005, as well as for the changes to IFRS 1 since 2004. We have structured the guide to provide users with an accessible reference manual:
- An executive summary explains the most important features of IFRS 1;
- Section 2 provides an overview of the requirements of the Standard;
- Sections 3 and 4 cover the specific exceptions and exemptions from IFRS 1's general principle of retrospective application of IFRSs, focusing on key implementation issues;
- Section 5 addresses other components of financial statements where implementation issues frequently arise in practice;
- Section 6 sets out Q&As dealing with specific fact patterns that users may encounter in practice; and
- Section 7 discusses some of the practical implementation decisions faced by first-time adopters.
Click to Download Deloitte's Guide to IFRS 1 (PDF 370k, November 2009, 84 pages)
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iGAAP 2009 Financial Instruments: IAS 32, IAS 39 and IFRS 7 Explained (Fifth Edition)
Deloitte LLP (United Kingdom) has developed iGAAP 2009 Financial Instruments: IAS 32, IAS 39 and IFRS 7 Explained (Fifth Edition), which has been published by LexisNexis. This publication is the authoritative guide for financial instruments accounting under IFRSs. The 2009 edition expands last year's edition with further interpretations, examples, discussions from the IASB and the IFRIC, and updates on comparisons of IFRSs with US GAAP for financial instruments. It includes updated and extensive guidance on reclassifications, fair valuation in illiquid markets, and the recent amendment to IFRS 7 Improving Disclosures about Financial Instruments. It also includes extracts from 2008 annual reports illustrating the application of IFRS 7. iGAAP 2009 Financial Instruments: IAS 32, IAS 39 and IFRS 7 Explained (Fifth Edition) (992 pages, June 2009) can be purchased through www.lexisnexis.co.uk/deloitte.
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A Guide to IFRS 2 Share-based Payment
In June 2007, the Deloitte IFRS Global Office published an updated IAS Plus Guide to IFRS 2 Share-based Payment 2007 (PDF 748k, 128 pages, June 2007). The guide not only explains the detailed provisions of IFRS 2 but also deals with its application in many practical situations. Because of the complexity and variety of share-based payment awards in practice, it is not always possible to be definitive as to what is the 'right' answer. However, in this guide Deloitte shares with you our approach to finding solutions that we believe are in accordance with the objective of the Standard.
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Business Combinations and Changes in Ownership Interests: A Guide to the Revised IFRS 3 and IAS 27
In July 2008, the Deloitte IFRS Global Office published Business Combinations and Changes in Ownership Interests: A Guide to the Revised IFRS 3 and IAS 27. This 164-page guide deals mainly with accounting for business combinations under IFRS 3 (Revised 2008). Where appropriate, it deals with related requirements of IAS 27 (Revised 2008) – particularly as regards the definition of control, accounting for non-controlling interests, and changes in ownership interests. Other aspects of IAS 27 (such as the requirements to prepare consolidated financial statements and detailed procedures for consolidation) are not addressed. There are 16 chapters plus appendices that (a) compare the 2008 versions of IFRS 3 and IAS 27 (2008) with their predecessors, and (b) identify the continuing differences between IFRSs and US GAAP. Click to download the new Guide to IFRS 3 and IAS 27 (PDF 647k, 164 pages, July 2008).
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A Guide to IFRS 5 Assets Held for Sale and Discontinued Operations
In March 2008, the Deloitte IFRS Global Office published an IAS Plus Guide to IFRS 5 Assets Held for Sale and Discontinued Operations (PDF 813k, 76 pages, March 2008). Since issuance of IFRS 5 in 2004, a number of practical issues have arisen in its application – principally because the guidance in the Standard is not always clear as to how certain transactions should be accounted for and how the requirements of IFRS 5 interact with those of other Standards. This guide, in addition to providing detailed summaries and explanations of the requirements of IFRS 5, includes supplementary guidance and examples based on Deloitte's experience with the Standard. It summarises the latest IFRS thinking and the evolving literature – including on issues such as partial disposals of subsidiaries, and the impact of the disclosure requirements of other Standards. Appendices provide a comparison with US GAAP and a checklist of IFRS 5's presentation and disclosure requirements.
