The purpose of this publication is to assist you in understanding the significant differences between International Financial Reporting Standards (IFRSs) and U.S. Generally Accepted Accounting Principles (U.S. GAAP).
This publication does not discuss every possible difference; rather, it is a summary of those differences that we have encountered most frequently in practice, resulting from either a difference in emphasis or specific application guidance. The focus of this publication is on recognition, measurement and presentation, rather than on disclosure; therefore disclosure differences generally are not discussed. However, areas that are disclosure based, such as operating segments, are included.
The 2009 edition of IFRS compared to U.S. GAAP is based on the standards and interpretations that had been published by 31 July 2009. The main text of the publication is based on standards and interpretations that are mandatory for an annual reporting date beginning on 1 July 2009, i.e., ignoring standards and interpretations that might be adopted before their effective dates.
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