Comparison between U.S. GAAP and International ... - Grant Thornton

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Comparison between U.S. GAAP and International Financial Reporting Standards 12 IFRS an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements An entity may use titles for the statements other than those used in IAS 1 (IAS 1.10). An entity shall present with equal prominence all of the financial statements in a complete set of financial statements (IAS 1.11). Except when IFRS permit or require otherwise, an entity shall disclose comparative information in respect of the previous period for all amounts reported in the current period’s financial statements. An entity shall include comparative information for narrative and descriptive information when it is relevant to an understanding of the current period’s financial statements (IAS 1.38). An entity whose financial statements comply with IFRS shall make an explicit and unreserved statement of such compliance in the notes. An entity shall not describe financial statements as complying with IFRS unless they comply with all the requirements of IFRS (IAS 1.16). An entity cannot rectify inappropriate accounting policies by disclosure of the accounting policies used or by notes or explanatory material (IAS 1.18). An entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable (IAS 1.51): U.S. GAAP Unlike IFRS, under U.S. GAAP there is no specific requirement to provide comparative statements but it is desirable to do so (ASC 205-10-45-2). SEC rules require balance sheets for the two most recent fiscal years and three year statements of income and cash flows (SEC Regulation S-X; Rule 3-01(a) and Rule 3-02(a)). Unlike IFRS, U.S. GAAP does not have a similar requirement. Similar to IFRS. Similar to IFRS. • The name of the reporting entity or other means of identification, and any change in that information from the end of the preceding reporting period • Whether the financial statements are of an individual entity or a group of entities • The date of the end of the reporting period or the period covered by the set of financial statements or notes • The presentation currency; as defined in IAS 21 • The level of rounding used in presenting amounts in the financial statements © 2011 Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd
Comparison between U.S. GAAP and International Financial Reporting Standards 13 2.2 Statement of financial position/balance sheet IFRS U.S. GAAP Relevant guidance: IAS 1 Relevant guidance: ASC 210, 215, 470, 505, and 740; SEC Regulation S-X, Rule 5-02 IAS 1 specifies items that must be presented on the face of the statement of financial position, and lists additional information that must be either on the face or in the notes (IAS 1.54-.59). At a minimum, the statement of financial position shall include line items that present the following amounts (IAS 1.54): • Property, plant and equipment • Investment property • Intangible assets • Financial assets (excluding amounts shown under investments accounted for using the equity method; trade and other receivables; and cash and cash equivalents) • Investments accounted for using the equity method • Biological assets • Inventories • Trade and other receivables • Cash and cash equivalents • The total of assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with IFRS 5 • Trade and other payables • Provisions • Financial liabilities (excluding amounts shown under trade and other payables; and provisions) • Liabilities and assets for current tax, as defined in IAS 12 • Deferred tax liabilities and deferred tax assets, as defined in IAS 12 • Liabilities included in disposal groups classified as held for sale in accordance with IFRS 5 • Non-controlling interests, presented within equity • Issued capital and reserves attributable to owners of the parent An entity shall present additional line items, headings and subtotals in the statement of financial position when such presentation is relevant to an understanding of the entity’s financial position (IAS 1.55). Unlike IFRS, U.S. GAAP does not prescribe a standard format. SEC Regulation S-X, Rule 5-02 does require specific line items to appear on the face of the balance sheet, where applicable. Similar to IFRS. © 2011 Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd
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