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iGAAP 2009 Financial Instruments: IAS 32, IAS 39 and IFRS 7 Explained (Fifth)
Deloitte & Touche LLP (United Kingdom) has developed iGAAP 2009 Financial Instruments: IAS 32, IAS 39 and IFRS 7 Explained (Fifth Edition), which has been published by LexisNexis. This publication is the authoritative guide for financial instruments accounting under IFRSs. The 2009 edition expands last year's edition with further interpretations, examples, discussions from the IASB and the IFRIC, and updates on comparisons of IFRSs with US GAAP for financial instruments. It includes updated and extensive guidance on reclassifications, fair valuation in illiquid markets, and the recent amendment to IFRS 7 Improving Disclosures about Financial Instruments. It also includes extracts from 2008 annual reports illustrating the application of IFRS 7. iGAAP 2009 Financial Instruments: IAS 32, IAS 39 and IFRS 7 Explained (Fifth Edition) (992 pages, June 2009) can be purchased through www.lexisnexis.co.uk/deloitte.
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Interim Financial Reporting: A Guide to IAS 34 (Revised 2009)
IAS 34 Interim Financial Reporting prescribes the minimum content for an interim financial report, and the principles for recognition and measurement in financial statements for a financial reporting period shorter than a full financial year. This guide provides an overview of the Standard, application guidance and examples, a model interim financial report, and a compliance checklist. Click to download Interim Financial Reporting – A Guide to IAS 34 (PDF 1,205k, March 2009, 76 pages)
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| Textbooks and Workbooks on IFRSs by Deloitte Authors |
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Wiley IFRS: Practical Implementation Guide and Workbook (2nd Edition)
Deloitte partners Abbas Ali Mirza and Magnus Orrell are co-authors, along with Prof Graham Holt, of the second edition of Wiley IFRS: Practical Implementation Guide and Workbook, published by John Wiley & Sons in May 2008 (ISBN: 978-0-470-17022-9). The 474-page book includes outlines of all IASs/IFRSs, practical insights, cases studies with solutions, illustrations, and multiple-choice questions with solutions. For more information, go to The Book's Web Page.
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| IFRS Publications Relating to Individual Jurisdictions |
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Share-based payment – IFRS v US GAAP
Deloitte LLP (United States) has published A Closer Look at Share-based Payment Plans and IFRS: Accounting Differences that Matter (PDF 908k, November 2009, 4 pages). Differences between IFRSs and US GAAP – even in areas where there has been substantial convergence – could result in changes that may ultimately affect a company's financial statements and income tax position. A closer look at how US GAAP and IFRS differ for share-based payment plans can reveal important issues that companies may need to focus on as they develop an IFRS transition strategy. Areas of differences examined in this publication include:
- Classification of share-based payments
- Measurement and recognition
- Effective tax rate
- Information systems
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Moving to the IFRS for SMEs in Ireland
Since 2005, listed groups in Ireland have been required to prepare their consolidated financial statements using IFRSs. Almost all other groups have a choice. They can use IFRSs, Irish GAAP as developed by the Accounting Standards Board (ASB), and if they are small they have a further option of using the Financial Reporting Standard for Smaller Entities (FRSSE). But from 2012, the options are expected to change. Irish GAAP is expected to be replaced with the IFRS for Small and Medium-sized Entities. Deloitte (Ireland) has published Choosing Your GAAP: Planning for the Proposed Removal of Irish GAAP (PDF 4,132k, November 2009, 20 pages) explaining the ASB's plan. The publication examines the choices, explains the key areas of accounting and tax impact, and provides guidance on planning for the change.
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IFRS Roadmap: Planning a Safe, Economical Trip
Deloitte United States has published IFRS Roadmap: Planning a Safe, Economical Trip (PDF 341k, 12 pages, July 2009). This is a guide for US companies in advance planning for transition to IFRSs. "Now may be the window of opportunity to get your IFRS roadmap drawn, before the pressures of mandatory conversion dates dictate a less advantageous path to compliance. Consider creating the itinerary now, take care of some maintenance issues, and then tuck away your roadmap in the glovebox until you are ready to embark, secure in the knowledge that your route has been planned.
