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

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Comparison between U.S. GAAP and International Financial Reporting Standards 2 Contents 1. Introduction .................................................................................................................................................. 6 International standards and the IASB ............................................................................................................ 6 Financial accounting and reporting in the United States................................................................................ 6 IFRS and U.S. GAAP comparison ................................................................................................................. 7 2. Overall financial statement presentation................................................................................................. 10 2.1 General ........................................................................................................................................................ 10 2.2 Statement of financial position/balance sheet.............................................................................................. 13 2.3 Statement of comprehensive income/income statement ............................................................................. 16 2.4 Statement of changes in equity.................................................................................................................... 19 2.5 Statement of cash flows ............................................................................................................................... 20 2.6 Non-current assets held for sale and discontinued operations ....................................................................22 3. Accounting policies – general .................................................................................................................. 34 3.1 Selection of accounting policies ................................................................................................................... 34 3.2 Changes in accounting policy and correction of errors ................................................................................ 36 4. Assets ......................................................................................................................................................... 38 4.1 Property, plant and equipment..................................................................................................................... 38 4.2 Investment property ..................................................................................................................................... 42 4.3 Intangible assets .......................................................................................................................................... 47 4.4 Impairment ................................................................................................................................................... 50 4.5 Inventories.................................................................................................................................................... 53 5. Liabilities..................................................................................................................................................... 57 5.1 Leases.......................................................................................................................................................... 57 5.2 Provisions, contingent liabilities, and contingent assets .............................................................................. 61 5.3 Taxation ....................................................................................................................................................... 64 6. Income and expenditure............................................................................................................................ 70 6.1 Revenue - general........................................................................................................................................ 70 6.1a Revenue - long-term contracts/construction contracts................................................................................. 76 6.2 Employee benefits........................................................................................................................................ 78 6.3 Share-based payments................................................................................................................................ 87 7. Financial instruments ................................................................................................................................92 7.1 Recognition and measurement of financial assets....................................................................................... 92 7.2 Presentation, recognition, and measurement of financial liabilities and equity............................................ 96 7.3 Recognition and measurement of derivatives............................................................................................ 100 7.4 Hedge accounting ...................................................................................................................................... 102 8. Group accounts........................................................................................................................................ 103 8.1 Basic requirements for group accounts...................................................................................................... 103 8.2 Noncontrolling interests.............................................................................................................................. 106 8.3 Special purpose entities/variable interest entities ...................................................................................... 108 8.4 Business combinations .............................................................................................................................. 110 9. Associates, equity method investees, and joint ventures ................................................................... 119 9.1 Associates and equity method investees................................................................................................... 119 © 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 3 9.2 Joint ventures............................................................................................................................................. 124 10. Other matters............................................................................................................................................ 128 10.1 Foreign currency translation....................................................................................................................... 128 10.2 Government grants and disclosure of government assistance .................................................................. 135 10.3 Earnings per share..................................................................................................................................... 137 10.4 Events after the reporting period................................................................................................................ 144 10.5 Operating segments................................................................................................................................... 149 10.6 Related party disclosures........................................................................................................................... 154 Appendix A......................................................................................................................................................... 158 Listing of IFRS standards .................................................................................................................................... 158 Appendix B......................................................................................................................................................... 161 Listing of FASB Codification Topics.................................................................................................................... 161 Appendix C......................................................................................................................................................... 164 Listing of post-codification U.S. GAAP standards (Accounting Standards Updates (ASUs)).............................. 164 Appendix D......................................................................................................................................................... 167 Listing of pre-codification U.S. GAAP standards ................................................................................................. 167 Appendix E......................................................................................................................................................... 168 Listing of SEC standards ..................................................................................................................................... 168 Appendix F ......................................................................................................................................................... 169 Listing of other standards .................................................................................................................................... 169 This Grant Thornton LLP document provides information and comments on current accounting issues and developments as of December 31, 2010. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice with respect to the matters addressed. This document supports Grant Thornton LLP’s marketing of professional services, and is not written accounting or tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document we encourage you to contact us or an independent accounting or tax adviser to discuss the potential application to your particular situation. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this document. Moreover, nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with, or attached to this document is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code. For additional information on topics covered in this document, contact your Grant Thornton LLP Adviser. © 2011 Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd
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Comparison between U.S. GAAP and International ... - Grant Thornton

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