IFRS to US GAAP comparison

Comparison between U.S. GAAP and International Financial Reporting Standards

Edition 3.0, March 31 2012

This Comparison highlights some significant U.S. GAAP and IFRS requirements, as well as the major similarities and differences between the two sets of standards. While not an exhaustive listing, this document highlights some of the more significant differences between U.S. GAAP and IFRS that we believe are most commonly encountered in practice. The Comparison may be helpful to individuals that are new to IFRS who are trying to gain an appreciation of the more significant requirements of IFRS and how these requirements differ from those in the United States.

Disclaimer

This Grant Thornton LLP document provides information and comments on current accounting issues and developments as of March 31, 2012. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice with respect to the matters addressed. This document supports Grant Thornton LLP’s marketing of professional services, and is not written accounting or tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document we encourage you to contact us or an independent accounting or tax adviser to discuss the potential application to your particular situation. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this document.  Moreover, nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with, or attached to this document is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code. For additional information on topics covered in this document, contact your Grant Thornton New Zealand adviser.