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IFRSs and Private Company Reporting in the United States
The Deloitte United States Center for Corporate Governance has published International Financial Reporting Standards: What it Means for Private Company Reporting. This publication discusses the movement toward IFRSs and its implications for private company financial reporting in the United States. It also discusses some financial reporting issues that may be unique to private companies (also known as small and medium-sized entities, or SMEs), and the efforts of the IASB to develop a set of global standards geared specifically to private companies, the IFRS for SMEs. Finally, the paper discusses the potential benefits and challenges of using either IFRSs or IFRS for SMEs, as well as, some key questions and considerations for private company financial statement users and preparers. Also included is a comparison of financial reporting under proposed IFRS for SMEs with US GAAP in selected areas. Click to:
Here is an excerpt from the report:
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The benefits of global standards are not limited to public companies, as markets are also becoming integrated for private companies, both large and small. More and more private companies are looking to do business across borders and obtain financing from foreign sources. Reduced complexity, greater transparency, increased comparability, and improved efficiency are all potential benefits of IFRS and IFRS for Private Entities*. Both IFRS and IFRS for Private Entities also may reduce the burden of financial reporting on private companies, thereby reducing compliance costs.
Not only might private companies benefit from a common set of reporting standards, but the users of their financial statements, particularly those in different jurisdictions, would likely benefit as well. Users such as lenders, vendors, customers, venture capitalists, and non-management owners will need to understand only one set of standards in their dealings with private companies in different jurisdictions....
IFRS or IFRS for Private Entities may be a welcome alternative to US GAAP for many private companies. The factors that drive the choice of a reporting standard, however, are unique to each company's objectives and growth strategies. In making the choice, private companies will likely benefit from carefully evaluating the options and measuring the potential costs and benefits.
*Shortly after this publication went to press, the IASB decided that the final name of the standard will be IFRS for SMEs.
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Study of Half-yearly Reporting in the United Kingdom (Including IAS 34 Compliance Issues)
This Deloitte & Touche (United Kingdom) study found that many companies are failing to comply fully with new reporting requirements for half-yearly financial reports following the UK's introduction of the EU's Transparency Obligations Directive (TOD). Deloitte's report, titled Half a story, considers the impact of the TOD, which introduced more detailed and extensive requirements for half-yearly financial reports, including compliance with IAS 34 and shorter reporting deadlines. The report also includes some comparisons with the findings of previous Deloitte studies of half-yearly reporting in 2002, 2004, and 2006. Click for:
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Special Report on SEC Comment Letters to Registrants Using IFRSs
Deloitte & Touche LLP (United States) has published a Special Report that offers insight into the comments by the staff of the US Securities and Exchange Commission on the financial statements of foreign registrants using IFRSs. The report is titled SEC Comment Letters on Foreign Private Issuers Using IFRSs: A Closer Look (PDF 555k, 70 pages, January 2008). This Special Report is designed to help financial statement preparers understand the items that the SEC staff has focused on during its review process over the past two years. It includes extracts from actual comment letters as well as forward-looking considerations. The main topics covered in the IFRS report include:
- Financial instruments
- Income statement presentation
- Revenue
- Cash flow statements
- First-time adoption of IFRS
- Segment reporting
- Income taxes
- Employee benefits
- Impairment of assets
- Provisions
We have also published a similar report analysing comments on the financial statements of domestic registrants. A link can be found on the USA Jurisdiction Page.
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Deloitte guidance on transition to IFRSs in Canada (English and French Versions)
Canada has announced a plan to fully converge Canadian accounting standards with IFRSs by 2011 (see our Canada Page). To assist Canadian publicly accountable entities in the task of making the transition to IFRSs, Deloitte & Touche (Canada) has published The Conversion of Canadian GAAP to IFRSs: Volume One – Scoping the Effort in both English and French. This guide – the first in a series – focuses on scoping and planning for the journey to IFRSs. Subsequent volumes will address in increasingly greater detail other aspects of the road ahead, with more specific guidance on issues as they become more relevant to the timing of the process. Click to download:
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Overview and impact of the IASB's insurance DP in Denmark (in Danish)
In September 2007, Deloitte (Denmark) published a booklet about the IASB's Discussion Paper (DP) on Insurance Contracts. The DP is the first step in the IASB's project to develop a comprehensive global financial reporting standard for accounting for all insurance contracts from the perspective of the insurer. The publication (which is in the Danish language) provides an overview of the DP and examines the expected impact on Danish life and non-life insurance companies, including numerical examples. Click to Download the Deloitte Denmark Publication (PDF 1,082k, 12 pages, September 2007).
