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Accounting Policies, Changes and Restatements
IFRS versus GAAP
Listed below are some of the major differences for accounting policies, accounting changes, and accounting restatements between International Financial Reporting Standards (IFRS) and U.S. GAAP. This material is excerpted from Wiley IFRS 2008: Interpretation and Application of International Financial Reporting Standards.
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IFRS Treatment of Accounting Policies |
GAAP Treatment of Accounting Policies |
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A first time adoption of U.S. GAAP would normally require retrospective restatement
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First-time application of IFRS requires retrospective restatement to standards effective as of beginning of current period |
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Corrections of errors require retrospective restatement of prior periods’ financials
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Corrections of errors require retrospective restatement of prior periods’ financials |
| Changes in estimate accounted for prospectively |
Changes in estimate accounted for prospectively
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Voluntary change in accounting policies require restatements of prior periods’ financials
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Voluntary change in accounting policies require restatements of prior periods’ financials |
Contact IFRS accounting expert Dr. Barry Epstein, CPA for more information. He can be reached at mailto:bepstein@rnco.com or 312-464-3520.
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