| U.S. GAAP Balance Sheets |
IFRS Balance Sheets |
| Limited guidance on offsetting of assets and liabilities; classified balance sheet not required, but definition of current/noncurrent differs from IFRS somewhat |
Specific guidance on offsetting of assets and liabilities; classified balance sheet 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 dif¬ferent 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 balance sheet date; other mate¬rial information relegated to disclosures
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Conforms to US GAAP requirements |
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Joint project with IASB to require presentation of both beginning and ending balance sheets
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Joint project on financial statement presentation with FASB ongoing |