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Introduction to IFRSs (Danish)
Deloitte Denmark has published IFRS – Introduction to International Financial Reporting Standards (Introduktion til de internationale regnskabsstandarder). This 314-page book, in the Danish language, summarises each IFRS/IAS together with relevant interpretations (IFRIC/SIC) as well as the main differences between IFRS and Danish GAAP. The publication also includes a short introduction to key factors in a successful conversion to IFRSs as well as helpful checklists on key differences between IFRSs and Danish GAAP and on Danish accounting rules that must be applied even if the company is reporting under IFRSs. Click here to download IFRS - Introduction to International Financial Reporting Standards in Danish (PDF 5,015mb, ISBN: 978-87-89152-00-4). To order a printed copy please send an email to ifrs-publikationer @ deloitte.dk.
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iGAAP 2008 Financial Statements for UK Listed Groups
Deloitte & Touche LLP (United Kingdom) have developed iGAAP 2008 Financial Statements for UK Listed Groups, which has been published by CCH. This publication provides comprehensive guidance on the presentation and disclosure requirements that will apply to listed groups for 2007 and 2008. The first part of the book explains the regulatory framework that underlies the preparation of financial statements. The second part contains model financial statements accompanied by a detailed commentary, to illustrate the typical disclosures that will be required, including requirements of IFRSs, the Reporting Statement on OFRs, company law, the Listing Rules and the Disclosure and Transparency Rules. The model financial statements and commentary are based on the Standards and legislation that apply from 2007 and have been published by 30 September 2007. iGAAP 2008 Financial Statements for UK Listed Groups can be purchased through CCH Online or by phone at +44 (0) 870 777 2906 or by email: customer.services@cch.co.uk (cite ISBN 978-1-84140-980-1).
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| Publications Dealing with Transition to IFRSs |
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Technology Implications of IFRS Adoption for US Companies
Deloitte Consulting LLP (United States) has published a booklet that explores the technology implications associated with IFRS conversion by US companies. It discusses:
- Evaluating the potential technology impact
- How companies can prepare technology and systems changes related to IFRS adoption
- Major differences between US Generally Accepted Accounting Principles (GAAP) and IFRS differences and what it means for systems
- Key IFRS discoveries from some companies around the globe
Click to download Technology Implications of IFRS Adoption for US Companies (PDF 276k, August 2008, 4 pages).
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| IFRSs and National GAAP Comparisons |
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See also our page of Comparisons of IFRSs and Various National/Regional GAAPs
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 | IFRSs and US GAAP: A Pocket Comparison (2008)
Deloitte's IFRS Global Office has published a 2008 Comparison of International Financial Reporting Standards and United States GAAP (PDF 378k, 76 pages) as of 30 June 2008. Since the previous edition of this guide (March 2007), the IASB has issued substantially revised versions of IFRS 3 Business Combinations, 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 IFRSs and US 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 US GAAP. Throughout the guide, we have also adopted the general terminology changes arising from IAS 1(2007). While 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. The significance of the differences enumerated in this publication – and others not included – will vary with respect to individual entities depending on such factors as the nature of the entity's operations, the industry in which it operates, and the accounting policy choices it has made. We are pleased to grant permission for accounting educators and students to make copies for educational purposes.
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 | IFRSs and US GAAP: A Pocket Comparison (2007)
Note: We have published an updated version of this comparison as of 30 June 2008 (directly above). Because the 2008 version reflects standards that do not become mandatory until 2009, we are keeping this 2007 version on line for calendar 2008 reporting. Deloitte's Comparison of International Financial Reporting Standards and United States GAAP (PDF 208k, 36 pages) as of 28 February 2007. While 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. The significance of the differences enumerated in this publication – and others not included – will vary with respect to individual entities depending on such factors as the nature of the entity's operations, the industry in which it operates, and the accounting policy choices it has made. We are pleased to grant permission for accounting educators and students to make copies for educational purposes.
We have also published a Chinese Translation of our Summary of Key Differences Between IFRSs and US GAAP as of June 2004 (PDF 576k, June 2004, 17 Pages A4 size). 
