IFRS and US GAAP, with Website: A Comprehensive Comparison

Front Cover
John Wiley & Sons, Apr 3, 2012 - Business & Economics - 224 pages
A practical comparison of—and expert guidance on—IFRS and GAAP written by a practicing controller

International Financial Reporting Standards (IFRS) are used in over 120 countries. US companies will inevitably encounter IFRS when evaluating the financial health of suppliers and customers. IFRS and US GAAP: A Comprehensive Comparison provides instruction in accounting under IFRS within the context of US accounting standards. Practical and easy-to-use, this book includes a case study of a first time IFRS adoption, emphasizing the much greater degree of professional judgment that is needed for IFRS.

  • Provides a heavy emphasis on practical examples
  • Includes an online companion website with downloadable spreadsheets and templates
  • Reflects current financial reporting trends
  • Addresses accounting requirements of which today's auditors, accountants and preparers of financial reports need to be aware

Clarifying IFRS, its impact on US companies, and where to start in understanding it, IFRS and US GAAP prepares US accountants to be knowledgeable with day to day financial accounting issues using IFRS's substantial similarity with US GAAP as a context.

 

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Contents

Standard Setting
1
The Framework
5
Property Plant and Equipment
13
Inventory
19
Provisions and Contingencies
25
Intangible Assets
35
ShareBased Compensation 8 Financial Instruments
45
Leases
64
Income Taxes
111
Investments in Subsidiaries
129
Postretirement Benefits
171
Impairments
189
ix 13 19 25 35 39 45 59 69 111
203
129
206
189
207
Copyright

Revenue
69

Common terms and phrases

About the author (2012)

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.

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