The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

KEY ELEMENTS AND DECISIONS

Paragraph 7.2

Review in what respect interim financial statements under IAS 34 must comply with and in what respects they need not comply with IFRSs;

Understand the implication of IAS 34 (together with other requisites) on U.S. GAAP reconciliations of foreign private issuers, use of the U.S. GAAP condensed information option for IFRSs first-time adopters, and application of Section 270-10-S99 (Rule 10-01 of Regulation S-X);

Decide whether or not to comply with IAS 34;

Review whether the type of statements of compliance to IFRSs must include IAS 34 or not;

Review in what respect interim financial statements under Subtopic 270-10 (APB 28) must comply and in what they need not comply with U.S. GAAP;

Decide whether to present full or condensed interim statements, taking the implications into consideration;

Review the difference in recognition and measurement of interim versus annual financial statements;

Review the limitations of disclosures in condensed interim reports under IAS 38 as compared to summarized interim financial information under Subtopic 270-10 (APB 28), depending on the public or private status of the company;

Review the implications of changes in accounting policies, especially in the year of transition to IFRSs.

Paragraph 7.3

Understand the different types of interim financial information;

Review the application to your company and related requirements.

Paragraph 7.4

Review whether your company is obliged to ...