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Are there differences between US GAAP and IFRS?

The existence of any differences — and their materiality to an entity’s financial statements — depends on a variety of factors, including the nature of the entity, the details of the transactions, the int erpretation of the more general IFRS principles, industry practices and accounting policy elections where US GAAP and IFRS offer a choice.

What is the IFRS guide?

Written by EY professionals and updated annually, this is a comprehensive guide to interpreting and implementing IFRS and provides insights into how complex practical issues should be resolved in the real world of global financial reporting. Please contact your local EY representative for information about any of these resources. resources

What are related party transactions in US GAAP IFRS?

US GAAP IFRS Other considerations Related party transactions Entities classify and account for related party leases (including sale and leaseback transactions) based on the legally enforceable terms and conditions of the lease. Disclosure of related party transactions is required.

Are consolidated financial statements based on IFRS guidance?

Consolidated Financial Statements contains the IFRS guidance. Under both US GAAP and IFRS, the determination of whether entities are consolidated by a reporting entity is based on control, although there are differences in how control is defined.