IFRS compared with US GAAP and French GAAP
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About this document
Content This document is an extract from KPMG's February 2003 publication IFRS compared with US GAAP and French GAAP, focusing on recognition, measurement and presentation, rather than disclosure. This document focuses on the preparation of consolidated financial statements by listed enterprises on a going concern basis. Requirements that are specific to stand-alone financial statements are not discussed; neither are specialised industry accounting practices. For each major financial statement line item or accounting area, a brief summary of the key points under IFRS for identifying GAAP differences is provided on the left; on the right is a commentary identifying where French GAAP has significant differences from IFRS. However, this document does not describe fully the significant differences; for more information you should refer to the full publication. The requirements of IFRS are summarised assuming that the enterprise has adopted IFRS already. The special transitional rules that will apply in the period that an enterprise changes to IFRS are not discussed. The IASB currently is debating these transitional rules and a new standard is expected during 2003. Cut-off date Final pronouncements issued to 31 December 2001 are reflected in this document even if those pronouncements are not effective immediately. Both IFRS and French GAAP are in a process of continual development and change. As a result, a number of the differences highlighted in this document may disappear, and new differences may arise. Future developments In May and June 2002 the IASB published a series of exposure drafts as part of its “Improvements Project”; comments on the exposure drafts were due in September and October 20 02, and the final standards are expected to be published during 2003. As a result, a number of the significant differences highlighted in this document may disappear, and further differences may arise. Where the document summarises a requirement that is expected to be amended as part of the Improvements Project, it is highlighted with the symbol * to indicate a possible change. In such cases please take particular care to watch for future developments. Regarding French GAAP Regulation CRC 02-10, which brings French GAAP closer to IFRS in respect of , the depreciation of assets was issued in December 2002 and becomes operative for annual financial...