Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, Chinese GAAP, and Indian GAAP

APPENDIX C

Comparison of IFRS with US GAAP

Topic	US GAAP Treatment	IFRS Treatment
Introduction to International Financial Reporting Standards	No comprehensive guide to statement presentation is offered; however, certain standards require specific presentation of certain items. Publicly traded companies subject to Security and Exchange Commission (SEC) rules and regulations are required to present specific line items in accordance with the detailed requirements in Regulation S-X; GAAP departures when necessary are audit reporting issue.	Comprehensive guidance on presentation of financial statements provided; minimum line items identified for all financial statements.
FASB’s Conceptual Framework is similar to IASB’s Conceptual Framework for Financial Reporting; convergence with IFRS is occurring in phases as a result of a joint project to replace both sets of conceptual standards. As chapters are finalized, the relevant FASB Concept Statements are being replaced.	FASB’s Conceptual Framework is similar to IASB’s Conceptual Framework for Financial Reporting; convergence with US GAAP is occurring in phases. As a chapter is finalized, the relevant paragraphs in the Framework for the Preparation and Presentation of Financial Statements that was published in 1989 will be replaced.
Level of authority differs. US Conceptual Framework is not authoritative guidance.	Under IFRS, the Conceptual Framework is authoritative guidance.
FASB Concept Statements define assets and liabilities ...