IFRS compared with ALL OF US GAAP and French GAAP
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About this record
Content This document is an draw out from KPMG's February 2003 publication IFRS compared with US GAAP and French GAAP, focusing on recognition, measurement and presentation, instead of disclosure. This kind of document focuses on the preparing of consolidated financial claims by detailed enterprises on a going matter basis. Requirements that are particular to stand-alone financial claims are not discussed; neither happen to be specialised market accounting methods. For each significant financial assertion line item or accounting area, a quick summary with the key points beneath IFRS to get identifying GAAP differences is provided on the left; on the correct is a commentary identifying in which French GAAP has significant differences by IFRS. Yet , this document does not illustrate fully the numerous differences; to find out more you should make reference to the full distribution. The requirements of IFRS happen to be summarised let's assume that the enterprise has used IFRS currently. The particular transitional rules that will apply in the period that an organization changes to IFRS are not discussed. The IASB currently can be debating these transitional rules and a new standard is definitely expected during 2003. Cut-off date Last pronouncements released to 23 December 2001 are mirrored in this document even if these pronouncements are generally not effective quickly. Both IFRS and French GAAP happen to be in a procedure for continual advancement and change. Consequently, a number of the distinctions highlighted in this document may well disappear, and new dissimilarities may occur. Future advancements In May and June 2002 the IASB published a number of exposure breezes as part of its " Advancements ProjectвЂќ; feedback on the publicity drafts had been due in September and October twenty 02, and the final criteria are expected being published during 2003. Because of this, a number of the significant differences pointed out in this file may vanish, and further distinctions may come up. Where the record summarises a requirement that is expected to be amended within the Improvements Job, it is pointed out with the symbol * to indicate a possible modify. In such cases you should take particular care to view for foreseeable future developments. With regards to French GAAP Regulation CRC 02-10, which usually brings France GAAP nearer to IFRS in respect of, the depreciation of property was granted in December 2002 and becomes surgical for annual financial...