Handbook | December 2020

 

Insight

Handbook: IFRS® compared to US GAAP

Latest edition: Side-by-side comparison of IFRS Standards and US GAAP.

Julie Santoro

Julie Santoro

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-1086

Mahesh Narayanasami

Mahesh Narayanasami

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-7355

In 2020, nothing was left untouched by the effects of COVID-19, including the standard-setting agenda. After several years of unprecedented accounting change under both standard-setting frameworks, timelines were extended and targeted guidance offered some accounting relief. Our Handbook is designed to help preparers and users navigate the ongoing differences 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, 2020, 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

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