IFRS and US GAAP, with Website: A Comprehensive Comparison

IFRS and US GAAP, with Website: A Comprehensive Comparison

by Steven E. Shamrock
Released April 2012
Publisher(s): Wiley
ISBN: 9781118144305

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Book description

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.

Note: The ebook version does not provide access to the companion files.

Table of contents

  1. Cover Page
  2. Title Page
  3. Copyright
  4. CONTENTS
  5. ABOUT THE AUTHOR
  6. INTRODUCTION
  7. CHAPTER 1: STANDARD SETTING
    1. INTERPRETATIONS
    2. STATEMENT NUMBERING
  8. CHAPTER 2: THE FRAMEWORK
    1. FINANCIAL ELEMENTS
    2. COMPARISONS OF DEFINITIONS
    3. CHAPTER SUMMARY
  9. CHAPTER 3: PROPERTY, PLANT, AND EQUIPMENT
    1. MAINTENANCE AND REPAIRS
    2. DISPOSAL
    3. DISCLOSURES
  10. CHAPTER 4: INVENTORY
    1. INITIAL COST UPON RECOGNITION
    2. COST OF GOODS SOLD
    3. INVENTORIES ABOVE COSTS
    4. DISCLOSURES
  11. CHAPTER 5: PROVISIONS AND CONTINGENCIES
    1. EFFECT OF TIMING OF SETTLEMENT
    2. APPLICATION OF DISCOUNTING
    3. EXIT COSTS
  12. CHAPTER 6: INTANGIBLE ASSETS
    1. DERECOGNITION
  13. CHAPTER 7: SHARE-BASED COMPENSATION
    1. IDENTIFICATION OF A SHARE-BASED COMPENSATION PLAN
    2. MEASUREMENT DATE AND VALUE
    3. SUBSEQUENT ACCOUNTING
    4. BALANCE SHEET CLASSIFICATION
    5. SETTLEMENT
  14. CHAPTER 8: FINANCIAL INSTRUMENTS
    1. BACKGROUND
    2. WHAT IS A FINANCIAL INSTRUMENT?
    3. MEASUREMENT OF FINANCIAL INSTRUMENTS
    4. IMPAIRMENT
    5. INDICATORS OF IMPAIRMENT
    6. SPECIFIC US GAAP GUIDANCE
    7. TRANSFERS
    8. HEDGING AND HEDGE ACCOUNTING
    9. MEASUREMENT AND ACCOUNTING
  15. CHAPTER 9: LEASES
    1. PREFACE
    2. CURRENTLY EFFECTIVE STANDARDS
    3. CLASSIFICATION OF LEASES
    4. IDENTIFYING A LEASE
    5. SALE-LEASEBACKS
    6. CHAPTER SUMMARY
  16. CHAPTER 10: REVENUE
    1. FIXED AND DETERMINABLE FEE
    2. UNITS OF ACCOUNT
    3. EXCHANGES AND RETURNS OF SOFTWARE
    4. SOFTWARE SERVICES
    5. SOFTWARE CONTRACT ACCOUNTING
    6. COMBINING CONTRACTS
    7. RECOGNITION PATTERN
    8. CONTRACT REVENUE
    9. CLAIMS UNDER CONTRACT ACCOUNTING
    10. MILESTONE METHOD
    11. ENTERTAINMENT INDUSTRY
    12. FEDERAL GOVERNMENT CONTRACTS
    13. ENTERTAINMENT INDUSTRY: FILMS AND REVENUE RECOGNITION
    14. ENTERTAINMENT INDUSTRY: CASINOS AND REVENUE RECOGNITION
    15. OIL & GAS INDUSTRY—REVENUE RECOGNITION
    16. BROKERS AND DEALERS—REVENUE RECOGNITION
    17. FINANCIAL SERVICES—INVESTMENT COMPANIES AND REVENUE RECOGNITION OF FEES
    18. LAYAWAY SALES
    19. CHAPTER SUMMARY
  17. CHAPTER 11: INCOME TAXES
