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IFRS and US GAAP Accounting Standards
March 3, 2006
I. Introduction. The purpose of this article is to identify websites that a company accountant, needing to resolve accounting issues, can turn to when he or she needs to get initial information on IFRS and US GAAP accounting standards similarities and differences. Hopefully, by quickly clicking on one or more of the links provided in this article, the accountant can efficiently and effective obtain that initial and preliminary, and perhaps conclusive, information needed to successfully resolve the accounting issue that he or she is facing.
This article does not attempt to identify websites that deal with any of the following about IFRS/US-GAAP accounting standards convergence: processes involved; progress being made; groups involved; advantages and disadvantages; historic perspectives; and impacts and implications. For those interested in any of these topics, a tremendous amount of information is on the Internet dealing with these aspects of IFRS/US-GAAP accounting standards convergence.
A comprehensive search of the Internet, using major search engines and relevant search terms, was made in the preparation of this article.
II. Comprehensive Reports On Accounting Standard Differences. Several large accounting firms have available on the Internet reports that provide very comprehensive identification of similarities and differences between many, if not all, International Financial Reporting Standards (IFRS) (generated by the International Accounting Standard Board – IASB) and US GAAP (for which the Financial Accounting Standards Board – FASB –has responsibility).
Some of these comprehensive reports are:
Deloitte’s IAS PLUS unit maintains a website, http://www.iasplus.com/en/news/2012/march/welcome, devoted to identifying key differences between IFRSs and US GAAP. Information at this website is similar to what is found in the Deloitte Touche Tohmatsu report identified above, except that the website is updated.
In addition to these freely accessible reports and website, both the FASB and IASB have IFRS/US-GAAP comparison reports which can be purchased. The FASB report can be purchased from this site, http://www.fasb.org/intl/iascpg2d.shtml. It is a 1999 report and costs about $90.
III. Accounting Standards Now Fully or Partially Converged. This section provides links to websites that identify and discuss the accounting standards that have recently converged (made materially similar), or are partially converged. Standards are identified that deal with: income tax; discontinued operations; asset disposals; accounting policy changes; extraordinary items; equity-based compensation; segment reporting; and business combinations.
1. Income tax. The FASB maintains this page, http://www.fasb.org/intl/convergence_iasb.shtml, which identifies decisions and accounting treatment related to IFRS/US-GAAP convergence.
2. Equity-based compensation. At the New York State Society of CPA’s The CPA Journal site is this article, http://www.nysscpa.org/cpajournal/2004/1104/essentials/p34.htm, which deals with activities and issues related to converging IFRS/US-GAAP equity-based compensation standards.
3. Business combinations. The New York State Society of CPAs The CPA Journal has an article at this site, http://www.nysscpa.org/cpajournal/2006/106/essentials/p22.htm, on the convergence activities and results of IFRS/US-GAAP standards related to business combinations.
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