University:
University of North Carolina at Charlotte
Course:
ACCT2121 | Principles of Accounting
Academic year:

2020
Views:

459

Pages:

1
Author:

Accinkiquicpqw

US GAAP vs. IFRS Cheat Sheet US GAAP Financial Statement Presentation IFRS Income Statement 3 years required Balance Sheet Current before non-current 3 years required 2 years allowed Statement of Cash Flows Interest expense, interest income and dividends received in Cash from Operations Each interim period is an integral part of fiscal year Flexibility with location of interest expense, interest income and dividends Each interim period is a stand-alone period Quarterly/Interim Reports Non-standardized metrics MD&A required Not allowed directly on the financial statements themselves Alternative EPS prohibited 2 years allowed Non-current before current MD&A not required Allowed on the financial statements themselves Alternative EPS allowed Recognition or Classification Development Costs Expensed, exceptions include software and movies Capitalized when specific conditions are met Investment Property All Deferred Tax Assets recognized, offset with a Valuation Allowance Not separate from PPE Biological Assets Included in Inventory Measured at fair value, separate from Inventory Leases Categories for operating and finance leases on balance sheet Single category on balance sheet Income Taxes Contingent Liabilities Method can vary across Inventory groups Historical cost Fixed Assets Intangible Assets A separate category Recognized when >50% likely, measurement methods Recognized when >75% likely, measurement methods differ differ Referred to as Provisions Measurement LIFO allowed with other methods Inventory Deferred Tax Assets only recognized when probable Cost segregations allowed, not required Historical cost LIFO not allowed Same method required with Inventory of similar nature Fair value allowed Separate depreciation of separable components required Fair value allowed Key Similarities in Recent Changes ASC 606 effective 2018 IFRS 15 effective 2018 Converged standard that focuses on a conceptual Converged standard that focuses on a conceptual framework using a 5-step process for recognizing framework using a 5-step process for recognizing Revenue revenue. revenue. Minor differences in implementation and updates. Minor differences in implementation and updates. ASC 842 effective 2019. IFRS 16 effective 2019. Leases over 12 months recognized as Right of Use Leases over 12 months recognized as Right of Use Assets on Balance Sheet with corresponding Lease Leases Assets on Balance Sheet with corresponding Lease Liabilities. Distinguishes between Operating and Liabilities. No Finance/Operating Lease categories. Finance Leases. ASU 2015-03 No change Debt issuance costs are now netted against the Debt issuance costs are netted against the Debt Issuance Costs outstanding debt outstanding debt This is only a general summary of some main areas. Consult applicable standards for specific information and guidance.

US GAAP vs Usgaap vs Ifrs

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