| 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 |
