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Dr. Epstein served as the lead author of 14 annual editions of Wiley IFRS (1997 through 2010), and 26 annual editions of Wiley GAAP (1985 through 2010), all published by John Wiley & Sons.
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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 2010: Interpretation and Application of International Financial Reporting Standards.
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U.S. GAAP: Accounting for Specialized Industries |
IFRS: Accounting for Specialized Industries |
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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
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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.
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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 BEpstein@SSandG.com or 312-464-3520.
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