We are pleased to present you a unique publication providing an overview of the similarities and differences between US GAAP, IFRS and Polish Accounting Standards (PAS), i.e. the Accounting Act and the corresponding regulations.
US GAAP and IFRS are global-scale frameworks for financial reporting that generally have more similarities than differences for most common transactions and are largely grounded in the same basic accounting principles. PAS are based on a similar conceptual framework. Differences between these standards and their relevance to an entity’s financial statements depend on a variety of factors, including the nature of the entity, the details of the transactions, the interpretation of more general accounting principles, industry practices and accounting policy choices if applicable.
Our publication summarizes the similarities between the frameworks and discusses the most meaningful and common differences. The list of differences is not exhaustive, in particular the publication does not cover differences in disclosure requirements. The publication also does not contain specific guidelines for banks, investment funds or insurers.
The publication also indicates areas not regulated directly in PAS, where – in accordance with the Accounting Act – entities, when determining their accounting policy, may follow IFRS.
Table of Contents:
- Financial statement presentation (IAS 1 Presentation of Financial Statements)
- Interim financial reporting (IAS 34 Interim Financial Reporting)
- Consolidation, joint venture accounting and equity method investees/associates (IFRS 10 Consolidated Financial Statements, IAS 28 Investments in Associates and Joint Ventures)
- Business combinations (IFRS 3 Business Combinations)
- Inventory (IAS 2 Inventories
- Long-lived assets (IAS 16 Property, Plant and Equipment, IAS 40 Investment Property, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations)
- Intangible assets (IAS 38 Intangible Assets)
- Impairment of long-lived assets, goodwill and intangible assets (IAS 36 Impairment of Assets)
- Fair value measurements (IFRS 13 Fair Value Measurement)
- Foreign currency matters (IAS 21 The Effects of Changes in Foreign Exchange Rates)
- Leases (IFRS 16 Leases)
- Income taxes (IAS 12 Income Taxes IFRIC 23 Uncertainty over Income Tax Treatments)
- Provisions and contingencies (IAS 37 Provisions, Contingent Liabilities and Contingent Assets)
- Revenue recognition (IFRS 15 Revenue from Contracts with Customers)
- Share-based payments (IFRS 2 Share-based Payment)
- Employee benefits other than share-based payments (IAS 19 Employee Benefits)
- Earnings per share (IAS 33 Earnings per Share)
- Segment reporting (IFRS 8 Operating Segments)
- Subsequent events (IAS 10 Event safter the Reporting Period)