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IFRSs and Dutch GAAP: A Pocket Comparison (2008)
The Deloitte IFRS Centre of Excellence in The Netherlands has published IFRSs and NL GAAP: A Pocket Comparison. This 19-page booklet sets out some of the key differences between IFRSs and Dutch GAAP for annual periods beginning on or after 1 January 2008. It also includes new and revised IFRSs issued before 31 March 2008 that are not yet effective for annual periods beginning on or after 1 January 2008. Click to download IFRSs and NL GAAP: A Pocket Comparison (PDF 302k, 19 pages, May 2008).
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Comparison of IFRSs and Indian GAAP
Deloitte Touche Tohmatsu India Private Limited has published IFRSs and Indian GAAP: A Comparison (PDF 288k, 48 pages, 2008). This booklet summarises the strategy of the Institute of Chartered Accountants of India (ICAI) for converging Indian Accounting Standards and IFRSs and presents a comparison of current Indian GAAP and IFRSs in issue at 31 March 2008.
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Comparison of Chinese GAAP and IFRSs
Deloitte (China) has published a comparison of accounting standards in the People's Republic of China and International Financial Reporting Standards. The publication compares IFRSs with (a) current Chinese Accounting Standards effective for 2006 and earlier and (b) the new Chinese Accounting Standards adopted by the Ministry of Finance of the People's Republic of China that are effective in 2007 for listed companies. The English version includes a foreword by IASB Chairman Sir David Tweedie. Click here to download:
Permission is granted to accounting educators and students to make copies for educational use.
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Comparison of Australian Standards and IFRSs
A-IFRS vs IFRS (PDF 244k, September 2005), details the differences between Australian equivalents to International Financial Reporting Standards (A-IFRS) and International Financial Reporting Standards (IFRS) as of September 2005. As the Australian Accounting Standards Board (AASB) considered the issuance of IFRS in Australia, several amendments were made to the finalised A-IFRS, including the removal of certain options permitted under IFRS, the inclusion of additional implementation guidance, and other minor wording changes. As a result of these changes, the choices available and some of the implementation considerations encountered by Australian entities will differ somewhat compared to their international counterparts, despite the fact that Australian companies applying A-IFRS will generally be able to make an unreserved statement of compliance with IFRS.
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Comparison of New Zealand GAAP and New Zealand 'Equivalents' of IFRSs
NZ IFRS and NZ GAAP: A Comparison (PDF 645k, April 2005, 38 pages), published by Deloitte (New Zealand) compares New Zealand 'equivalents' to IFRSs, as adopted by the NZ Financial Reporting Standards Board (FRSB), and New Zealand's current financial reporting standards. In New Zealand, reporting entities are required to adopt NZ-IFRSs at the latest for periods beginning on or after 1 January 2007, and they may elect to do so for periods beginning on or after 1 January 2005. Early adoption before 1 January 2005 is not permitted. When an entity adopts NZ-IFRSs it must do so in their entirety, not piecemeal. There are a number of differences between NZ-IFRSs and IFRSs:
- Wording has been amended to accommodate the New Zealand legislative environment, for example, references to the Financial Reporting Act 1993.
- Additional/amended requirements for public benefit entities.
- In some cases the FRSB has permitted only one of a number of options available in the corresponding IFRS.
- Additional disclosures.
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Comparison of IFRS for SMEs and Dutch GAAP 2009
The Deloitte IFRS Centre in The Netherlands has published the first edition of IFRS for SMEs and NL GAAP: Showing You the Key Differences. This 16-page booklet sets out some of the key differences between IFRS for SMEs and Dutch GAAP for annual periods beginning on or after 1 January 2009. It also includes general information about the IFRS for SMEs and the applicability of the IFRS for SMEs by Dutch legal entities. Click to download IFRS for SMEs and NL GAAP: Showing You the Key Differences (PDF 578k).
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Changes to the Financial Reporting Framework in Singapore 2009
This booklet, published by Deloitte & Touche (Singapore), is an annual update of the recent changes to the financial reporting framework in Singapore. This 2009 edition includes a summary of the new and revised Singaporean FRSs (standards) and INT FRSs (interpretations) issued since the previous edition in October 2008 and up to 12 November 2009. It includes a summary of differences between Singapore FRS and IAS/IFRS. Click to Download the Booklet (PDF 1,492k, November 2009, 82 pages).
