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Our US GAAP versus IFRS – The basics publication, which provides an overview, by accounting area, of the similarities and differences between US GAAP and IFRS, has been updated. This release reflects guidance effective in 2022 and guidance finalized by the FASB and the IASB generally as of 30 June 2022. It also discusses standard-setting activities at the FASB and the IASB.
Note: The Leases section of this publication has been updated as of August 2023 to reflect new standards and interpretations issued by the FASB and the IASB as of 30 June 2023, primarily ASU 2023-01, Leases (Topic 842): Common Control Arrangements. The remainder of this document was updated as of February 2023 to reflect new standards and interpretations issued by the FASB and the IASB as of 30 June 2022, as discussed below. A full update of this publication is expected to be issued in the fall of 2024. In the meantime, readers should monitor standard setting that could create or reduce US GAAP and IFRS differences.