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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

  • Outcomes from Unites States review of business combination accounting

  • May 23, 2013

  • The United States Financial Accounting Foundation (FAF) has announced the completion of its post-implementation review of FASB Statement No. 141 (revised 2007), 'Business Combinations' (Statement 141R). The review found that Statement 141R resolved some of the issues associated with the purchase method of accounting for business combinations, that its principles and requirements generally are understandable and can be applied as intended, and that investors generally find the resulting information to be useful. However, the review also noted a number of other issues and makes a number of recommendations for improvements to FASB's standard-setting process.

  • US SEC adopts the 2013 US GAAP Financial Reporting Taxonomy

  • May 22, 2013

  • The Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) have announced that the US Securities and Exchange Commission (SEC) has adopted the 2013 US GAAP Financial Reporting Taxonomy.

  • Stakeholders are asked to provide input into the FASB's future agenda

  • May 13, 2013

  • The Financial Accounting Standards Advisory Council (FASAC), the FASB's primary advisory group, has issued a survey to solicit stakeholder views about the FASB’s future agenda. The FASB will consider the input received through the survey as well as input received from other sources when deciding which projects to add to its technical agenda. Certain projects suggested could lead to further convergence between US GAAP and IFRSs.

  • PCC proposes alternatives to US GAAP for private companies

  • May 08, 2013

  • The Private Company Council (PCC) has voted to approve proposed alternatives to improve financial reporting for private companies within US Generally Accepted Accounting Principles (GAAP). This is the first step in the process towards endorsement by the FASB.

  • FASB proposes technical corrections to Codification master glossary

  • May 06, 2013

  • The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), 'Technical Corrections and Improvements Related to Glossary Terms', that would make certain minor modifications and clarifications to the Master Glossary in the FASB Accounting Standards Codification (the “Codification”).

  • US SEC Chair discusses regulation in a global context

  • May 05, 2013

  • In a speech given recently to the Investment Company Institute (ICI) in Washington, US Securities and Exchange Commission (SEC) Chair, Mary Jo White, has given a broad analysis of the impact of globalisation on regulation. In relation to accounting standards, Ms White highlights the need to "accommodate different but equally legitimate financial reporting standards".

  • Study on the state of integrated reporting and sustainability reporting in the United States

  • Apr 30, 2013

  • The Investor Responsibility Research Center Institute (IRRCI), a not-for-profit organisation funding objective research focused on corporate governance and responsibility, has released a report 'Integrated Financial and Sustainability Reporting in the United States' showing that every company in the S&P 500 except one reports some form of sustainability disclosure. However, even though sustainability reporting as such is widespread, extent, quantification and connectivity can still be much improved.

  • Russell Golden named next FASB Chair

  • Apr 23, 2013

  • The Financial Accounting Foundation (FAF) has announced that the next Chair of the Financial Accounting Standards Board (FASB) will be Russell G. Golden. Effective 1 July 2013, Mr Golden will be succeeding the current Chair Leslie F. Seidman.

  • FASB podcast on proposed impairment model

  • Apr 17, 2013

  • The US Financial Accounting Standards Board (FASB) has made available a podcast which provides a detailed overview of the FASB's Proposed Accounting Standards Update (ASU) 'Financial Instruments—Credit Losses'.

  • FASB updates proposed private company decision-making framework

  • Apr 16, 2013

  • The United States Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) have issued an updated Invitation to Comment on the private company decision-making framework. The goal of the Invitation to Comment is to assist the FASB and the PCC to ultimately develop a guide that can be use in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under US GAAP.

  • SEC — New Chairman confirmed

  • Apr 08, 2013

  • The United States Senate has confirmed Mary Jo White, a former federal prosecutor, as the new chairman of the SEC. The confirmation only allows Ms. White to complete the remainder of the term begun by Mary Schapiro, which ends in June 2014.

  • ASAF membership announced

  • Mar 19, 2013

  • The IFRS Foundation has announced the membership of the newly founded Accounting Standards Advisory Forum (ASAF) that is designed to formalise and streamline the relationships between the IFRS Foundation and IASB with the global standard-setting community, in order to bring important regional perspectives to the IASB’s technical work and to offer feedback on the most important issues of the day.

  • ASBJ and FASB continue discussions

  • Mar 08, 2013

  • The fourteenth meeting between representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) was held in Norwalk, Connecticut on 4-5 March 2013. The meeting saw updates on each board's respective standard setting activities and an exchange views on the IASB's activities, especially about the conceptual framework, which both Boards believe is essential to the development of high-quality global accounting standards.

  • FAF approves change to FASB/GASB agenda-setting process and reappointment of Marc Siegel

  • Feb 27, 2013

  • The board of trustees of the Financial Accounting Foundation (FAF), which oversees the FASB and the GASB, approved a key change to the two boards’ agenda-setting process. Decisions about project plans, agenda setting, and the priority of projects must now be approved by a majority vote of the respective boards at a public meeting instead of being made independently by each board’s chairman.

  • FASB Proposed ASU on Classifying and Measuring Financial Instruments

  • Feb 18, 2013

  • On 14 February 2013 the FASB issued proposed Accounting Standards Update (ASU) ‘Recognition and Measurement of Financial Assets and Financial Liabilities.’ The proposed ASU is the equivalent to the IASB’s exposure draft issued November 2012 on proposed limited changes to IFRS 9 (2010).

  • 10 years of IFRS: Reflections and expectations - Part two

  • Feb 15, 2013

  • The 'Australian Accounting Review' has recently published the second part of a special edition that marks the 10th anniversary of the International Accounting Standards Board (IASB) with research papers exploring the impact of IFRS on standard setting, financial reporting practice and accounting education from the perspectives of standard setters, practitioners and academics.

  • FAF to begin post-implementation review of Statement 109

  • Feb 04, 2013

  • The US Financial Accounting Foundation (FAF) will conduct its next post-implementation review (PIR) on Financial Accounting Standards Board (FASB) Statement No. 109, Accounting for Income Taxes (FAS 109) (codified in Accounting Standards Codification Topic 740, Income Taxes). The FAF will use the information from the PIR to evaluate the effectiveness of the standard-setting process of the FASB.

  • Finnish and US regulators enter into cooperative agreement

  • Feb 04, 2013

  • The Auditing Board of the Central Chamber of Commerce (AB3C) of Finland and the US Public Company Accounting Oversight Board (PCAOB) have announced a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • French and US regulators enter into cooperative agreement

  • Feb 04, 2013

  • The French High Council for Statutory Auditors (H3C) and the US Public Company Accounting Oversight Board (PCAOB) have announced a cooperative agreement on the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • IASB and FASB make progress on joint leases project

  • Jan 31, 2013

  • At their joint meeting yesterday, the IASB and US Financial Accounting Standards Board (FASB) tentatively agreed on three topics related to the classification of lease components in an arrangement.

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