IFRS and US GAAP: similarities and differences

• Adoption of IFRS includes revenue recognition and provisions & contingencies.

• Noncurrent assets make up a significant portion of many companies' balance sheets, and are a critical part of the operations of a business. Adopting IFRS may have a significant impact on how those amounts are reported, as well as affecting how they are measured for impairment.

• Business transactions are an important part of many companies' business strategies.
Business transactions including business combinations, leasing arrangements and investing activities while discussing the key differences between US GAAP and IFRS in these areas.

• The benefits employees receive can take many different forms including cash, deferred compensation, non-cash awards and post-employment benefits. Accounting under IFRS, defers from US GAAP in the most common types of employee benefits: pensions and share-based payments.