AccountingLink

    IFRS matters

    31 January 2019

    US GAAP versus IFRS: The basics - January 2019
    Our US GAAP versus IFRS – The basics publication, which provides an overview, by accounting area, of the similarities and differences between US GAAP and IFRS, has been updated. This release generally reflects guidance effective in 2018 and guidance finalized by the FASB and the IASB as of 31 May 2018. It also discusses standard-setting activities at the FASB and the IASB and has been updated for the following significant new standards and related consequential amendments: Accounting Standards Update (ASU) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, ASC 842 and IFRS 16, Leases, and ASC 606 and IFRS 15, Revenue from Contracts with Customers. We have not included differences before the adoption of ASU 2017-12, ASC 842, IFRS 16, ASC 606 and IFRS 15. Please refer to the February 2018 edition of the tool below for differences before the adoption of ASU 2017-12, ASC 842 and IFRS 16 and the October 2016 edition of the tool below for differences before the adoption of ASC 606 and IFRS 15.

    31 January 2019

    US GAAP/IFRS accounting differences identifier tool - January 2019
    Our US GAAP/IFRS accounting differences identifier tool, which helps entities identify some of the more common accounting differences between US GAAP and IFRS that may affect an entity’s financial statements when converting from US GAAP to IFRS (or vice versa), has been updated. This release generally reflects guidance effective in 2018 and guidance finalized by the FASB and the IASB as of 31 May 2018. It also discusses standard-setting activities at the FASB and the IASB and reflects the following significant new standards and related consequential amendments: ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, ASC 842 and IFRS 16, Leases, ASC 606 and IFRS 15, Revenue from Contracts with Customers. We have not included differences before the adoption of ASU 2017-12, ASC 842, IFRS 16, ASC 606 and IFRS 15. Please refer to the February 2018 edition of the tool for differences before the adoption of ASU 2017-12, ASC 842 and IFRS 16 and the October 2016 edition of the tool for differences before the adoption of ASC 606 and IFRS 15.

    23 February 2018

    US GAAP versus IFRS: The basics - February 2018
    Our US GAAP versus IFRS – The basics publication, which was developed to help entities that are converting from US GAAP to IFRS or that are evaluating the effects of IFRS adoption, has been updated. This release generally reflects guidance effective in 2017 and guidance finalized by the FASB and the IASB as of 31 May 2017. It also discusses current standard-setting activities at the FASB and the IASB and has been updated for the following significant new standards and related consequential amendments: ASC 606, Revenue from Contracts with Customers (created by ASU 2014-09), IFRS 15, Revenue from Contracts with Customers, ASC 842, Leases, (created by ASU 2016-02), IFRS 16, Leases, ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, and IFRS 9, Financial Instruments. Differences before the adoption of ASC 606, IFRS 15, ASU 2016-01 and IFRS 9 have not been included. Please refer to the October 2016 edition of the publication for these differences.

    23 February 2018

    US GAAP/IFRS accounting differences identifier tool - February 2018
    Our US GAAP/IFRS accounting differences identifier tool, which was developed to help entities that are converting from US GAAP to IFRS or that are evaluating the effects of IFRS adoption, has been updated. This release generally reflects guidance effective in 2017 and guidance finalized by the FASB and the IASB as of 31 May 2017. It also discusses current standard-setting activities at the FASB and the IASB and reflects the following significant new standards and related consequential amendments: ASC 606, Revenue from Contracts with Customers (created by ASU 2014-09), IFRS 15, Revenue from Contracts with Customers, ASC 842, Leases, (created by ASU 2016-02), IFRS 16, Leases, ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, and IFRS 9, Financial Instruments. Differences before the adoption of ASC 606, IFRS 15, ASU 2016-01 and IFRS 9 have not been included. Please refer to the October 2016 edition of the tool for these differences.