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

More documents

Recommendations

Info

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 © 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 33 IFRS should be presented separately from other assets and liabilities (both as separate single lines). The assets and liabilities should not be offset in the statement of financial position (IFRS 5.38). The major classes of assets and liabilities classified as held for sale shall be separately disclosed either in the statement of financial position or in the notes (there is an exemption from this additional disclosure in cases where the disposal group is a newly acquired subsidiary). An entity shall present separately any cumulative income or expense recognised in other comprehensive income relating to a non-current asset (disposal group) classified as held for sale (IFRS 5.38-.39). U.S. GAAP except that U.S. GAAP does not have a similar disclosure exemption for a newly acquired subsidiary (ASC 205-20-45-10). © 2011 Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd
Page 1 and 2: Comparison between U.S. GAAP and In
Page 31: Comparison between U.S. GAAP and In
Page 83 and 84:
Comparison between U.S. GAAP and In
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
show all

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

Create successful ePaper yourself

Delete template?

Save as template?