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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 General Considerations
Listed below are some overall comments on the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (U.S. GAAP). This material is excerpted from Wiley IFRS reference 2010: Interpretation and Application of International Financial Reporting Standards.
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U.S. GAAP Treatment |
IFRS Treatment |
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No comprehensive guide to statement presentation is offered; however, basic financial statements are the same under both sets of standards
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Comprehensive guidance on presentation of financial statements provided; minimum line items identified for all financial statements |
| FASB's Conceptual Framework is similar to IASB's Framework for the Preparation and Presentation of Financial Statements; convergence with IFRS is promised |
FASB's Conceptual Framework is similar to IASB's Framework for the Preparation and Presentation of Financial Statements; latter is less detailed; convergence with US GAAP expected to occur |
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Comparative financials urged, but not required (required for SEC filings); greater specificity as to location of disclosures in body of statements or in notes
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Comparative financials are required, including footnote data; disclosure can often be optionally in financials or in notes |
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FASB Accounting Standards Codification is the single official source of authoritative U.S. GAAP
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No hierarchy established beyond IFRS |
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Justification for U.S. GAAP departure found in auditing literature but very rarely invoked. This guidance does not exist under the U.S. GAAP hierarchy set forth by FAS 168
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True and fair override of IFRS permitted |
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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