Comparison between U.S. GAAP and International ... - Grant Thornton
Comparison between U.S. GAAP and International ... - Grant Thornton
Comparison between U.S. GAAP and International ... - Grant Thornton
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<strong>Comparison</strong> <strong>between</strong> U.S. <strong>GAAP</strong> <strong>and</strong> <strong>International</strong> Financial Reporting St<strong>and</strong>ards 13<br />
2.2 Statement of financial position/balance sheet<br />
IFRS<br />
U.S. <strong>GAAP</strong><br />
Relevant guidance: IAS 1 Relevant guidance: ASC 210, 215, 470, 505, <strong>and</strong> 740;<br />
SEC Regulation S-X, Rule 5-02<br />
IAS 1 specifies items that must be presented on the<br />
face of the statement of financial position, <strong>and</strong> lists<br />
additional information that must be either on the face or<br />
in the notes (IAS 1.54-.59).<br />
At a minimum, the statement of financial position shall<br />
include line items that present the following amounts<br />
(IAS 1.54):<br />
• Property, plant <strong>and</strong> equipment<br />
• Investment property<br />
• Intangible assets<br />
• Financial assets (excluding amounts shown under<br />
investments accounted for using the equity<br />
method; trade <strong>and</strong> other receivables; <strong>and</strong> cash <strong>and</strong><br />
cash equivalents)<br />
• Investments accounted for using the equity method<br />
• Biological assets<br />
• Inventories<br />
• Trade <strong>and</strong> other receivables<br />
• Cash <strong>and</strong> cash equivalents<br />
• The total of assets classified as held for sale <strong>and</strong><br />
assets included in disposal groups classified as<br />
held for sale in accordance with IFRS 5<br />
• Trade <strong>and</strong> other payables<br />
• Provisions<br />
• Financial liabilities (excluding amounts shown<br />
under trade <strong>and</strong> other payables; <strong>and</strong> provisions)<br />
• Liabilities <strong>and</strong> assets for current tax, as defined in<br />
IAS 12<br />
• Deferred tax liabilities <strong>and</strong> deferred tax assets, as<br />
defined in IAS 12<br />
• Liabilities included in disposal groups classified as<br />
held for sale in accordance with IFRS 5<br />
• Non-controlling interests, presented within equity<br />
• Issued capital <strong>and</strong> reserves attributable to owners<br />
of the parent<br />
An entity shall present additional line items, headings<br />
<strong>and</strong> subtotals in the statement of financial position when<br />
such presentation is relevant to an underst<strong>and</strong>ing of the<br />
entity’s financial position (IAS 1.55).<br />
Unlike IFRS, U.S. <strong>GAAP</strong> does not prescribe a st<strong>and</strong>ard<br />
format.<br />
SEC Regulation S-X, Rule 5-02 does require specific line<br />
items to appear on the face of the balance sheet, where<br />
applicable.<br />
Similar to IFRS.<br />
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