It was not so long ago that the mention of IFRS immediately conjured up thoughts of convergence with US GAAP. But today, the key words are ‘comparability’ and ‘consistency’. Comparability of information prepared under IFRS and US GAAP, rather than convergence of the two frameworks; and consistency of application and enforcement.
With respect to comparability, the differences between IFRS and US GAAP remain significant in many areas, and are of keen interest to the preparers and users of financial statements. Understanding these differences is part of the way to achieving consistency and comparability. With this in mind, we are pleased to publish our latest edition of IFRS compared to US GAAP. An abridged overview version is also available that provides a high-level briefing for audit committees and boards.