IFRS and US GAAP: A Comprehensive Comparison with Website

A one–stop resource for understanding financial reporting under IFRS—using US GAAP as a springboard Much has been made of the convergence of IFRS and US GAAP. In every corner of the country, from Washington to Wall Street, from boardrooms to business schools, the past decade has produced a deluge of information that has inundated the media, trade publications, seminars, and CPE courses, with opinions of every shape, form, and point of view. IFRS and US GAAP provides timely instruction in accounting under International Financial Reporting Standards (IFRS) in the context of US Generally Accepted Accounting Principles (GAAP). With a heavy emphasis placed on practical examples, this indispensable resource also includes a companion website with downloadable spreadsheets and templates. Author and practicing controller Steven Shamrock insightfully helps preparers and practitioners understand the key differences between IFRS and US GAAP with essential coverage of: Property, plant, and equipment Inventory Provisions and contingencies Intangible assets Share–based compensation Financial instruments Leases Revenue Income taxes Investments in subsidiaries Post–retirement benefits Impairments Addressing accounting requirements of which today′s auditors, accountants, and preparers of financial reports need to be aware, IFRS and US GAAP prepares US accountants to make well–informed decisions on accounting treatments and analysis by first understanding IFRS′s substantial similarity with US GAAP as a context.

About the Author vii Introduction ix 1 Standard Setting 1 2 The Framework 5 3 Property, Plant, and Equipment 13 4 Inventory 19 5 Provisions and Contingencies 25 6 Intangible Assets 35 7 Share–Based Compensation 39 8 Financial Instruments 45 9 Leases 59 10 Revenue 69 11 Income Taxes 111 12 Investments in Subsidiaries 129 13 Postretirement Benefits 171 14 Impairments 189 Index 203

Steven E. Shamrock , CPA, MBA, CMA, is Corporate Controller of AkzoNobel Inc., the US parent company of AkzoNobel NV, a global Fortune 500 company and major producer of specialty chemicals. He was formerly with BP America Inc., where he managed the preparation of consolidated external financial statements that were converted from IFRS to US GAAP. He has specialized in IFRS in the facets of conversion, application, and policy and serves on the IFRS AICPA SAG. He is also a frequent speaker on IFRS at AICPA conferences.