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

Comparison between U.S. GAAP and International Financial Reporting Standards 16
IFRS
An entity shall disclose, either in the statement of
financial position or in the notes, further
subclassifications of the line items presented, classified
in a manner appropriate to the entity’s operations
(IAS 1.77).
An entity shall disclose the following, either in the
statement of financial position or the statement of
changes in equity, or in the notes (IAS 1.79):
• For each class of share capital:
The number of shares authorised
U.S. GAAP
Similar to IFRS.
Disclosure of changes in the separate accounts
comprising stockholders' equity (in addition to retained
earnings) is required. These disclosures may be made in
the notes to the financial statements or through a
separate financial statement (ASC 505-10-50-2).
The number of shares issued and fully paid,
and issued but not fully paid
Par value per share, or that the shares have
no par value
A reconciliation of the number of shares
outstanding at the beginning and at the end of
the period
The rights, preferences and restrictions
attaching to that class including restrictions on
the distributions of dividends and the
repayment of capital
Shares in the entity held by the entity or by its
subsidiaries or associates
Shares reserved for issue under options and
contracts for the sale of shares, including
terms and amounts
• A description of the nature and purpose of each
reserve within equity
2.3 Statement of comprehensive income/income statement
Note: Current IFRS and U.S. GAAP allow reporting entities several alternatives for displaying other comprehensive
income and its components in financial statements. Accordingly, the IASB and the FASB (the Boards) decided to have
a separate joint project on the presentation of other comprehensive income in order to converge the requirements. In
May 2010 the Boards issued separate exposure drafts with consistent proposed requirements.
The IASB Exposure Draft, Presentation of Items of Other Comprehensive Income, proposes that entities present profit
or loss and other comprehensive income in separate sections of a continuous statement. The IASB is also proposing to
group items in other comprehensive income on the basis of whether they will eventually be “recycled” into the profit or
loss section of the income statement. The comment period ended September 30, 2010.
The FASB’s proposed Accounting Standards Update, Statement of Comprehensive Income also proposes that entities
present profit or loss and other comprehensive income in separate sections of a continuous statement. The
amendments in the proposed ASU would not change the items that must be reported in other comprehensive income
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