The corporate world is changing. Today’s businesses are expected to act with purpose and to report fully on that purpose. Beyond merely profit, companies are pursuing goals that will support their stakeholders and the planet. This is driving changes in expectations about what information businesses need to provide in their annual reports and financial statements.
The wheels have been set in motion to develop the global standards for sustainability reporting. But while enhanced reporting requirements are being developed, many companies choose to bridge the expectations gap by reporting their information using non-GAAP measures. The SEC has stricter rules on the use of non-GAAP measures, so differences are more likely.
The new edition (PDF 2.2 MB) of KPMG’s comparison of IFRS Standards and US GAAP highlights the key differences between the two frameworks, based on 2021 calendar year ends. If you’re a preparer, it may help you to identify areas to emphasise in your financial statements; if you’re a user, it may help you spot areas to focus on in your dialogue with preparers.
Download from KPMG IFRS Toolkit