Professor Bainbridge...on law, politics, religion, culture & food

IFRS versus GAAP

In Corporate Finance tomorrow, I’m going to be discussing audited financial statements. In the course of which, we’ll be discussing the SEC’s August 2007 concept release on allowing U.S. issuers to prepare financial statements in accordance with International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) rather than US GAAP for purposes of complying with the SEC disclosure rules. I’ve found a couple of useful comparisons of GAAP and IFRS: Ernst & Young’s US GAAP v. IFRS: The Basics and PWC’s excruciatingly detailed Similarities and Differences: A Comparison of IFRS and US GAAP.