This Roadmap provides an overview of the most significant differences between U.S. GAAP and IFRS® Standards — two of the most widely used accounting standards in the world. 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. Appendix D highlights all new content and any substantive revisions to previous content. On the Radar is also available as a stand-alone publication.
An understanding of the differences between U.S. GAAP and IFRS Standards may be relevant for:
- U.S. entities that consolidate subsidiaries or other foreign operations that report under IFRS Standards (or foreign subsidiaries that report under IFRS Standards and provide financial statement information to a parent entity that reports under U.S. GAAP).
- U.S. entities that provide financial statement information to a parent entity that reports under IFRS Standards (or foreign entities that report under IFRS Standards and consolidate subsidiaries or other operations that report under U.S. GAAP).
- U.S. entities that negotiate transaction terms with entities that report under IFRS Standards (and vice versa).
- Investors and other users of financial statements that seek to compare financial statements prepared under U.S. GAAP and IFRS Standards.
- Standard setters and others that consider opportunities to converge accounting requirements.
- Parties that participate in discussions on or seek to influence the development of new accounting requirements under U.S. GAAP or IFRS Standards.
View the publication at Deloitte Dart