Handbook: IFRS® compared to US GAAP
Handbook | December 2025
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 2025 calendar year ends.
Applicability
- Public companies
- Private companies that do not adopt the private company accounting alternatives
Relevant dates
- Annual reporting periods beginning January 2025, including forthcoming requirements for subsequent periods.
Key impacts:
In times of uncertainty, investors, regulators and other users look for clarity in the annual report. They want to know how an entity is affected and how it addresses the challenges, and what judgements, estimates and assumptions management makes.
Both the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are responding to drive clarity. A new accounting standard – IFRS 18 Presentation and Disclosure in Financial Statements – is effective in 2027, introducing a revised structure for the statement of profit or loss and bringing management performance measures into the spotlight. The FASB has also introduced new disclosure requirements to enhance transparency and comparability in the income statement. This edition of IFRS compared to US GAAP includes a new chapter highlighting the key differences related to these requirements.
Both standard-setters are also responding to the need for better information about intangible assets. The IASB is performing research as part of its comprehensive review of the intangible assets standard; the FASB has developed specific new requirements and proposals for emerging topics – e.g. newly effective requirements for crypto assets and proposals for environmental credit programs. 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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