上财CGA班中级财务会计FA2+PS1课件Ch04_IFRS.pptVIP

IFRS identifies certain minimum items that should be presented on the income statement. U.S. GAAP has no minimum information requirements. However, the SEC rules have more rigorous presentation requirements. IFRS does not define key measures like income from operations. SEC regulations define many key measures and provide requirements and limitations on companies reporting non-U.S. GAAP/IFRS information. U.S. GAAP does not require companies to indicate the amount of net income attributable to non-controlling interest. U.S. GAAP and IFRS follow the same presentation guidelines for discontinued operations, but IFRS defines a discontinued operation more narrowly. Both standard-setters have indicated a willingness to develop a similar definition to be used in the joint project on financial statement presentation. Both U.S. GAAP and IFRS have items that are recognized in equity as part of comprehensive income but do not affect net income. U.S. GAAP provides three possible formats for presenting this information: single income statement, combined income statement of comprehensive income, in the statement of shareholders’ equity. Most companies that follow U.S. GAAP present this information in the statement of shareholders’ equity. IFRS allows a separate statement of comprehensive income or a combined statement. Under IFRS, revaluation of property, plant, and equipment, and intangible assets is permitted and is reported as other comprehensive income. The effect of this difference is that application of IFRS results in more transactions affecting equity but not net income. The terminology used in the IFRS literature is sometimes different than what is used in U.S. GAAP. Copyright ? 2011 John Wiley Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed