This article was originally published on Dec. 14, 2023, and has been updated.
The U.S. GAAP to IFRS Comparisons guide is designed to provide an overview of the significant differences between U.S. generally accepted accounting principles (GAAP) (excluding private company accounting alternatives) and International Financial Reporting Standards (IFRS) (excluding IFRS for Small and Medium-Sized Entities). Each chapter in the guide addresses a specific topic and highlights the significant differences between U.S. GAAP and IFRS.
The December 2024 edition of this guide has been updated to:
- Provide additional detail and context for some of the differences noted
- Add additional differences that we have seen become more prevalent in practice over the past year
- Reflect the adoption of ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
- Incorporate the guidance of IFRS Interpretations Committee (IFRIC) 14 – IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their interaction
