Comparison of U.S. GAAP and International Financial Reporting Standards

The Comparison between U.S. GAAP and IFRS® Standards (the Comparison) has been updated for standards issued as of December 31, 2018. Effective dates for standards vary and are generally noted where relevant. Recently issued guidance included in this Comparison but that is not yet effective has been shaded in the tables for those entities that may wish to early adopt the guidance.

This Comparison highlights some significant U.S. GAAP and IFRS Standards requirements, as well as the major similarities and differences between the two sets of standards. While not an exhaustive listing, this document highlights some of the more significant differences between U.S. GAAP and IFRS Standards that we believe are most commonly encountered in practice. The Comparison may be helpful to individuals that are new to IFRS Standards who are trying to gain an appreciation of the more significant requirements of IFRS Standards and how these requirements differ from those in the United States. Disclosure requirements are not addressed, except in some exceptional cases where those requirements constitute major differences between U.S. GAAP and IFRS Standards.

This Comparison is only a guide; it is not all-encompassing. For the complete details of IFRS Standards and U.S. GAAP requirements, as well as SEC rules, regulations, and practices, readers should refer to the complete text of the standards, rules, regulations, and practices themselves.


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