Handbook  |   December 2017
 

Handbook: IFRS compared to US GAAP

KPMG’s side-by-side comparison of IFRS and US GAAP. Both the FASB and the IASB believe that the era of sweeping accounting change has come to an end, for now, and both are committed to helping companies implement the new major standards.

Applicability

  • Company comparing IFRS to US GAAP

Relevant dates

  • Annual reporting period beginning on January 1, 2017

Key impacts

  • Due to the number and significance of foreign private issuers using IFRS in the US capital markets as well as the number of US companies investing abroad, an understanding of the difference between IFRS and US GAAP is important to preparers and users of financial statements
  • Summary of differences that KPMG encounters most frequently, resulting from either a difference in emphasis or specific application guidance

Report contents

  • The conceptual framework
  • General issues
  • Statement of financial position
  • Specific items of profit or loss and OCI
  • Special topics
  • Financial instruments (2017 year-ends)
  • Insurance contracts (2017 year-ends)

Spotlight on contributors

Paul Munter

Paul Munter

Partner, DPP, KPMG (US)

+1 212-909-5567
Julie Santoro

Julie Santoro

Partner, Audit | AQPP - Accounting Standards, KPMG (US)

+1 212-954-1086
Akira Takada

Akira Takada

Senior Manager, DPP, KPMG (US)

+1 212-954-6811

 

 

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