U.S. GAAP Treatment

IFRS Treatment

No comprehensive guide to statement presentation is offered; however, basic financial statements are the same under both sets of standards

Comprehensive guidance on presentation of financial statements provided; minimum line items identified for all financial statements

FASB’s Conceptual Framework is similar to IASB’s Framework for the Preparation and Presentation of Financial Statements; convergence with IFRS is promised

FASB’s Conceptual Framework is similar to IASB’s Framework for the Preparation and Presentation of Financial Statements; latter is less detailed; convergence with US GAAP expected to occur

Comparative financials urged, but not required (required for SEC filings); greater specificity as to location of disclosures in body of statements or in notes

Comparative financials are required, including footnote data; disclosure can often be optionally in financials or in notes

Formal GAAP hierarchy defined by auditing standards, with changes forthcoming to simplify hierarchy and move to GAAP

No hierarchy established beyond IFRS

Justification for GAAP departure found in auditing literature but very rarely invoked (may be eliminated under proposed new GAAP hierarchy, however)

“True and fair” override of IFRS permitted