IFRS vs. GAAP Comprehensive Overview

CFA Level II
#1

I have some notes on the differences but they are scattered. So I will start this thread in hopes of getting a decent amount of responses for a comprehensive list of the differences between the two methods. I’ll add this one I just read up to start: • Minority interest can be placed in the liabilities for US GAAP, but must be in equity for IFRS

#2

WRONG! minority interest only goes to equity for US GAAP - FAS 160

#3

smileygladhands - u were cold as ice! but correct - @blackbelt - the classification has now changed as IFRS and GAAP converge. Previously they (GAAP) could report as liabilities or mezzanine but now must go to stockholders equity.

#4

smileygladhands Wrote: ------------------------------------------------------- > WRONG! > > minority interest only goes to equity for US GAAP > - FAS 160 +1, smileygladhands to the rescue on this bad boy

#5

smileygladhands Wrote: ------------------------------------------------------- > WRONG! > > minority interest only goes to equity for US GAAP > - FAS 160 +1, smileygladhands to the rescue on this bad boy I promise not to name my son smileygladhands

#6

I originally thought the same thats why I posted this. But, I just read this in CFAI text… page 254.

#7

CFABLACKBELT - I think this is the best ID on this board.

#8

It’s misinformation like this which makes analystforum a dangerous resource to use.

#9

minority interest under GAAP is in the mezzanine section between liabilities and equity, under IFRS its in equity. or has that changed?

#10

its changed. Min interest is only in equity, and it is now “non-controlling interest”