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IFRS vs. GAAP: Comparing and Contrasting Financial Statement Requirements

Identifying Key Balance Sheet, Income Statement, and Disclosure Differences

Recording of a 110-minute CPE video webinar with Q&A

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Conducted on Tuesday, May 16, 2023

Recorded event now available

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This course will review significant differences affecting a broad range of financial statement areas, comparing, and contrasting the requirements in accordance with generally accepted accounting principles (GAAP) versus International Financial Reporting Standards (IFRS) for accountants preparing financial information under either or both standards.

Description

Over 144 jurisdictions require the use IFRS for all or most companies, while entities in the United States predominantly apply GAAP. There are similarities and substantial differences between these reporting methods. Recent standard setting has often sought to align the two bases of accounting, but there are differences including in the new lease standard, as well as the differences that have existed for a while related to inventory, fixed assets and stock-based compensation to name just a few. These differences can substantially alter the financial results reported.

For those adopting IFRS for the first time, IFRS 1, First-Time Adoption of International Financial Reporting Standards, provides guidelines for preparing a company's first IFRS-based financial statements. This challenging process requires applying IFRS principles retroactively, with few exceptions. There are many unique disclosure requirements for the initial IFRS statements as well.

Preparing compliant financial statements under two sets of guidelines is a complex process for practitioners who thoroughly understand IFRS and GAAP reporting requirements. U.S. multinational investors, cross-border companies, and anyone wanting to be able to interpret non-U.S. financial statements need to be able to compare these financial statements as well.

Listen as our panel of international reporting experts identifies key balance sheet, income statement, and disclosure differences in U.S. GAAP and IFRS to enable CPAs to comply with these standards and allow multinational investors to better analyze financial statements.

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Outline

  1. Converting from U.S. GAAP to IFRS and vice versa
  2. Critical differences in the balance sheet accounts
  3. Key differences in the income statement accounts
  4. Specific transaction-related differences
  5. Unique reporting and disclosure considerations

Benefits

The panel will review these and other key issues:

  • Specific countries adopting and not adopting IFRS
  • Differences between IFRS and GAAP reporting of combinations and mergers
  • Differences between the two leasing standard (ASC 842 and IFRS 16)
  • First-time IFRS adoption requirements under IFRS 1
  • Accounting for stock-based compensation

Faculty

Lackey, Ryan
Ryan Lackey, CPA, CA
Senior Manager
Grant Thornton

Mr. Lackey has over 6 years of experience in accounting and assurance for clients of all sizes. He currently serves as...  |  Read More

Moore, Andrew
Andrew Moore
Director, Professional Practice, Global Services
BDO USA

Mr. Moore's primary focus is IFRS related work including reviewing IFRS financial statements and reporting packages...  |  Read More

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