U.S. GAAP and IFRS: A Comparative Analysis provides, on a topic-by-topic basis, a comparative analysis of the principal recognition and measurement requirements of U.S. Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). It serves as a quick-reference guide that enables readers to quickly identify the main similarities and differences between U.S. GAAP and IFRS.
U.S. GAAP and IFRS: A Comparative Analysis delivers logically organized explanations, illustrations, and examples that together enable readers to recognize and understand important topics and critical contrasting issues in both sets of standards. Written by renowned expert Allan Afterman, it is an ideal source for gaining a high-level understanding of how IFRS might impact your company, and quickly assessing how specific aspects of your company's financial statements might be impacted by a potential change to IFRS.
U.S. GAAP and IFRS: A Comparative Analysis has been updated to include:
- Accounting for hedges under IFRS 9, Financial Instruments, which replaces IAS 39, Financial Instruments: Recognition and Measurement, and becomes mandatorily effective from January 1, 2018.
- How contributions to defined benefit plans from employees or third parties affect service cost.
- The AICPA’s Financial Reporting Framework for SMEs to be used in the preparation of general-use financial statements in situations not requiring GAAP-based statements.
- Incorporation of revisions to the IFRS for SMEs.