The Complete U.S. GAAP / IFRS Comparison Guide: Includes Relevant Measurement/disclosure Requirements for SEC Registrants, FPIs and First-time Adopters (FTAs) of IFRS

The introduction of IFRS in more than 120 countries around the world brought a great challenge for accountants, internal and external auditors, tax authorities and users of financial statements of listed entities, financial institutions and insurance companies in the world. The challenge is to precisely understand the key differences in accounting treatment of the various elements of financial statements compared with the local accounting standards, as well as the exemptions and accounting policy choices that entities that adopt IFRS can enjoy. Additionally, IFRS brought a lot of prospective financial information, financial risk disclosures and other significant elements that were not considered in accounting practices prior to IFRS adoption. IFRS certainly brought more transparency about these important elements of risk. Consequently, all accounting professionals who are directly involved in the analysis of balance sheets of companies adopting IFRS should be updated and prove that they have knowledge about the basic elements of these standards. The large number of professionals, academics, accountants and financial analysts indicates that professionals must understand this new market trend. This comprehensive guide published by Watson provides excellent guidance and clarity for practical application and understanding of the main differences between IFRS and US GAAP (Generally Accepted Accounting Practices in the US). This book offers practical application to complex concepts in US GAAP and IFRS in a variety of situations that may arise in practice. As a result, it simplifies the application of IFRS standards and interpretations specific to real-world situations. Updated with the new FASB Codification and includes measurement (and disclosure) requirements for SEC Registrants, Foreign Private Issuers and FPIs-First-Time Adopters (FTAs) of IFRS. The book is divided by large areas of accounting and includes: Practical approach to illustrate the main differences in GAAP that you need to know to make your IFRS conversion project easier; - You save time by going straight to the point to understand the main differences in an objective and concise way; - Includes requirements for measurement / disclosure US SEC Registrants; - Can be used as a quick reference guide to US GAAP/IFRS, which will enhance your understanding to all situations that may arise in practice; - Has a simple guideline on interpretation and application of massive US GAAP standards; - Formatted according to the new FASB Codification; - Relevant work in the academic and professional fields; - It includes several critical comments about disclosures required under U.S. GAAP and IFRS; and you will find many relevant aspects or accounting treatments that you need to know to apply the rules of US GAAP/IFRS as a benchmark to ensure that your company will apply the key concepts for major adjustments and differences objectively. This work is suitable for undergraduates, graduates, MBAs and masters, as well as immediate application for professional use.

Table of Contents:
1. Introduction 7 2. Conceptual framework of IFRS 8 3. IAS 1 Presentation of Financial Statements 30 4. IAS 7 Statement of Cash Flows 49 5. IAS 8 Accounting policies, changes in accounting estimates and errors 59 6. IAS 18 Revenue 70 7. IAS 12 Income taxes 99 8 IAS 37 Provisions, contingent liabilities and contingent assets 123 9. IAS 2 Inventories 143 10. IAS 16 Property, plant and equipment 151 11. IAS 17 Leases 171 12. IAS 20 Government grants 211 13. IAS 23 Borrowing costs 219 14. IAS 36 Impairment 226 15. IAS 38 Intangible assets 244 16. IFRS 5 Non-current Assets held for sale and discontinued operations 269 17. Financial instruments IAS 32, IAS 39 and IFRS 7 281 18. IAS 21 The effects of change in foreign exchange rates 371 19. IAS 19 Employee benefits 391 20. IFRS 2 Share-based Payments 425 21. IFRS 8 Operating Segments 444 22. IAS 33 Earnings per share 453 23. IAS 10 Events after the reporting period 468 24. IAS 24 Related party disclosures 475 25. IAS 11 Constructions contracts 481 26. IAS 40 Investment property 489 27. IAS 41 Agriculture 500 28. IFRS 4 Insurance contracts 507 29. IFRS 6 Exploration for and evaluation of mineral resources 517 30. IFRS 3 Business combinations 524 31. IAS 28 Investments in Associates 550 32. IAS 31 Interest in joint ventures 558 33. IAS 27 Consolidated and separate financial statements 578 34. IAS 34 Interim financial reports 602 35. IAS 26 Accounting and reporting by retirement benefit plans 617 36. IAS 29 Financial reporting in hyperinflationary Economies 624 37 IFRS 1 - First-time adoption of IFRS 631