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Us Gaap vs Ifrs

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Comparison between U.S. GAAP and International Financial Reporting Standards
May 2013

© 2013 Grant Thornton LLP
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Comparison between U.S. GAAP and International Financial Reporting Standards

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Contents
1. Introduction .................................................................................................................................................. 6 International standards and the IASB ............................................................................................................ 6 Financial accounting and reporting in the United States ................................................................................ 6 IFRS and U.S. GAAP comparison ................................................................................................................. 6 Overall financial statement presentation ................................................................................................... 8 General .......................................................................................................................................................... 8 Statement of financial position / balance sheet .............................................................................................. 9 Statement of comprehensive income / income statement ........................................................................... 12 Statement of changes in equity .................................................................................................................... 16 Statement of cash flows ............................................................................................................................... 17 Non-current assets held for sale and discontinued operations

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