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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 |
