Similarities and Differences. a Comparison of Ifrs and Us Gaap

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Similarities and Differences
A comparison of IFRS and US GAAP

October 2007

PricewaterhouseCoopers’ IFRS and corporate governance publications and tools 2007 IFRS technical publications
IFRS Manual of Accounting 2008 Provides expert practical guidance on how groups should prepare their consolidated financial statements in accordance with IFRS. Comprehensive publication including hundreds of worked examples, extracts from company reports and model financial statements. IFRS News Monthly newsletter focusing on the business implications of the IASB's proposals and new standards.

Acquisitions – Accounting and transparency under IFRS 3 Assesses the impact of the standard, highlighting the key issues for management and raising questions for the Board.

IAS 39 – Achieving hedge accounting in practice Covers in detail the practical issues in achieving hedge accounting under IAS 39. It provides answers to frequently asked questions and step-by-step illustrations of how to apply common hedging strategies.

Adopting IFRS – A step-by-step illustration of the transition to IFRS Illustrates the steps involved in preparing the first IFRS financial statements. It takes into account the effect on IFRS 1 of the standards issued up to and including March 2004.

Illustrative condensed consolidated interim information – for existing preparers Illustrative information, prepared in accordance with IAS 34, for a fictional existing IFRS preparer. Includes a disclosure checklist and IAS 34 application guidance. Reflects standards issued up to 31 May 2006.

Measurement Checklist 2006 Outlines the measurement bases required by all IFRSs published up to September 2006. Disclosure Checklist 2007 Outlines the disclosures required by all IFRSs published up to September 2006.

Illustrative Consolidated Financial Statements • Investment funds, 2004 • Banking, 2006 • Investment property, 2004 • Corporate, 2007 • Insurance, 2006 Realistic sets of financial statements – for existing IFRS preparers in the above sectors – illustrating the required disclosure and presentation.

Financial instruments under IFRS High-level summary of the revised financial instruments standards issued in December 2003, updated to reflect IFRS 7 in September 2006. For existing IFRS preparers and first-time adopters.

Illustrative Interim Consolidated Financial Statements for First-time Adopters – 2005 Realistic set of interim IFRS financial statements for first-time adopters. The financial statements for the six months ended June 2005 illustrate the disclosure and presentation required by all IFRSs published up to and including December 2004.

Financial Reporting in Hyperinflationary Economies – Understanding IAS 29 2006 update (reflecting impact of IFRIC 7) of a guide for entities applying IAS 29. Provides an overview of the standard’s concepts, descriptions of the procedures and an illustrative example of its application.

Share-based Payment – a practical guide to applying IFRS 2 Assesses the impact of the new standard, looking at the requirements and providing a step-by-step illustration of how to account for share-based payment transactions.

IFRS 3R: Impact on earnings – the crucial Q&A for decision-makers Guide aimed at finance directors, financial controllers and deal-makers, providing background to the standard, impact on the financial statements and controls, and summary differences with US GAAP.

SIC-12 and FIN 46R – The Substance of Control Helps those working with special purpose entities to identify the differences between US GAAP and IFRS in this area, including examples of transactions and structures that may be impacted by the guidance.

IFRS for SMEs (proposals) – Pocket Guide 2007 Provides a summary of the recognition and measurement requirements in the proposed ‘IFRS for Small and Medium-Sized Entities’ published by the International Accounting Standards Board in February 2007.

Similarities and Differences – a comparison of...
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