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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 as they exist today.
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 is increasingly important for US capital market participants due to IFRS reporting demands of multinational companies, cross-border merger and acquisition activity, and the IFRS reporting demands of non-US stakeholders.
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.
Summary of significant changes
The following is a summary of recent noteworthy revisions to the guide. Additional updates may be made to future versions keep pace with significant developments.
Revisions made in September 2021
Chapter 17, Reference rate reform
  • SD 17 was added to provide guidance comparing and contrasting ASC 848, Reference rate reform, to the Phase 1 and Phase 2 IBOR reform amendments issued by the IASB. Both the US GAAP and IFRS guidance were issued to provide accounting relief from the effects of reference rate reform.
Revisions made in November 2020
Chapter 2, IFRS First time adoption
  • SD 2.1.4 was added to provide guidance required by IFRS 1 on the reconciliation of equity and total comprehensive income.
Chapter 6, Assets – non-financial assets
  • SD 6.6 was updated to reflect the IFRIC decision from March 2019 regarding a customer’s right to receive access to the supplier’s software hosted on the cloud.
  • Former SD 6.17 was removed since it referred to superseded GAAP.
Chapter 8, Liabilities - taxes
  • SD 8.2, SD 8.6, SD 8.14, and SD 8.17 were updated to reflect ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.
  • SD 8.19.1 and SD 8.19.2 were removed since they dealt with historical tax provisions that are no longer relevant.
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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