| US GAAP |
IFRS |
Impact | |
| Inventory Valuation | Permits LIFO, FIFO, weighted average cost, or specific identification. Inventory carried at lower of cost or market. | Permits FIFO or weighted average cost; LIFO not permitted. Inventory carried at lower of cost or net realizable value. | Companies that use LIFO must revalue inventory, which could result in major tax liabilities due to the IRS’s LIFO conformity rule. |
| Asset Impairment | Two-step impairment. | Single-step impairment. | Write-downs are more likely
under IFRS. |
| Asset Valuation | Assets can be written down, but not written up. PP&E is valued at historical cost. | Allows upward revaluation when an active market exists for intangibles; allows revaluation of PP&E to fair value. | Book values are likely to increase under IFRS. |
| Revenue Recognition | Provides very specific general and industry guidance about what constitutes revenue, how revenue should be measured, and the effect of timing on recognition. | Not specific about the timing and measurement of recognition; lacks industry-specific guidance. | Revenues are likely to increase with less detailed guidance. |
| Contingencies | Contingent liabilities must be disclosed. | Can limit disclosure of contingent liabilities if severely prejudicial to an entity’s position. | May result in fewer disclosures. |
| Debt Covenants | Permits curing debt covenant violations after fiscal year end. | Debt covenant violations must be cured by fiscal year end. | Debt covenants may need to be amended, resulting in related transaction costs. |
| Research & Development | R&D costs must be expensed. | Allows capitalization of R&D costs. | Development costs will be deferred and amortized. |
| Entity Consolidation | Consolidation is based on who has the controlling financial interest. | Consolidation is based on which entity has the power to control. | Companies are likely to consolidate more entities. |
| Securitization | Allows certain securitized assets and liabilities to remain off a corporation’s books. | IFRS requires most securitized assets and liabilities to be placed on the balance sheet. | May result in very different balance sheet values. |
| Financial Instrument Valuation | Fair value based on a negotiated price between a willing buyer and seller; not based on entry price. | Several fair value measurements. Fair value generally seen as the price at which an asset could be exchanged. | Financial assets and liabilities will be measured differently. |
| Depreciation | Methods allowed: straight-line, units of production, or accelerated methods (sum of digits or declining balance). Component depreciation allowed but not commonly used. | Allows straight-line, units of production, and both accelerated methods. Component depreciation required when asset components have different benefit patterns. | Assets with different components will have differing depreciation schedules, which may increase or decrease assets and revenue. |
(ที่มา: http://post.nyssa.org/nyssa-news/2010/04/current-major-differences-between-ifrs-and-us-gaap.html )
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