Introduction to IFRS – US GAAP Differences - Los Angeles County ...
Introduction to IFRS ? US GAAP Differences
Alfred Popken Lewis Dulitz January 11, 2008
Agenda
Introduction & background First Time Adoption of IFRS Differences in Principle Difference due to Choices Difference due to level of detail Areas not addressed by IFRS
Copyright ? 2007 Deloitte Development LLC. All rights reserved.
Partners in Learning 1
What guidance exists under IFRS?
Standards
IAS 1....41
IFRS 1...8
Interpretations
SIC
Copyright ? 2007 Deloitte Development LLC. All rights reserved.
IFRIC
Partners in Learning 2
The Good, the Bad, and the Ugly
? The good
? You know more about IFRS than you think ? Many areas are similar to US GAAP
? The bad
? There are significant areas of difference ? New way of thinking about standards
? Just plain ugly
? There has been historically lax practices in applying IFRS ("IFRS lite")
Copyright ? 2007 Deloitte Development LLC. All rights reserved.
Partners in Learning 3
IFRS Hierarchy
? In absence of a Standard or Interpretation that specifically applies to a transactions management should use its judgment and consider the applicability of the following sources in descending order
? IASB Standards and Interpretations ? IASB Framework ? Other standard setting bodies with similar
conceptual framework (e.g. U.S. GAAP)
Copyright ? 2007 Deloitte Development LLC. All rights reserved.
Partners in Learning 4
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