The purpose of our publication IFRS compared to US GAAP, from which this overview has been extracted, is to assist you in understanding the significant differences between IFRS and US GAAP.
Convergence, as a strategy for the IASB and the FASB to achieve a single set of high-quality global accounting standards, will soon come to an end. It is unclear at this stage what the next steps might be for the adoption of IFRS by US domestic registrants or when further action might be taken by the US SEC.
Both IFRS and US GAAP will therefore continue for the foreseeable future as the primary reporting frameworks in use around the world and understanding the differences between the two will continue to be of keen interest to preparers and users of financial statements.
With this in mind, we are pleased to publish the 2015 edition of IFRS compared to US GAAP, along with an overview version providing a high-level briefing for audit committees and boards.
This guide does not discuss every possible difference; rather, it is a summary of those areas encountered frequently where the principles differ or where there is a difference in emphasis or specific application guidance.
The focus of this publication is on recognition, measurement and presentation rather than disclosure; therefore, disclosure differences are generally not covered.
However, areas that are disclosure-based, such as segment reporting, are included.
If you would like to order a hard copy of the full guide, then please email KPMG’s International Standards Group at firstname.lastname@example.org.
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