This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

United States of America

Differences Between International Financial Reporting Standards and US GAAP

IFRS-US GAAP 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.

Deloitte Insights Podcasts

Deloitte Insights is a complimentary audio news magazine that examines important business issues of the day. You can subscribe to receive the latest episodes automatically either via RSS feed or iTunes, or you can listen to them directly on your personal computer. This web page has a list of available Deloitte Insights episodes (link to Deloitte.com).

The United States Public Company Accounting Reformand Investor Protection Act of 2002 (Sarbanes-Oxley Act)

  • Click to download a One-Page Summary (PDF 19k) of the United States Public Company Accounting Reform and Investor Protection Act of 2002 — also called the Sarbanes-Oxley Act of 2002 (named after its Congressional cosponsors, Senator Sarbanes and Congressman Oxley).
  • Or you can Download the Full Text of the Sarbanes-Oxley Act of 2002 (PDF 230k).

Deloitte Center for Corporate Governance IFRS Page

This page is aimed primarily at corporate directors and audit committees. it notes that thousands of companies have moved to International Financial Reporting Standards (IFRS) as a basis of financial reporting. Nearly every country has embraced IFRS in some way. Audit committees might ask the following questions concerning IFRS:

  • Has the company inventoried its current IFRS reporting requirements, if any?
  • What is the level of IFRS knowledge within the company, both domestically and globally?
  • Are the company's competitors already reporting under IFRS, or is there an expectation that they would switch to IFRS, if given the choice?
  • What would be the impacts of the company of a possible IFRS requirement in the U.S.?
  • Has the company assessed the cost and benefits of adopting IFRS?

This page provides links to resources that will help in answering those questions.

Deloitte IFRS University Consortium

To assist accounting educators, Deloitte (United States) has created an International Financial Reporting Standards (IFRS) University Consortium. On the Consortium's Website, you will find a library of resources and complete, classroom-ready IFRS course materials, including slide decks from Deloitte subject matter leaders, and a series of case studies recently used as part of a graduate level accounting course. Click for a Brief Description (PDF 185k).

The Evolution of US Generally Accepted Accounting Principles (1932-2004)

Professor Stephen A. Zeff, Rice University, presented an all-day seminar on the Evolution of US Generally Accepted Accounting Principles (1932–2004) at an International Symposium on Accounting Standards sponsored by the Ministry of Finance of the People's Republic of China, Beijing, 12 July 2004. We are grateful to Prof. Zeff for permitting us to post a comprehensive Outline of the Presentation (PDF 188k).

Related news

  • FASB redefines discontinued operations

  • Apr 10, 2014

  • Today, the FASB issued Accounting Standards Update (ASU) No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under the ASU, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the ASU (1) expands the disclosure requirements for disposals that meet the definition of a discontinued operation, (2) requires entities to disclose information about disposals of individually significant components, and (3) defines “discontinued operations” similarly to how it is defined under IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations."

  • SASB issues provisional standards for the technology and communications sector

  • Apr 04, 2014

  • The Sustainability Accounting Standards Board (SASB) has issued provisional standards for industries in the technology and communications sector. The standards are the third set in a planned series of industry-related standards by the SASB on accounting for environmental, social, and governance (ESG) issues that could be material to a corporation’s performance.

  • FASB and ASBJ hold biannual meeting

  • Apr 02, 2014

  • The sixteenth meeting between representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) was held in Norwalk earlier this week. The meeting saw updates on each board's respective standard-setting activities and an exchange of views on technical topics that are of interest to both boards.

  • Swedish and US regulators enter into cooperative agreement

  • Mar 31, 2014

  • The Supervisory Board of Public Accountants of Sweden and the US PCAOB have announced a cooperative agreement related to the oversight of audit firms subject to the jurisdictions of both regulators. The agreement is effective immediately.

  • FASB plans to conduct research and outreach with stakeholders on fair value measurement

  • Mar 11, 2014

  • The Chairman of the US Financial Accounting Standards Board (FASB) has submitted a letter to the Financial Accounting Foundation’s (FAF’s) Standard-Setting Process Oversight Committee acknowledging the results of the FAF's post-implementation review (PIR) of FASB Statement No. 157 'Fair Value Measurements'. The review team had concluded that the standard generally achieves its purpose and provides investors with decision-useful information. However, it also noted that some investors found certain aspects of the standard challenging.

  • FASB proposes decision process improvements for disclosure framework

  • Mar 05, 2014

  • The FASB has issued an exposure draft proposing a decision process to be used by the Board and its staff for evaluating what disclosures should be required in notes to interim and annual financial statements. Also, it proposes the types of information that should not be required in notes to financial statements.

  • SASB issues provisional standards for financial sector

  • Feb 26, 2014

  • The Sustainability Accounting Standards Board (SASB) has issued provisional standards for industries in the financial sector. The standards are the second set in a planned series of industry-related standards by the SASB on accounting for environmental, social, and governance (ESG) issues that could be material to a corporation’s performance.

  • SEC remains committed to convergence in general

  • Feb 05, 2014

  • The United States Securities and Exchange Commission (SEC) has published a draft Strategic Plan for the 2014-2018 period. As in earlier strategic plans, global convergence of accounting standards and the globalisation of capital markets are noted among the initiatives designed to support the primary strategic goals, this time however without expressly mentioning the IASB/FASB convergence programme or a possible adoption of IFRSs.

  • FASB abandons converged approach to business model assessment

  • Jan 30, 2014

  • At its meeting yesterday to discuss the classification and measurement of financial instruments, the US Financial Accounting Standards Board (FASB) tentatively decided not to pursue the converged approach jointly developed by the FASB and IASB (the 'boards') for assessing the business model in which a financial asset is managed.

  • FASB issues guidance on service concession arrangements

  • Jan 24, 2014

  • The FASB has issued Accounting Standards Update (ASU) No. 2014-05, “Service Concession Arrangements,” which prohibits an operating entity from accounting for a service concession arrangement as a lease. In addition, the ASU states that “infrastructure used in a service concession arrangement should not be recognized as property, plant, and equipment of the operating entity.”

  • FASB decision diverges classification and measurement guidance

  • Dec 19, 2013

  • At its meeting yesterday, the US Financial Accounting Standards Board (FASB) decided to abandon the “SPPI test” that would have been required as part of the proposed contractual cash flow assessment for determining the classification and measurement of financial assets.

  • FASB releases Financial Reporting Taxonomy 2014

  • Dec 18, 2013

  • The Financial Accounting Standards Board (FASB) has released the 2014 US GAAP Financial Reporting Taxonomy, pending final acceptance by the US Securities and Exchange Commission (SEC). It contains accounting standards updates and other improvements to the official taxonomy, which is used by public issuers registered with the SEC.

  • FASB and ASBJ hold biannual meeting

  • Oct 18, 2013

  • The fifteenth meeting between representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) was held in Tokyo, Japan, on 15-16 October 2013. The meeting saw updates on each board's respective standard-setting activities and an exchange of views concerning the development of high-quality global accounting standards.

  • SEC Chair speaks about 'The Path Forward on Disclosure'

  • Oct 16, 2013

  • The Chair of the US Securities and Exchange Commission (SEC), Mary Jo White, gave a speech at US leadership conference on the issue of information overload. Although she was primarily referring to the disclosures required by SEC Regulation S-K, the questions she raised in her speech are fundamental and important in the context of the international debate on disclosures as well.

  • FASB discusses disclosure framework

  • Oct 11, 2013

  • The Financial Accounting Standards Board (FASB) has issued a fact sheet and discussed aspects of its discussion paper on its disclosure framework project.