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IFRS Summary
The standards most often tested and applied, with the US GAAP difference beside each one.
Sample content
This page shows example text so the layout can be reviewed. The final copy replaces it before launch.
Use this summary as a map, not a substitute for the standard. Each row names the topic, the IFRS treatment, and where US GAAP departs from it.
At a glance
| Topic | IFRS | US GAAP |
|---|---|---|
| Inventory | FIFO or weighted average; LIFO prohibited | LIFO permitted |
| Development costs | Capitalised when the criteria are met | Generally expensed as incurred |
| Revaluation of PP&E | Permitted | Not permitted |
| Impairment reversal | Permitted (except goodwill) | Not permitted |
| Leases (lessee) | Single model | Finance and operating |
How to read it
Start with the topic you are working on, read across, and check the standard itself before relying on the difference.