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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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IFRS Statement of Financial Position
Listed below the major Balance Sheet differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (U.S. GAAP). This material is excerpted from Wiley IFRS 2010: Interpretation and Application of International Financial Reporting Standards.
| U.S. GAAP Statement of Financial Position |
IFRS Statement of Financial Position |
| Limited guidance on offsetting of assets and liabilities; classified statement of financial position not required, but definition of current/noncurrent differs from IFRS somewhat |
Specific guidance on offsetting of assets and liabilities; classified statement of financial position required unless liquidity ordering is more meaningful, some difference from GAAP definitions of current/noncurrent
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Some differences from IFRS re: exclusion of long-term debt being refinanced, etc.
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Some differences re: exclusion of long-term debt from current liabilities, etc. |
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No offsetting of assets and liabilities with different counterparties; offsetting with same counterparties only permitted if intention is to settle net and right to offset is enforceable under law
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Some offsetting of assets and liabilities with different counterparties permitted when legal provision exists |
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Adjustment made for post-balance-sheet date events only if they bear upon existence or valuation at the statement of financial position date; other material information relegated to disclosures
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Conforms to U.S. GAAP requirements |
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Joint project with IASB to require presentation of both beginning and ending statement of financial position
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Joint project on financial statement presentation with FASB ongoing |
Contact IFRS accounting expert Dr. Barry Epstein, CPA for more information. He can be reached at BEpstein@SSandG.com or 312-464-3520.
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