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Difference between IFRS and US GAAP standards | News Flash

11 Nov 2020

In the field of accounting, there are two financial reporting standards – International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP).

Convergence between IFRS and US GAAP is one of the bigger issues in the global implementation of IFRS. At present, all US entities have to file accounts prepared under local US GAAP except for the overseas issuer of securities, they have option of using IFRS from 2010.

IFRS is the most commonly used system in the world, and this method of accounting for publicly traded companies is used by more than 100 countries.

FASB and IASB continues work collaboratively in adoption of new standards. But do you know the difference between them? We have compiled a clear table of basic differences between IFRS and US GAAP for you, which will help you with that.

IFRS US GAAP
Comparative information Statement of financial position is required for the previous period for all amounts reported in the financial statements Statement of financial position requires comparatives for 2 most recent years
Value in use Discounted cash flow Undiscounted cash flow
Cash flow statements Bank overdrafts are included in cash and cash equivalents Bank overdrafts are treated as part of financing
Extraordinary items For IFRS they are prohibited For US GAAP they are not used anymore
Revaluation May be applied Prohibited
Development costs Capitalisation as assets Costs in period when occurred
Component depreciation Required if components having different patterns of benefit Permitted but not common
Borrowing costs – interests Can include more components Exchange rates are excluded

At Accace, we focus mainly on accounting according to IFRS, and we also covered the topic in our latest IFRS News Flash. However, it can be challenging to become familiar with this topic, so our experts in International Financial Reporting Standards are ready to give you an advice.

Do you need help with IFRS? Contact us and we will gladly help you!

CONTACT

Radka Hubčíková, ACCA
Accounting Supervisor & IFRS Consultant
E-mail: Radka.Hubcikova@accace.com
Tel.: +421 2 325 53 000

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About Accace

Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading outsourcing and consultancy providers in the region. Engaging over 600 experts, we have vast experience with handling small to large scale, multi-country outsourcing projects and providing a comprehensive range of our services to over 2,000 customers.

About Accace Circle

Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Covering almost 40 jurisdictions with over 2,000 professionals, we support more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 170,000 pay slips globally.

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