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| IFRS in Individual Industries |
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IFRS Considerations for the Automotive Industry
The Path to IFRS: Considerations for the Automotive Industry (PDF 301k, 13 pages, January 2009), from Deloitte (United States), provides practical industry insights on IFRS and includes useful sections on:
- Understanding the implications of IFRS – including the impact in accounting and finance, tax, systems and human resources – for the automotive industry
- Key technical accounting differences between IFRS and U.S. Generally Accepted Accounting Principles (GAAP) for the automotive industry
- Evaluating approaches to IFRS conversion
- Developing an IFRS road map
- IFRS lessons from the European experience
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IFRS Considerations for the Shipping Industry
The Path to IFRS: Considerations for the Shipping Industry (PDF 1,106k, 12 pages, January 2009), from Deloitte (United States), provides practical industry insights on IFRS and includes useful sections on:
- Understanding the implications of IFRS for the shipping industry
- A business case for IFRS
- Key accounting differences between IFRS and US Generally Accepted Accounting Principles (GAAP) for the shipping industry
- Evaluating approaches to IFRS conversion
- Developing an IFRS road map
- IFRS lessons from the European experience
- Key action steps for shipping industry executives
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IFRS for Investment Funds: More Than Just Accounting and Reporting
Deloitte (United States) has published IFRS for Investment Funds: More Than Just Accounting and Reporting. The report provides regulatory background and steps to consider moving forward, including the following sections:
- Industry Views on IFRS for Investment Funds
- Challenges and Opportunities for Investment Funds
- Your Roadmap
- Technical Accounting Issues for Investment Funds
- More Than Accounting and Financial Reporting
- Smoothing the Transition
- Time for Leadership
- Resources & Contacts
Click to download IFRS for Investment Funds: More Than Just Accounting and Reporting (PDF 339k, 16 pages, December 2008).
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IFRSs in the Process and Industrial Products Industry
In December 2008, Deloitte (United States) published Ascending to New Heights with IFRS: A Look at Accounting Changes and Beyond for the Process and Industrial Products Industry (PDF 242k, 12 pages). For process and industrial products companies, many of the challenges, and the opportunities, in adopting IFRSs will be affected by specific, significant trends and competitive realities of the industry. This publication provides practical industry insights on IFRS and includes useful sections on:
- Understanding the implications of IFRS (in accounting and beyond) for the process and industrial products industry
- Key technical accounting differences between IFRS and U.S. Generally Accepted Accounting Principles
- Evaluating approaches to IFRS conversion
- Developing an IFRS road map
- IFRS lessons from the European experience
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IFRS in Tourism, Hospitality and Leisure: More Than Just Accounting
Deloitte (United States) has published IFRS in Tourism, Hospitality and Leisure: More Than Just Accounting. This report provides practical industry insights on IFRS and includes useful sections on:
- Challenges and opportunities facing hospitality companies
- The potential implications of IFRS relating to human resources, regulatory, tax, treasury, contract management, accounting and technology issues
- Evaluating approaches to IFRS conversion
- Planning for IFRS adoption
Click to download IFRS in Tourism, Hospitality and Leisure (PDF 535k, 17 pages, October 2008).
