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

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Comparison between U.S. GAAP and International Financial Reporting Standards 46 IFRS shall measure that investment property under construction at cost until either its fair value becomes reliably determinable or construction is completed (whichever is earlier). If an entity determines that the fair value of an investment property (other than an investment property under construction) is not reliably determinable on a continuing basis, the entity shall measure that investment property using the cost model in IAS 16 (IAS 40.53). U.S. GAAP Transfers Transfers to, or from, investment property shall be made when, and only when, there is a change in use, evidenced by (IAS 40.57): No equivalent standard. • Commencement of owner-occupation, for a transfer from investment property • Commencement of development with a view to sale, for a transfer from investment property to inventories • End of owner-occupation, for a transfer from owneroccupied property to investment property; or • Commencement of an operating lease to another party, for a transfer from inventories to investment property For a transfer from investment property carried at fair value to owner-occupied property or inventories, the property’s deemed cost for subsequent accounting in accordance with IAS 16 or IAS 2 shall be its fair value at the date of change in use (IAS 40.60). If an owner-occupied property becomes an investment property that will be carried at fair value, an entity shall apply IAS 16 up to the date of change in use. The entity shall treat any difference at that date between the carrying amount of the property and its fair value in accordance with the revaluation provisions of IAS 16 (IAS 40.61). For a transfer from inventories to investment property that will be carried at fair value, any difference between the fair value of the property at that date and its previous carrying amount shall be recognised in profit or loss (IAS 40.63). When an entity completes the construction or development of a self-constructed investment property that will be carried at fair value, any difference between the fair value of the property at that date and its previous carrying amount shall be recognised in profit or loss (IAS 40.65). Disposals An investment property shall be derecognised (eliminated from the statement of financial position) on disposal or when the investment property is permanently withdrawn No equivalent standard. © 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 47 IFRS from use and no future economic benefits are expected from its disposal (IAS 40.66). The disposal of an investment property may be achieved by sale or by entering into a finance lease (IAS 40.67). Gains or losses arising from retirement or disposal of investment property shall be determined as the difference between the net disposal proceeds and the carrying amount of the asset and shall be recognised in profit or loss (unless IAS 17 requires otherwise on a sale and leaseback) in the period of the retirement or disposal (IAS 40.69). U.S. GAAP Held for sale See Section 2.6, “Non-current assets held for sale and discontinued operations.” IFRS 5 only applies where the cost model is used. Other investment properties are out of the scope of IFRS 5 (IFRS 5.5(d)). For public entities, investment property held for sale is carried at fair value less cost to sell pursuant to ASC 360-10-S00 subsections on impairment or disposal of long-lived assets. 4.3 Intangible assets Note: This section does not cover goodwill – see Section 8.4, “Business combinations”. IFRS U.S. GAAP Relevant guidance: IAS 38; IFRS 3; SIC-32 Relevant guidance: ASC 340, 350, 360, 720, 730, 805, and 985; SFAC 5 Introduction The carrying amount of acquired intangibles with a finite useful life is cost less accumulated amortisation and any accumulated impairment losses. The carrying amount of acquired intangibles with an indefinite useful life is cost less any accumulated impairment losses. Expenditures related to research are expensed as incurred. Internally generated intangibles representing development shall be capitalised if certain conditions are met. Revaluation is permitted only in limited cases. If intangibles qualify as held for sale then IFRS 5 measurement and presentation rules apply. Similar to IFRS. Similar to IFRS. Expenditures related to research and development activities shall be expensed as incurred. Revaluation is not permitted. If intangibles qualify as held for sale then ASC 360-10, Impairment or Disposal of Long-Lived Assets, subsections on measurement and presentation rules apply. Definition and recognition An intangible asset is defined as an identifiable non- Intangible assets are defined as assets (not including © 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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