Handbook: IFRS® compared to US GAAP
Handbook | November 2024
Latest edition: Side-by-side comparison of IFRS Accounting Standards and US GAAP.
For companies reporting under both IFRS Accounting Standards and US GAAP, our updated IFRS compared to US GAAP handbook highlights the key differences between the two frameworks based on 2024 calendar year ends.
Applicability
- Public companies
- Private companies that do not adopt the private company accounting alternatives
Relevant dates
- Annual reporting periods beginning January 2024, including forthcoming requirements for subsequent periods.
Driving clarity in financial reporting
Investors and regulators have been raising concerns about the clarity of financial reporting. Alongside this, artificial intelligence has fundamentally changed the face of communication, impacting confidence and trust. Maintaining stakeholders’ confidence and trust is high on the agenda for all companies, with clarity of reporting playing a key role.
Against the backdrop of these concerns, both the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are focusing on presentation and disclosure matters. A number of amendments to the existing presentation and disclosure requirements under IFRS Accounting Standards become effective this year and a new accounting standard – IFRS 18 Presentation and Disclosure in Financial Statements – has been released. The FASB is also developing new requirements to enhance transparency and comparability in the income statement.
Both standard-setters are also responding to the need for clarity about emerging topics such as crypto assets and environmental credit programs. The IASB is performing research; the FASB has also developed specific new requirements and proposals. With new differences between IFRS Accounting Standards and US GAAP on the horizon, dual reporters need to monitor these developments closely.
Report contents
- Background
- General Issues
- Statement of financial position
- Specific items of profit or loss and OCI
- Special topics
- Financial instruments
- Insurance contracts
- Appendix – Effective dates: US GAAP
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IFRS® compared to US GAAP
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