Transcription of U.S. GAAP vs. IFRS: Fair value measurements at-a-glance
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U.S. GAAP vs. IFRS: Fair value measurements at-a-glance
GAAP vs. IFRS: Fair value measurements Prepared by: Richard Stuart, Partner, National Professional standards Group, RSM US LLP +1 203 905 5027 July 2020 Introduction Currently, more than 120 countries require or permit the use of International Financial Reporting standards (IFRS), with a significant number of countries requiring IFRS (or some form of IFRS) by public entities (as defined by those specific countries). Of those countries that do not require use of IFRS by public entities, perhaps the most significant is the The Securities and Exchange Commission (SEC) requires domestic registrants to apply generally accepted accounting principles (GAAP), while foreign private issuers are allowed to use IFRS as issued by the International accounting standards Board (which is the IFRS focused on in this comparison).
(FASB) Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement. In IFRS, the guidance related to fair value measurements is contained in IFRS 13, Fair Value Measurement. IFRS 13 is effective for annual periods beginning on or after January 1, 2013 (with earlier application permitted).
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