IFRS and US GAAP: similarities and differences

 Much has changed over the past year — market conditions, near-term convergence between IFRS and US GAAP, and the issuance of important new standards. IFRS is affecting US and non-US companies in a variety of ways and this will increase as non-US subsidiaries adopt IFRS elsewhere in the world and as key aspects of US GAAP and IFRS continue to converge.