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The Path to IFRS Conversion - Considerations for the Banking and Capital Markets Industry
As acceptance of IFRSs in the United States becomes imminent, more banks and capital markets institutions are asking key questions: How does IFRS affect my institution? What events would influence my institution's pace of IFRS adoption? What obstacles might we need to consider? The Path to IFRS Conversion - Considerations for the Banking and Capital Markets Industry (PDF 267k, 20 pages, November 2008), from Deloitte (United States), addresses these issues and includes useful sections on:
- Understanding the implications of IFRS for the banking and capital markets industry for accounting and finance, systems and tax
- Reviewing key differences between IFRS and U.S. Generally Accepted Accounting Principles (GAAP)
- Evaluating approaches to IFRS conversion
- Developing an IFRS road map
- IFRS lessons from the European experience
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IFRS Considerations for the Consumer Products Industry
IFRS Considerations for Consumer Products (PDF 298k, 12 pages, November 2008), from Deloitte (United States), provides practical industry insights on developing a roadmap for IFRS implementation in the consumer products industry and includes useful sections on:
- Key differences between IFRS and U.S. Generally Accepted Accounting Principles for consumer products companies
- The potential implications of IFRS with regard to accounting and finance, systems and tax
- Evaluating approaches to IFRS conversion
- Developing an IFRS road map
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IFRS Considerations for Power & Utilities
IFRS Considerations for Power & Utilities (PDF 266k, 14 pages, November 2008), from Deloitte (United States), provides practical industry insights on developing a roadmap for IFRS implementation in the power and utilities industry and includes useful sections on:
- Understanding the costs and benefits of IFRS application for the power and utilities industry for accounting and finance, systems and tax
- Key differences between IFRS and US Generally Accepted Accounting Principles for the power and utilities industry
- Evaluating approaches to IFRS conversion
- IFRS lessons from the European experience
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International Financial Reporting Standards: Considerations for the Retail Industry
International Financial Reporting Standards: Considerations for the Retail Industry (PDF 256k, 12 pages, November 2008), from Deloitte (United States), provides practical industry insights on IFRS implementation in the retailing industry and includes useful sections on:
- Key differences between IFRS and US Generally Accepted Accounting Principles for retail companies
- The potential implications of IFRS with regard to accounting and finance, systems and tax
- Evaluating approaches to IFRS conversion
- Developing an IFRS road map
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IFRS in the Aerospace and Defense Industry
IFRS in the Aerospace and Defense Industry (PDF 226k, 12 pages, November 2008), a publication of Deloitte (United States) provides practical industry insights on IFRS and includes useful sections on:
- Understanding the implications of IFRS (in accounting and beyond) for the aerospace and defense industry
- Key technical accounting differences between IFRS and U.S. Generally Accepted Accounting Principles
- Evaluating approaches to IFRS conversion
- Developing an IFRS roadmap
- IFRS lessons from the European experience
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IFRS Considerations for the Technology Industry
IFRS Considerations for the Technology Industry (PDF 261k, 11 pages, October 2008), from Deloitte (United States), provides practical industry insights on practical industry insights on IFRS for life science executives and includes useful sections on:
- Why should technology companies care about IFRS?
- What are some of the significant differences between IFRS and U.S. Generally Accepted Accounting Principles (GAAP) for technology companies?
- How might IFRS impact the technology companies? And what are the accounting, tax, systems, and organizational implications of IFRS?
- Where should technology companies start? Which approach would work when it comes to IFRS?
- What lessons have been learned from the European experience?
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IFRS in the Life Sciences – Broad implications
IFRS in the Life Sciences – Broad implications (PDF 263k, 15 pages, October 2008), from Deloitte (United States), provides practical industry insights on practical industry insights on IFRS for life science executives and includes useful sections on:
- IFRS challenges and opportunities in life sciences
- Implications of IFRS for financial reporting, tax, human resources, mergers and acquisitions, IT, and treasury
- Key actions steps for life science executives
- Approaches to IFRS conversion
- Key differences between IFRS and US Generally Accepted Accounting Principles (GAAP) for the life science industry
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IFRS in the Oil and Gas Industry (English and Spanish)
IFRS Considerations for the Oil and Gas Industry, published by Deloitte LLP (United States), provides practical oil and gas industry insights on IFRS and includes useful sections on:
- Understanding the implications of IFRS for the oil and gas industry for accounting and finance, systems and tax
- Key differences between IFRS and US Generally Accepted Accounting Principles (GAAP) for the oil and gas industry
- Evaluating approaches to IFRS conversion
- Developing an IFRS road map
- IFRS lessons from the European experience
Deloitte (Colombia) has published a Spanish translation. Click to download:
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IFRS in Real Estate: More Than Just Accounting and Reporting
Deloitte (United States) has published IFRS in Real Estate: More Than Just Accounting and Reporting. This publication provides practical industry insights on IFRS for real estate executives and includes useful sections on:
- IFRS challenges and opportunities in the real estate industry
- Implications of IFRS for financial reporting, tax, human resources, mergers and acquisitions, information technology, and treasury
- Key action steps for real estate executives
- Approaches to IFRS conversion
- Key differences between IFRS and US Generally Accepted Accounting Principles for the real estate industry
Click to download IFRS in Real Estate: More than Just Accounting and Reporting (PDF 438k, 13 pages, October 2008).
