Significant differences US GAAP IFRS
US GAAP -Financial periods require Generally, comparative financial statements are presented; however, a single year may be presented in certain circumstances. Public companies must follow SEC rules, which typically require balance sheets for the two most recent years, while all other statements must cover the three-year period ended on the balance sheet date.
IFRS- Comparative information must be disclosed with respect to the previous period for all amounts reported in the current period’s financial statements.
US GAAP-1
There is no general requirement within US GAAP to prepare the balance sheet and income statement in accordance with a specific layout; however, public companies must follow the detailed requirements in Regulation S-X.
IFRS-1
IFRS does not prescribe a standard layout, but includes a list of minimum line items. These minimum line items are less prescriptive.
US GAAP-2
Third balance sheet Not required.
IFRS-2
A third balance sheet is required as of the beginning of the earliest comparative period when there is a retrospective application of a new accounting policy, or a retrospective restatement or reclassification, that have a material effect on the balances of the third balance sheet.
US GAAP -Financial periods require Generally, comparative financial statements are presented; however, a single year may be presented in certain circumstances. Public companies must follow SEC rules, which typically require balance sheets for the two most recent years, while all other statements must cover the three-year period ended on the balance sheet date.
IFRS- Comparative information must be disclosed with respect to the previous period for all amounts reported in the current period’s financial statements.
US GAAP-1
There is no general requirement within US GAAP to prepare the balance sheet and income statement in accordance with a specific layout; however, public companies must follow the detailed requirements in Regulation S-X.
IFRS-1
IFRS does not prescribe a standard layout, but includes a list of minimum line items. These minimum line items are less prescriptive.
US GAAP-2
Third balance sheet Not required.
IFRS-2
A third balance sheet is required as of the beginning of the earliest comparative period when there is a retrospective application of a new accounting policy, or a retrospective restatement or reclassification, that have a material effect on the balances of the third balance sheet.