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(adsbygoogle = window.adsbygoogle || []).push({}); Last update 23/02/2020 Impairment Example – Accounting example Impairment of property, plant and equipment, intangible assets, and goodwill The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may not … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS vs US GAAP Taxation – Both US GAAP and IFRS base their deferred tax accounting requirements on balance sheet temporary differences, measured at the tax rates expected to apply when the differences reverse. Discounting of deferred taxes is also prohibited under both frameworks. Although the two … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS vs US GAAP Share-based payments – Although the US GAAP and IFRS guidance in this area are similar at a conceptual level, significant differences exist at the detailed application level. Differences within the two frameworks may result in different classifications of an award as a component of … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS VS US GAAP Revenue recognition – In May 2014, the FASB and IASB issued their long-awaited converged standards on revenue recognition, Revenue from Contracts with Customers. The revenue standards, as amended, were effective for calendar year-end companies in 2018 (2019 for non-public entities following US GAAP). The … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS vs US GAAP Nonfinancial liabilities – The guidance in relation to nonfinancial liabilities (e.g., provisions, contingencies, and government grants) includes some fundamental differences with potentially significant implications. For instance, a difference exists in the interpretation of the term “probable.” IFRS defines probable as “more likely than … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 24/02/2020 IFRS vs US GAAP N onfinancial assets – The guidance under US GAAP and IFRS as it relates to nonfinancial assets (e.g., intangibles; property, plant, and equipment, including leased assets; inventory; and investment property) contains some significant differences with potentially far-reaching implications. These differences primarily relate to … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 25/02/2020 IFRS vs US GAAP Financial Statement presentation – There are many similarities in US GAAP and IFRS guidance on financial statement presentation. Under both sets of standards, the components of a complete set of financial statements include: a statement of financial position, a statement of profit and … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 23/02/2020 IFRS vs US GAAP Financial liabilities and equity – Under current standards, both US GAAP and IFRS require the issuer of financial instruments to determine whether either equity or financial liability classification (or both) is required. Although the IFRS and US GAAP definitions of a financial liability … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 25/02/2020 IFRS vs US GAAP Financial assets – Both the FASB and the IASB have finalized major projects in the area of financial instruments. With the publication of IFRS 9, Financial Instruments, in July 2014, the IASB completed its project to replace the classification and measurement, as well as … Read more

(adsbygoogle = window.adsbygoogle || []).push({}); Last update 23/02/2020 IFRS vs US GAAP Derivatives and hedging – Derivatives and hedging represent some of the more complex and nuanced topical areas within both US GAAP and IFRS. While IFRS generally is viewed as less rules-laden than US GAAP, the difference is less dramatic in relation to derivatives … Read more