Comparison between U.S. GAAP and International Financial Reporting Standards
Approximately 120 countries currently require or permit the use of International Financial Reporting Standards (IFRS). Although the United States is not one of those countries, the Securities and Exchange Commission (SEC) continues to explore whether, and if so, when and how to incorporate IFRS into the U.S. financial reporting system.
We have prepared the Comparison between U.S. GAAP and IFRS® Standards (Comparison) to help readers grasp some of the major similarities and differences between IFRS Standards and U.S. GAAP. More emphasis is placed on recognition, measurement, and presentation guidelines, and less emphasis is placed on disclosure requirements. As more fully explained in Section 1, “Introduction,” this Comparison covers only those differences that we believe are most commonly encountered in practice.
This Grant Thornton LLP document provides information and comments on current accounting issues and developments as of April 1, 2017. 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.