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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).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.