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Key differences between IFRSs and US GAAP

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22 Jun 2004

Convergence of International Financial Reporting Standards and US GAAP is a goal of both the International Accounting Standards Board and the US Financial Accounting Standards Board.

The two boards are working to achieve that goal, both in their individual standards setting activities and in short-term and longer-term convergence projects. Deloitte has published a booklet highlighting Key Differences Between IFRSs and US GAAP as of June 2004, with a brief note on what, if anything, is being done about each difference. The differences (or non-inclusion of what, until recently, was a difference) reflect all IFRSs issued and revised through mid-June 2004, including those that do not become mandatory until 2005. The status notes reflect current IASB and FASB proposals. You can (PDF 258k). We are pleased to grant permission for accounting educators and students to make copies for educational purposes.

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