GTUS issues updated Comparison between U.S. GAAP and International Financial Reporting Standards

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The Comparison between U.S. GAAP and International Financial Reporting Standards (April 2016) (the Comparison) has been updated for standards issued as of April 2016. 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 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 that we believe are most commonly encountered in practice. The Comparison may be helpful to individuals that are new to IFRS who are trying to gain an appreciation of the more significant requirements of IFRS 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.

This Comparison is only a guide; it is not all-encompassing. For the complete details of IFRS 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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© 2016 Grant Thornton LLP. All rights reserved. This Grant Thornton LLP On the Horizon provides information and comments on current accounting issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other conclusions with respect to the matters addressed in this issue. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at accounting that complies with matters addressed in this publication. For additional information on topics covered in this publication, contact a Grant Thornton client-service partner.