This publication does not discuss every possible difference; rather, it is a summary of those differences that have been encountered most frequently in practice, resulting from either a difference in emphasis or specific application guidance. The focus of this publication is on recognition, measurement, and presentation, rather than on disclosure; therefore, disclosure differences generally are not discussed. However, areas that are disclosure based, such as operating segments, are included.
This overview is an abridged version of IFRS compared to US GAAP, and should be read in conjunction with that it in order to understand more fully the differences and similarities between International Financial Reporting Standards (IFRSs) and US Generally Accepted Accounting Principles (US GAAP).