IFRS V US GAAP

kjb83

Can anybody tell me if there are many differences between US GAAP and IFRS? Many Multinationals in Ireland seem to use US GAAP even though IFRS is mainly thought by the accounting bodies. I know they are working on aligning US GAAP more closely with IFRS but what are the current differences?

smcgiff

One area where there is a difference is Revenue Recognition...

This link may be of help (but, I've not read it in detail myself!)

http://mcgladreypullen.com/Resource_Center/Audit/Articles/revenue_recognition_ifrsgaap_040709.html

smcgiff

If you have a few shillings to spare...

http://irelandbookings.accaglobal.com/event_details.aspx?month=9&id=217

levi

One of the differences anyway is that US GAAP has specific guidance for investment companies and small to medium enterprises (not sure about the second one) whereas IFRS applies the same rules to every set of financial statements no matter what type of company.

They are working very hard to bring the 2 closer together and have succeeded in some places I think. IFRS 7 is an example with the classification and disclosure of investments...