US GAAP vs. IFRS – A COMPARISON OF REMAINING DIFFERENCES

In spite of the on-going harmonization process, there are still some differences between US GAAP and IFRS. Currently, companies listed on the New York Stock Exchange, which are reporting according to IFRS, must still prepare the reconciliation to US GAAP, to show the financial statements compliant with US GAAP as well. This article presents an overview of the remaining major differences between US GAAP and IFRS, descriptive as well as table-wise. First, the standards compared are shortly introduced. This is followed by a presentation of details in the separate balance sheet categories, from property, plant and equipment, intangible assets, financial assets and liabilities, investment property, inventory, equity, debt, long-term provisions, employee benefits, deferred taxes and revenue recognition. For conclusion, a matrix of differences in the stated categories is prepared, enabling an easy reconciliation for financial statement users and preparers