In July 2022, Deloitte published a regularly updated roadmap from the accounting series on US GAAP – related topics, focusing on IFRS to US GAAP comparison.
This Roadmap provides an overview of the most significant differences between US GAAP and IFRS Standards.
Although US GAAP and IFRS Standards are built on very similar concepts and often lead to similar accounting outcomes, there are still many differences in the specific accounting requirements.
Both boards, the FASB and the IASB have a number of projects and topics they are actively working on or considering to improve their existing guidance, some of those are common issues, but many are not. The differences between US GAAP and IFRS will be developing and may even increase in the future, and it is important to be aware of the key ones.
The 2022 edition includes updated and expanded guidance that reflects the standards effective as of January 1, 2023, for publicly traded entities. Appendix D highlights substantive revisions to previous content.
In the latest section On the Radar, you will find a high-level summary of emerging issues and trends related to the accounting and financial reporting topics addressed in this Roadmap.
The document keeps the same structure, 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.
As every year, you will find there a useful summary of significant adoption dates of new standards or amendments to current standards.
This newly published Roadmap as well as many other practical sources with US GAAP-related topics can be found at DART – Deloitte’s comprehensive web-based library.