IFRS vs. GAAP: Comparing and Contrasting Financial Statement Requirements

Identifying Key Balance Sheet, Income Statement, and Disclosure Differences

Recording of a 110-minute CPE video webinar with Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, March 1, 2022

Recorded event now available

or call 1-800-926-7926
Course Materials

This course will compare and contrast significant reporting differences in financial statements issued using generally accepted accounting principles (GAAP) versus International Financial Reporting Standards (IFRS) for accountants preparing financial statements under either or both standards.


Over 110 countries submit financial statements using IFRS, while entities in the United States predominantly apply U.S. GAAP. There are similarities and substantial differences between these reporting methods. Both IFRS and GAAP permit FIFO and weighted average inventory. However, only GAAP allows LIFO, resulting in a significantly different sales and inventory amounts cost. GAAP requires reporting fixed assets at historical costs, while IFRS allows revaluation, resulting in considerably different depreciation and asset costs. These differences alone can substantially alter the financial results reported.

IFRS 1, First-Time Adoption of International Financial Reporting Standards, provides guidelines for preparing a company's first IFRS-based financial statements. This challenging process requires applying IFRS principles retroactively, with few exceptions. There are many unique disclosure requirements for the initial IFRS statements as well.

Preparing compliant financial statements under two sets of guidelines is a complex process for practitioners who thoroughly understand IFRS and GAAP reporting requirements. U.S. multinational investors, cross-border companies, and anyone wanting to be able to interpret non-U.S. financial statements need to be able to compare these financial statements as well.

Listen as our panel of international reporting experts identifies key balance sheet, income statement, and disclosure differences in U.S. GAAP and IFRS to enable CPAs to comply with these standards and allow multinational investors to better analyze financial statements.



  1. Converting from U.S. GAAP to IFRS and vice versa
  2. Critical differences in the balance sheet accounts
  3. Key differences in the income statement accounts
  4. Specific transaction-related differences
  5. Unique reporting and disclosure considerations


The panel will review these and other key issues:

  • Specific countries adopting and not adopting IFRS
  • Differences between IFRS and GAAP reporting of combinations and mergers
  • A comparison of reporting hedge and derivatives under IFRS vs. GAAP
  • First-time IFRS adoption requirements under IFRS 1
  • Reporting intangible assets under IFRS


Tara Endy


Ms. Endy has over 20 years of experience in accounting, auditing, and financial reporting. She assists clients with...  |  Read More

Ortego, Justin
Justin Ortego

Managing Director

Mr. Ortego serves as a managing director for BDO’s Accounting & Reporting Advisory Services group...  |  Read More

Access Anytime, Anywhere

CPE credit is not available on downloads.

CPE On-Demand

See NASBA details.