Chapter 4
In this chapter we are going to review a series of financial reporting issues in order to give some idea as to the similarities and differences between IFRS and U.S. GAAP. This is not intended to be an exhaustive list, and readers looking for a detailed analysis should go to a publication such as KPMG’s IFRS Compared to U.S. GAAP1 or PricewaterhouseCoopers’ Similarities and Differences—A Comparison of IFRS and US GAAP.2
A problem faced by all authors compiling such analyses is that the subject is a moving target. Between 2009 and 2011, the IASB and the FASB have a program of further convergence. This should lead to converged standards on liabilities and equity, revenue recognition, financial statement presentation, ...
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