IFRS and US GAAP Differences difficult, remember, between, finding

AndyNZ

Does anyone have a consolidated list of all the differences between US GAAP and IFRS?....finding it difficult to remember the differences....

BelalM

Cash Flow Statement: IFRS is more flexible with classification of interest received, interest paid and dividends received. US GAAP (I believe) requires all of the above to be classified as CFO, while dividends paid are CFF under both.

Intercorporate Investments: Unrealized Foreign Exchange Gains/Losses on AFS investments must be recognized in the I/S under IFRS. Under GAAP, they go into OCI.

Intercorporate Investments: IFRS allows the proportionate consolidation method for investments where their is shared control (ie JV). It ALSO permits the equity method. US GAAP requires equity method only.

Asset Impairment: in IFRS it is a one-step process using PV (cash flows), under GAAP it is a two step process.

Write-ups: I THINK there are one or two exceptions where GAAP permits a write-up, but most of the time, IFRS allows write-ups/loss recovery, and GAAP does not.

Leases: IFRS classification of operating vs finance lease is more subjective, less 'rules.' GAAP specifies strict rules for identifying an operating or finance lease.

There's probably a lot more, and I can't say I'm 100% on all of the above - details may be slightly off, but there are definitely differences for all of those areas.