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

Comparison between U.S. GAAP and International Financial Reporting Standards 32
IFRS
Disclosure exemptions apply for disposal groups that are newly acquired subsidiaries that meet
the criteria to be classified as held for sale on acquisition (IFRS 5.33).
An entity shall not present any items of income or expense as extraordinary items, in the
statement of comprehensive income or the separate income statement (if presented), or in the
notes (IAS 1.87).
For prior periods presented in the financial statements an entity shall re-present the statement of
comprehensive income and cash flow disclosures that are set out in IFRS 5.33 so that the
disclosures relate to all operations that have been discontinued by the end of the reporting period
for the latest period presented (IFRS 5.34).
An entity shall not reclassify or re-present amounts presented for non-current assets or for the
assets and liabilities of disposal groups classified as held for sale in the statements of financial
position for prior periods to reflect the classification in the statement of financial position for the
latest period presented (IFRS 5.40).
U.S. GAAP
• Income
from
continuing
operations
• Discontinu
ed
operations
• Extraordina
ry items
Unlike IFRS,
U.S. GAAP
does not
contain similar
disclosure
exemptions for
disposal groups
that are newly
acquired
subsidiaries.
Unlike IFRS,
discontinued
operations are
reported as a
separate
component of
income before
extraordinary
items and the
cumulative
effect of
accounting
changes
(ASC 205-20-
45-3).
Similar to IFRS
except that
separate
disclosure of
cash flows
related to
discontinued
operations is
not required to
be presented
(ASC 230-10-
45-24).
Statement of financial position/balance sheet presentation
Where a non-current asset or a disposal group qualifies as held for sale, the assets and liabilities
Similar to IFRS
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