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The IFRS Journey in Insurance: A Look Beyond the Accounting Changes
The IFRS Journey in Insurance: A Look Beyond the Accounting Changes, from Deloitte Research, examines the implications of the use of IFRSs in the insurance industry across the globe. The report notes that, in some markets, IFRSs will likely contribute to substantial changes in:
- Insurance product design, price and offerings
- Investment strategy
- Risk management practices
- Securitisation
- Merger and acquisition (M&A) activity
These changes will give rise to pressure for both convergence and divergence across insurance lines, thereby adding complexity and dynamism to the market structure of the insurance industry. By taking a proactive approach to understanding the impact of IFRS implementation on key business strategies, insurers can avoid the risk of being unprepared for the industry-wide shift while seizing on emerging opportunities for differentiation from competition. Click to download The IFRS Journey in Insurance (PDF 438k, August 2008, 20 pages).
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IFRS Top Ten Accounting Issues in Insurance Industry
Publicly accountable entities in Canada are required to switch to IFRSs starting in 2011 (with an option to adopt IFRSs earlier, even in 2008, with approval of the Provincial securities regulator). The transition from Canadian GAAP will be different for every company. However, particular industries will experience common themes and issues. Deloitte (Canada) has published On the Road Ahead: IFRS Top Ten Accounting Issues in Insurance Industry. This publication discusses what are likely to be the top ten recurring areas of particular significance for insurance companies , and likely differences from Canadian GAAP. Click to download On the Road Ahead: IFRS Top Ten Accounting Issues in Insurance Industry
(PDF 437k, September 2008, 20 pages).
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| Other Publications |
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IFRS Considerations for Audit Committees
Deloitte LLP (United States) has published IFRS Considerations for Audit Committees (PDF 238k, February 2009, 21 pages). The strong global movement toward IFRSs and recent US SEC activity have created a need for audit committees and company management to discuss the potential costs, benefits, and other effects of a transition to IFRSs. Because audit committees have a fiduciary responsibility to protect the interest of shareholders and oversee the integrity of the company's financial reporting process, their involvement in the transition to IFRS is essential. This publication is designed to assist audit committee members in preparing for meaningful and effective conversations about IFRSs, and includes:
- A high-level overview of IFRS accounting requirements and potential IFRS-U.S. Generally Accepted Accounting Principles differences.
- Implementation considerations.
- Key questions audit committees should ask.
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Accounting Considerations in 'Turbulent Times'
Deloitte's IFRS Global Office has published Turbulent Times: Key Accounting Considerations in Today's Volatile Markets (PDF 172k, December 2008, 16 pages). This accounting alert highlights the accounting issues and literature most likely to be relevant when assessing the accounting implications of today's financial environment. It focuses on the following:
- determining fair values in inactive markets,
- revised projections of economic outlook indicating impairment and lack of recoverability for many assets,
- reduced availability of credit and increasing cost of finance,
- increased levels of bankruptcy,
- the impacts on hedge accounting, and
- critical enhanced disclosure requirements.
The accounting considerations described apply to all entities – they are not unique to financial institutions. The alert does not introduce new accounting guidance. Rather, it highlights the provisions of current IFRSs that are most likely to be relevant when assessing the accounting in markets characterised by volatility, a credit crunch, and recession.
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Global Tax Implications of IFRSs
The Deloitte (United States) Center for Corporate Governance has published Global Tax Implications of International Financial Reporting Standards (PDF 540k, September 2008, 4 pages). This Deloitte report underscores the need for US tax departments to watch closely the transition toward IFRSs occurring in other countries as well as in the United States and to understand the potential implications in each country in which they operate.
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Mind the GAAP: Best Practice Tax Reporting in a Changing Environment
Deloitte & Touche (United Kingdom) has published Mind the GAAP: Best Practice Tax Reporting in a Changing Environment (PDF 260k, 16 pages, May 2007). This publication contains recommendations as to how companies might address the challenges of tax reporting in financial statements brought about by recent changes including IFRSs and auditor independence. The report draws on market research that investigates how large businesses in the UK are managing the challenges of tax reporting and presents Deloitte's recommendations as to how companies can get to a 'fit for purpose' year end. Key recommendations for companies include the adoption of tax basis balance sheets, full quarterly tax reporting, and real time audits which conclude on the tax reporting impact of significant transactions, as they happen, to enable early identification of material issues.
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