Handbook | March 2020
 

Handbook: IFRS® compared to US GAAP

KPMG’s side-by-side comparison of IFRS Standards and US GAAP. With unprecedented accounting change under both IFRS Standards and US GAAP within the past five years, our Handbook is designed to help preparers and users navigate the growing gap between the two sets of standards.

Applicability

  • Public companies
  • Private companies that do not adopt the private company accounting alternatives 

Relevant dates

  • Annual reporting periods beginning on January 1, 2019, including forthcoming requirements for subsequent periods

Key impacts

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

Report contents

  • The conceptual framework
  • Statement of financial position
  • Specific items of profit or loss and OCI
  • Broad transactions, such as consolidation, business combinations, fair value measurement, leases
  • Financial instruments

Spotlight on contributors

Kevin Manson

Kevin Manson

Senior Manager, Dept. of Professional Practice, KPMG US

Mahesh Narayanasami

Mahesh Narayanasami

Partner, Dept. of Professional Practice, KPMG US

Julie Santoro

Julie Santoro

Partner, Dept. of Professional Practice, KPMG US

Daniel Vance

Daniel Vance

Senior Manager, Dept. of Professional Practice, KPMG US

 

 

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