Specialized Industry Accounting Treatment
IFRS versus GAAP
Listed below are some of the major differences between International Financial Reporting Standards (IFRS) and U.S. GAAP in accounting for specialized industries (i.e., oil, gas, insurance, banks, agriculture). This material is excerpted from Wiley IFRS 2008: Interpretation and Application of International Financial Reporting Standards.
|
U.S. GAAP: Accounting for Specialized Industries |
IFRS: Accounting for Specialized Industries |
|
No primary guidance for government grants, agriculture, but there are specific requirements for certain industries, such as oil and gas |
Guidance provided for government grants, agriculture, reporting by banks, extractive industries, insurance
|
|
Specialized guidance on various industries, including insurance; banking and thrifts; motion pictures, computer software, and agricultural industries, and others, found in “secondary” GAAP sources such as AICPA Guides, SOP, etc.
|
No such guidance offered; there is no “secondary” source for GAAP guidance |
Contact IFRS international accounting expert Dr. Barry Epstein, CPA for more information. Learn more about Dr. Epstein at www.ifrsaccountant.com. He can be reached at mailto:bepstein@rnco.com or 312-464-3520.
|
