U.S. GAAP v. IFRS: The Basics - Financial Executives International

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Table of Contents 2 Introduction 4 Financial Statement Presentation 6 Consolidations, Joint Venture Accounting, and Equity Method Investees 8 Business Combinations 11 Inventory 12 Intangible Assets 14 Long-Lived Assets 17 Impairment of Assets 19 Leases 21 Financial Instruments 24 Foreign Currency Matters 26 Income Taxes 28 Provisions and Contingencies 30 Revenue Recognition 32 Share-Based Payments 34 Employee Benefits Other Than Share-Based Payments 36 Segment Reporting 38 Earnings Per Share 39 Interim Financial Reporting 40 Subsequent Events 41 Related Parties 42 Appendix — The Evolution of IFRS
Page 1: F a L L 2007 U.S. GAAP v. IFRS: The
Page 5 and 6: For these reasons, some of the diff
Page 7 and 8: Income statement — extraordinary
Page 9 and 10: Preparation of consolidated financi
Page 11 and 12: Acquired in-process research and de
Page 13 and 14: Inventory Similarities ARB 4 and IA
Page 15 and 16: U.S. GAAP IFRS Advertising costs Ad
Page 17 and 18: Significant Differences U.S. GAAP I
Page 19 and 20: Impairment of Assets Similarities B
Page 21 and 22: Leases Similarities The overall acc
Page 23 and 24: Financial Instruments Similarities
Page 25 and 26: Other differences include: (i) defi
Page 27 and 28: Consolidation of foreign operations
Page 29 and 30: Initial recognition exemption Recog
Page 31 and 32: U.S. GAAP IFRS Restructuring Costs
Page 33 and 34: U.S. GAAP IFRS Multiple elements Sp
Page 35 and 36: Measurement and recognition of expe
Page 37 and 38: Amortization of prior service costs
Page 39 and 40: Disclosure (based on primary segmen
Page 41 and 42: Interim Financial Reporting Similar
Page 43 and 44: Related Parties Similarities Both F
Page 45 and 46: Phase II — 2002 to 2005 n July 20
Page 47 and 48: IFRS Resources Ernst & Young offers

U.S. GAAP v. IFRS: The Basics - Financial Executives International

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