    1. INCOME TAX RECOGNITION
    2. DEFERRED TAX LIABILITY COMPUTATION
    3. DEFERRED TAX ASSET COMPUTATION
    4. TAX RATES
    5. TAX RATES: MANNER OF RECOVERY OR SETTLEMENT
    6. DEFERRED TAX VALUATIONS
    7. TAX POSITIONS
    8. INCOME TAX INTEREST AND PENALTIES
    9. PROFIT AND LOSS PRESENTATION
    10. INTRAPERIOD ALLOCATION TO OTHER THAN CONTINUING OPERATIONS
    11. BALANCE SHEET PRESENTATION
    12. EXCEPTIONS TO TAX RECOGNITION—INVESTMENTS IN SUBSIDIARIES
    13. GENERAL DISCLOSURES
    14. CHAPTER SUMMARY
  18. CHAPTER 12: INVESTMENTS IN SUBSIDIARIES
    1. CONSOLIDATION UNDER IFRS
    2. POWER
    3. REASSESSMENT
    4. RIGHTS
    5. US GAAP CONTROL
    6. INTEREST RECEIPTS AND PAYMENTS
    7. PROTECTIVE RIGHTS
    8. PARTICIPATING RIGHTS
    9. INVESTMENT COMPANIES AND BROKER-DEALERS
    10. FRANCHISES
    11. FOR-PROFIT ENTITY NOT INVOLVED
    12. CONTROLLING FINANCIAL INTEREST VIA MAJORITY VOTING INTEREST OR SOLE CORPORATE MEMBERSHIP
    13. CONTROL AND ECONOMIC INTEREST, BUT NO CONTROLLING FINANCIAL INTEREST/CONTROL BY OTHER MEANS
    14. LESS THAN A COMPLETE INTEREST IN THE SUBSIDIARY NFP
    15. AGENCY
    16. VIE GUIDANCE
    17. DEEMED SEPARATE ENTITIES
    18. DEVELOPMENT STAGE ENTITIES
    19. CONTINUOUS ASSESSMENT
    20. ACCOUNTING FOR CONSOLIDATION
    21. NONCONTROLLING INVESTMENTS
    22. PRESUMPTIONS
    23. INVESTEE COMPREHENSIVE INCOME AND ADJUSTMENTS TO INVESTOR’S SHARE
    24. EXEMPTIONS FROM THE EQUITY METHOD
    25. IFRS
    26. IN-SUBSTANCE COMMON STOCK
    27. CHANGES IN LEVEL OF INFLUENCE
    28. CONTRIBUTION OF EQUITY AWARDS
    29. EXTRAORDINARY ITEMS
    30. LOSSES OF EQUITY-METHOD INVESTEES
    31. ADDITIONAL FUNDING OF EQUITY-METHOD INVESTEES AND SUSPENDED LOSSES
    32. IMPAIRMENT/OTHER-THAN-TEMPORARY DECREASE IN VALUE
    33. PROPORTIONATE CONSOLIDATION
    34. COTERMINOUS YEAR-ENDS AND INVESTEE ACCOUNTING POLICIES
    35. DISCLOSURES
  19. CHAPTER 13: POSTRETIREMENT BENEFITS
    1. SECTION I—IAS 19 (2003)
    2. SECTION 2—IAS 19 (2010)
    3. CHAPTER SUMMARY
  20. CHAPTER 14: IMPAIRMENTS
    1. IMPAIRMENT TRIGGERS AND TIMING
    2. RECOGNITION OF IMPAIRMENTS
    3. MEASUREMENT OF IMPAIRMENT
    4. UNIT OF ACCOUNT
    5. IMPACT OF IAS 36 — RECOVERABLE AMOUNT DETERMINATION
    6. ALLOCATION OF IMPAIRMENTS TO ASSETS IN A CGU OR ASSET GROUP
    7. REVERSAL OF IMPAIRMENTS
    8. NUMBER OF CASH-GENERATING UNITS
    9. GOODWILL
    10. CHAPTER SUMMARY
  21. INDEX

Product information

  • Title: IFRS and US GAAP, with Website: A Comprehensive Comparison
  • Author(s): Steven E. Shamrock
  • Release date: April 2012
  • Publisher(s): Wiley
  • ISBN: 9781118144305