A PDF version of this publication is attached here: IFRS & US GAAP guide (PDF 3.42mb)
PwC is pleased to offer our updated IFRS and US GAAP: similarities and differences guide. This publication is designed to alert companies, investors, and other capital market participants to the major differences between IFRS and US GAAP.
It would appear that the use of IFRS in the United States by public companies is off the table, at least for now. However, as discussed in Chapter 1, being financially bilingual continues to be important for US capital market participants due to IFRS reporting needs of multinational companies and cross-border mergers and acquisitions.
Each topical chapter consists of the following:
  • A conceptual discussion of the current IFRS and US GAAP similarities and differences
  • A detailed analysis of current differences between the frameworks, including an assessment of the impact of the differences
  • In addition, this publication includes an overview of IFRS for small and medium-sized entities.

This publication is not all-encompassing. It focuses on those differences that we generally consider to be the most significant or most common. When applying the individual accounting frameworks, companies should consult all of the relevant accounting standards and, where applicable, national law.
References to other PwC US GAAP guidance
This guide provides general and specific references to chapters in other PwC US GAAP guides to assist users in finding other relevant information. References to other guides are indicated by the applicable guide abbreviation followed by the specific section number. The other PwC guides referred to in this guide, including their abbreviations, are:
  • Business combinations and noncontrolling interests (BCG)
  • Consolidation (CG)
  • Equity method investments and joint ventures (EM)
  • Fair value measurements (FV)
  • Financing transactions (FG)
  • Property, plant, equipment and other assets (PPE)

Summary of significant changes
Following is a summary of recent noteworthy revisions to the guide. Additional updates may be made to keep pace with significant developments.
Revisions made in June 2023
Chapter 12, Consolidation
  • SD 12.10 was updated to reflect the guidance on tax credit structures in ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.

Revisions made in March 2023
Chapter 7, Assets–financial assets
  • SD 7.1 and SD 7.13 were updated to reflect the guidance on expected credit losses in ASC 326, Financial Instruments – Credit Losses.
  • The content in SD 7.3 on equity investments was moved to SD 7.7, and other sections were renumbered accordingly.

Chapter 8, Liabilities–taxes
  • SD 8 was updated to remove guidance that was superseded by ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.
  • SD 8.4 was updated to include the IAS 12 amendments, Deferred Tax related to Assets and Liabilities arising from a Single Transaction.
  • SD 8.11 was updated to include discussion about a difference in the accounting for the impact of a change in tax status.

Revisions made in November 2022
Chapter 4, Expense recognition–share-based payments
  • SD 4.7 was updated to address accounting for awards that vest upon a liquidity event.

Chapter 5, Expense recognition–employee benefits
  • SD 5.5 was added to address the attribution of service cost.
This publication has been prepared for general informational purposes, and does not constitute professional advice on facts and circumstances specific to any person or entity. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. The information contained in this publication was not intended or written to be used, and cannot be used, for purposes of avoiding penalties or sanctions imposed by any government or other regulatory body. PricewaterhouseCoopers LLP, its members, employees, and agents shall not be responsible for any loss sustained by any person or entity that relies on the information contained in this publication. Certain aspects of this publication may be superseded as new guidance or interpretations emerge. Financial statement preparers and other users of this publication are therefore cautioned to stay abreast of and carefully evaluate subsequent authoritative and interpretative guidance.
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