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

Comparison between U.S. GAAP and International Financial Reporting Standards 153
IFRS
the equity method
Income tax expense or income
U.S. GAAP
Material non-cash items other than depreciation
and amortisation
• The following information shall be disclosed for each
reportable segment if the specified amounts are
included in the measure of segment assets reviewed
by the chief operating decision maker or are
otherwise regularly provided to the chief operating
decision maker, even if not included in the measure
of segment assets (IFRS 8.24):
Amount of investment in associates and joint
ventures accounted for by the equity method
Amounts of additions to non-current assets other
than financial instruments, deferred tax assets,
post-employment benefit assets (see IAS 19.54-
.58), and rights arising under insurance contracts
• Reconciliations of the totals of segment revenues,
reported segment profit or loss, segment assets,
segment liabilities and other material segment items
to corresponding entity amounts as described in
IFRS 8.28 (IFRS 8.21)
Reconciliations of the amounts in the statement of
financial position for reportable segments to the amounts
in the entity’s statement of financial position are required
for each date at which a statement of financial position is
presented. Information for prior periods shall be restated
as described in IFRS 8.29-.30 (IFRS 8.21).
Entity-wide disclosures
IFRS 8.32.-.34 apply to all entities subject to IFRS 8
including those entities that have a single reportable
segment. Information required by those paragraphs shall
be provided only if it is not provided as part of the
reportable segment information that is required
(IFRS 8.31).
Information about products and services
An entity shall report the revenues from external
customers for each product and service or each group of
similar products and services, unless the necessary
information is not available and the cost to develop it
would be excessive, in which case that fact shall be
disclosed. The amount of revenues reported shall be
based on the financial information used to produce the
entity’s financial statements (IFRS 8.32).
Information about geographical areas
An entity shall report the information about geographical
Similar to IFRS (ASC 280-10-50-38 through 50-42).
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