IFRS | Accounting is changing. Are you ready? | Ernst & Young | US IFRS services - Ernst & Young - United States

US GAAP versus IFRS: the basics

The FASB and the IASB have made significant strides toward their stated goal of converging US GAAP and IFRS, but they have yet to finalize three of the priority projects they identified in their 2008 Memorandum of Understanding. We provide a comparison of standards, including key developments through December 2011.

Surprises lurk in the proposed revenue recognition model

In conjunction with its November 2011 re-exposure of the joint revenue recognition proposal, the FASB issued a draft of the proposed consequential amendments to the Accounting Standards Codification. The proposed amendments include not only the proposed changes to Topic 605, Revenue Recognition, but also the changes to the guidance that resides outside of Topic 605. Our To the Point publication highlights some proposed changes to current guidance that companies may not have expected.

Joint Project Watch - December 2011

The standard-setting activities of the FASB and the IASB on their joint projects continue to move forward. The Boards have issued final guidance or exposure drafts on several projects and continue to redeliberate others. Our Joint Project Watch publication is designed to give you a snapshot of key developments from a US GAAP perspective each month, along with our observations about the potential implications for companies.

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Revised revenue recognition proposals – implications for the real estate and construction industries

In this issue of IFRS Developments we consider the potential impact of the IASB's and FASB's latest proposals on revenue recognition and the key implications for entities in the real estate and construction industries, including real estate investment trusts, funds and homebuilders.

Boards discuss onerous contract testing and measurement of options and guarantees

On December 15 and 16, the IASB and the FASB, held joint meetings to continue their re-deliberations of the tentative decisions in the IASB's Exposure Draft Insurance Contracts (ED) and in the FASB's Discussion Paper Preliminary Views on Insurance Contracts (DP). A large part of the meeting was devoted to discussing the definition of portfolio grouping of cash flows for determining the residual/ single margin, and the risk adjustment (IASB only).

Read Ernst & Young's latest Insurance Accounting Alert to learn more about these developments.