Synopses & Reviews
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.
Synopsis
IFRS and US GAAP: A Comprehensive Comparision provides instruction in accounting under International Financial Reporting Standards (IFRS) in the context of US Accounting Standards. Practical and theoretical application is a major component of the book, emphasizing the much greater degree of professional judgment that is needed for IFRS. The most compelling feature is that it prepares US accountants to be facile and knowledgeable with IFRS using the substantial similarity it has with US GAAP as a context. A heavy emphasis is placed on practical examples. The book also includes a case study using IFRS 1 - First Time Adoption. In addition to traditional text, theoretical summaries simplify the understnding of the topic within the overarching IFRS and US GAAP frameworks.
Synopsis
A practical comparison of—and expert guidance on—IFRS and GAAP written by a practicing controllerInternational 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.
About the Author
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.
Table of Contents
About the Author viiIntroduction 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