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Handbook: IFRS® compared to US GAAP

Handbook | November 2023

Latest edition: Side-by-side comparison of IFRS Accounting Standards and US GAAP.

This publication highlights the key differences between IFRS Accounting Standards and US GAAP, based on 2023 calendar year-ends. This edition of IFRS compared to US GAAP includes the new requirements for insurance contracts, which are now effective in 2023. It also addresses the accounting for income taxes, including new guidance on the global minimum top-up tax, and credits under the US’s Inflation Reduction Act and CHIPS and Science Act.


  • Public companies
  • Private companies that do not adopt the private company accounting alternatives

Relevant dates

  • Annual reporting periods beginning January 2023, including forthcoming requirements for subsequent periods.

Embracing rapid change

In the 21st century a successful company is one that adapts rapidly to innovation and change. Technological advances have had an enormous impact on businesses and their customers in recent years, with the shift to cloud computing and the growing capabilities of artificial intelligence opening vast new opportunities for commerce.

At the same time, companies are coming to terms with increased global uncertainty – for example, from geopolitical events, natural disasters, climate effects and inflationary pressures.

And as they assess the impacts of these issues on their business, companies continue to face the challenge of providing meaningful and relevant information on these risks and opportunities in their financial reporting, under both IFRS Accounting Standards and US GAAP.

Standard-setters are also responding. The International Accounting Standards Board (IASB) has added intangible assets to its agenda, along with climate-related and other uncertainties. The US Financial Accounting Standards Board (FASB) is developing new requirements for digital assets, software costs and environmental credit programmes. Both the IASB and FASB are also developing new requirements to improve transparency and comparability in the income statement.

Understanding the differences

This publication helps you understand the significant differences between IFRS Accounting Standards and US GAAP. Although it does not discuss every possible difference, this publication provides a summary of those differences that we have encountered most frequently, resulting from either a difference in emphasis, specific application guidance or practice. The focus of this publication is primarily on recognition, measurement and presentation. However, it also covers areas that are disclosure-based, such as segment reporting and the assessment of going concern.

Report contents

  • Background
  • General Issues
  • Statement of financial position
  • Specific items of profit or loss and OCI
  • Special topics
  • Financial instruments
  • Insurance contracts

Download the document:

IFRS® compared to US GAAP

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Michael Kraehnke
Partner, Dept. of Professional Practice, KPMG US

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