The International Accounting Standards Board is the primary setter of accounting standards globally, issuing International Financial Reporting Standards (IFRS). In the United States, the Financial Accounting Standards Board (FASB) is the primary setter of accounting standards, responsible for additions to, and upkeep of, the FASB Accounting Standards Codification (or U.S. generally accepted accounting principles [US GAAP]). Although the two sets of standards have numerous similarities, differences exist.
We have published our compendium presenting significant differences between US GAAP and IFRS. The compendium is arranged on a topic-by-topic basis and focuses on the differences that we frequently encounter in practice.
We think our compendium will be a useful resource for both practitioners and preparers to identify and navigate the significant differences between US GAAP and IFRS.
