This Roadmap provides an overview of the most sig­nif­i­cant dif­fer­ences between US GAAP and IFRS Standards — two of the most widely used accounting standards in the world.

Although US GAAP and IFRS Standards are built on largely similar concepts and often lead to similar accounting outcomes, there are many differences in the specific accounting requirements. Therefore, it can be difficult to directly compare financial statements that have been prepared under these different standards. While in past years there are discussions and initiatives of both FASB as well as IASB boards to continue with conversion, there are still remaining differences as well as differences from newly emerging issues, like in the area of reference rate reform.

The 2021 edition includes updated and expanded guidance that reflects standards effective as of January 1, 2022, for cal­en­dar-year-end public entities, as well as On the Radar, a new section that briefly sum­ma­rizes emerging issues and trends related to the accounting and financial reporting topics addressed in this Roadmap.

The document is summarized by key topics and it lists common areas of differences in tabular format with the information about the treatment under IFRS and under US GAAP. You will find there a useful summary of significant adoption dates of new standards or amendments of current standards.

This newly published Roadmap as well as many other practical sources with US GAAP related topics can be found at DART – comprehensive web-based library of Deloitte.